Global Virtual Reality Market to Reach US$ 82.3 Billion by 2032, Accelerated by Increasing Adoption of VR Technology in Gaming and Entertainment Industries

June 09, 2023 | Technology & Media

As per the latest report by IMARC Group, titled "Virtual Reality Market Report by Device Type (Head-Mounted Display, Gesture-Tracking Device, Projectors and Display Wall), Technology (Semi and Fully Immersive, Non-Immersive), Component (Hardware, Software), Application (Aerospace and Defense, Consumer, Commercial, Enterprise, Healthcare, and Others), and Region 2024-2032," the global virtual reality market size reached US$ 13.0 Billion in 2023. Virtual Reality (VR) is an immersive technology that provides users with a simulated experience. Constructed using a combination of hardware and software components, VR aims to transport users into a computer-generated environment that feels real. Its primary components include a headset, input devices, and output devices. The headset consists of a display, sensors, and lenses that create a 3D visual experience. It tracks the user's head movements and adjusts the display, enhancing the feeling of being present in the virtual environment. Input devices, such as handheld controllers or gloves, enable users to interact with the virtual world, while output devices, which include speakers or headphones, provide realistic audio feedback. One of the significant advantages of VR is its ability to provide highly engaging and realistic experiences. As a result, it is extensively used in gaming, education, healthcare, and training, enabling users to practice skills in a controlled and safe virtual environment. Currently, there are various types of VR systems available, including tethered, standalone, and mobile-based setups.

Global Virtual Reality Market Trends:

The increasing adoption of VR technology in the gaming and entertainment industries is one of the primary factors boosting the market growth. This is further bolstered by the rising demand for immersive and realistic experiences in sectors such as healthcare, education, and automotive. Moreover, advancements in VR hardware and software technologies, including improved resolution, tracking capabilities, and content development tools, and the expanding product usage in training and simulation applications, particularly in industries like military, aviation, and manufacturing, are propelling the market growth. Furthermore, the growing popularity of VR-based social platforms and collaborative environments and burgeoning investments in VR startups and research and development activities (R&D) are fostering the market growth. Moreover, the proliferation of smartphones and affordable VR headsets, coupled with the availability of VR content through mobile applications, is contributing to the market growth. Apart from this, the integration of VR technology with other emerging technologies, such as artificial intelligence (AI) and the internet of things (IoT), and the rising awareness about the benefits of VR, such as improved learning outcomes, enhanced productivity, and reduced training costs, are accelerating the market growth. Looking forward, the market value is projected to reach US$ 82.3 Billion by 2032, expanding at a CAGR of 22% during 2024-2032.

Market Summary: 

  • By the device type, the market is segmented into head-mounted display, gesture-tracking device, and projectors and display wall. Currently, head-mounted display holds the largest share.
  • Based on technology, the market is segregated into semi and fully immersive, and non-immersive. As per the report, semi and fully immersive leads the market.
  • On the basis of the component, the market is divided into hardware and software. Currently, hardware dominates the market.
  • By the application, the market is classified into aerospace and defense, consumer, commercial, enterprise, healthcare, and others. Among these, the commercial sector leads the market.
  • Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. At present, North America exhibits a clear dominance in the market.
  • The competitive landscape of the industry has also been examined with some of the key players being CyberGlove Systems Inc., Eon Reality Inc., Google LLC (Alphabet Inc.), HTC Corporation, Microsoft Corporation, Oculus VR LLC (Facebook Inc.), Samsung Electronics Co. Ltd., Sixense Enterprises Inc., Sony Corporation, StarVR Corp (Acer Inc.), Ultraleap Ltd. and Unity Software Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Device Type, Technology, Component, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered CyberGlove Systems Inc., Eon Reality Inc., Google LLC (Alphabet Inc.), HTC Corporation, Microsoft Corporation, Oculus VR LLC (Facebook Inc.), Samsung Electronics Co. Ltd., Sixense Enterprises Inc., Sony Corporation, StarVR Corp (Acer Inc.), Ultraleap Ltd. and Unity Software Inc.
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Global Virtual Reality Market to Reach US$ 82.3 Billion by 2032, Accelerated by Increasing Adoption of VR Technology in Gaming and Entertainment Industries
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