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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Virtual Reality Market to Reach US$ 82.3 Billion by 2032, Accelerated by Increasing Adoption of VR Technology in Gaming and Entertainment Industries
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More