Global Virtual Reality Market to Grow at 24.6% During 2023-2028, Bolstered by the Advent of Industry 5.0

December 13, 2021

The latest report by IMARC Group, titled “Virtual Reality Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global virtual reality market reached a value of US$ 10.4 Billion in 2022. Virtual reality (VR), or virtual environment, refers to a three-dimensional environment that provides a digital experience in the real world. It makes use of hardware, software, and sensory inputs to stimulate the senses such as vision, hearing, touch, and smell. VR technology also offers an immersive experience to users with the help of headsets, glasses, gloves, and bodysuits. Consequently, VR is increasingly utilized in medical, industrial, retail, aerospace, defense, and commercial applications.

Global Virtual Reality Market Trends: 

The market is primarily driven by the significant growth of the gaming and entertainment industries. For instance, the launch of sensor-enabled tennis racquets by sports-based game developers to play a computer-controlled game simulation in an enclosed space is propelling the demand for VR-enabled games. Besides this, VR projects digital pictures, enables 3D view, and enhances the user experiences. In addition, VR technology is widely employed in the automotive industry to allow engineers to experiment with the design and structure of the vehicle at the conceptual stage before initiating an expensive prototype of the vehicle. It also finds application in the healthcare industry where VR exposure therapy provides treatment to patients with mental health challenges. Furthermore, VR technology assists in live events such as event planning and deploying VR experiences. Moreover, the advent of Industry 5.0 and the growing use of consumer electronic devices are also creating a favorable market outlook. Looking forward, the market is expected to grow at a CAGR of 24.6% during the forecast period (2023-2028).

Market Summary: 

  • Based on the device type, the market has been segmented into head-mounted display, gesture-tracking device, and projectors and display wall.
  • On the basis of the technology, the market has been classified into semi and fully immersive and non-immersive technology.
  • The market has been categorized based on the component into hardware and software.
  • On the basis of the application, the market has been segregated into aerospace and defense, consumer, commercial, enterprise, healthcare, and others.
  • Region-wise, the market has been divided 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.
  • The competitive landscape of the market has 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. Limited, Sixense Enterprises Inc., Sony Corporation, StarVR Corp (Acer Inc.), Ultraleap Limited, and Unity Software Inc.

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:


USA: +1-631-791-1145
Follow us on twitter : @imarcglobal

Global Virtual Reality Market to Grow at 24.6% During 2023-2028, Bolstered by the Advent of Industry 5.0
Select Licence Type

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

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


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
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

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

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

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