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).
- 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.
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