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Press Release:

Global Virtual Reality Market to Grow at 27.94% During 2022-2027, Bolstered by the Advent of Industry 5.0

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Virtual Reality Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global virtual reality market reached a value of US$ 8.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 36.8 Billion by 2027, exhibiting a CAGR of 27.94% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor. 

Virtual reality (VR) refers to a computer-generated simulation to facilitate interaction between an artificial 3-dimensional (3D) environment. It involves the use of specialized head-mounted goggles with display screens, bodysuits and gloves equipped with sensors to provide a realistic experience to the user. VR combines hardware, software and sensory inputs to achieve a sense of presence through non-, semi- and fully-immersive films and 360-degree videos. Virtual reality technology is widely used for instructive training of engineers, pilots, armed forces, field workers and technicians across industries, such as gaming, entertainment, retail, travel, healthcare and aerospace.

 

 
 

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The advent of Industry 5.0 across the globe is one of the key factors driving the growth of the market. Furthermore, the widespread adoption of VR in the gaming and entertainment industries is providing a thrust to the market growth. Sports-based game developers are launching sensor-enabled tennis racquets for playing a computer-controlled game simulation in an enclosed space. In line with this, the utilization of VR technology by driving schools for simulation and training is also contributing to the market growth. VR provides a first-hand experience of road and in-traffic driving scenarios to the learners and familiarizes them with the steering wheel, brake and accelerator of the vehicle. Additionally, various technological advancements, such as the launch of innovative HMDs and goggles with 360-degree viewing capabilities, are acting as other growth-inducing factors. Product manufacturers are also improving audio and visual input and output capabilities, thereby positively impacting the demand for VR. Other factors, including rising expenditure capacities of the consumers, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual reality market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on device type, technology, component and application.

Breakup by Device Type:

 

 
 

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  • Head-Mounted Display
  • Gesture-Tracking Device
  • Projectors and Display Wall
     

Breakup by Technology:

  • Semi and Fully Immersive
  • Non-Immersive
     

Breakup by Component:

  • Hardware
  • Software
     

Breakup by Application:

  • Aerospace and Defense
  • Consumer
  • Commercial
  • Enterprise
  • Healthcare
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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 2021
Historical Period 2016-2021
Forecast Period 2022-2027
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
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1  Preface
2  Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3  Executive Summary
4  Introduction
    4.1    Overview
    4.2    Key Industry Trends
5  Global Virtual Reality Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6  Market Breakup by Device Type
    6.1    Head-Mounted Display
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Gesture-Tracking Device
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Projectors and Display Wall
        6.3.1 Market Trends
        6.3.2 Market Forecast
7  Market Breakup by Technology
    7.1    Semi and Fully Immersive
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Non-Immersive
        7.2.1 Market Trends
        7.2.2 Market Forecast
8  Market Breakup by Component
    8.1    Hardware
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Software
        8.2.1 Market Trends
        8.2.2 Market Forecast
9  Market Breakup by Application
    9.1    Aerospace and Defense
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Consumer
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Commercial
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Enterprise
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Healthcare
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Others
        9.6.1 Market Trends
        9.6.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis
    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
15  Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    CyberGlove Systems Inc.
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
        15.3.2    Eon Reality Inc.
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
        15.3.3    Google LLC (Alphabet Inc.)
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 SWOT Analysis
        15.3.4    HTC Corporation
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
        15.3.5    Microsoft Corporation
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
           15.3.5.4 SWOT Analysis
        15.3.6    Oculus VR LLC (Facebook Inc.)
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
        15.3.7    Samsung Electronics Co. Ltd.
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
           15.3.7.3 Financials
           15.3.7.4 SWOT Analysis
        15.3.8    Sixense Enterprises Inc.
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    Sony Corporation
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 Financials
           15.3.9.4 SWOT Analysis
        15.3.10    StarVR Corp (Acer Inc.)
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 Financials
        15.3.11    Ultraleap Ltd.
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
        15.3.12    Unity Software Inc.
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Virtual Reality Market: Major Drivers and Challenges
Figure 2: Global: Virtual Reality Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Virtual Reality Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Virtual Reality Market: Breakup by Device Type (in %), 2021
Figure 5: Global: Virtual Reality Market: Breakup by Technology (in %), 2021
Figure 6: Global: Virtual Reality Market: Breakup by Component (in %), 2021
Figure 7: Global: Virtual Reality Market: Breakup by Application (in %), 2021
Figure 8: Global: Virtual Reality Market: Breakup by Region (in %), 2021
Figure 9: Global: Virtual Reality (Head-Mounted Display) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Virtual Reality (Head-Mounted Display) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Virtual Reality (Gesture-Tracking Device) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Virtual Reality (Gesture-Tracking Device) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Virtual Reality (Projectors and Display Wall) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Virtual Reality (Projectors and Display Wall) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Virtual Reality (Semi and Fully Immersive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Virtual Reality (Semi and Fully Immersive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Virtual Reality (Non-Immersive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Virtual Reality (Non-Immersive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Virtual Reality (Hardware) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Virtual Reality (Hardware) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Virtual Reality (Software) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Virtual Reality (Software) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Virtual Reality (Aerospace and Defense) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Virtual Reality (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Virtual Reality (Consumer) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Virtual Reality (Consumer) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Virtual Reality (Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Virtual Reality (Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Virtual Reality (Enterprise) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Virtual Reality (Enterprise) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Virtual Reality (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Virtual Reality (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Virtual Reality (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Virtual Reality (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: North America: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: North America: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: United States: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: United States: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Canada: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Canada: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Asia-Pacific: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Asia-Pacific: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: China: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: China: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Japan: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Japan: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: India: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: India: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: South Korea: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: South Korea: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Australia: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Australia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Indonesia: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Indonesia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Others: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Europe: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Europe: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Germany: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Germany: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: France: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: France: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: United Kingdom: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: United Kingdom: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Italy: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Italy: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Spain: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Spain: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Russia: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Russia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Others: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Latin America: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Latin America: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Brazil: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Brazil: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Mexico: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Mexico: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Others: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 80: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 81: Middle East and Africa: Virtual Reality Market: Sales Value (in Million US$), 2016 & 2021
Figure 82: Middle East and Africa: Virtual Reality Market: Breakup by Country (in %), 2021
Figure 83: Middle East and Africa: Virtual Reality Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Global: Virtual Reality Industry: SWOT Analysis
Figure 85: Global: Virtual Reality Industry: Value Chain Analysis
Figure 86: Global: Virtual Reality Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Virtual Reality Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Virtual Reality Market Forecast: Breakup by Device Type (in Million US$), 2022-2027
Table 3: Global: Virtual Reality Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 4: Global: Virtual Reality Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 5: Global: Virtual Reality Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Virtual Reality Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Virtual Reality Market: Competitive Structure
Table 8: Global: Virtual Reality Market: Key Players


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Key Questions Answered in This Report

The global virtual reality market was valued at US$ 8.2 Billion in 2021.

We expect the global virtual reality market to exhibit a CAGR of 27.94% during 2022-2027.

The advent of Industry 5.0 trend, along with the rising application of virtual reality technology across
various sectors to offer an immersive experience to users, is primarily driving the global virtual reality
market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for virtual reality
technology for instructive training of engineers, pilots, armed forces, field workers, and technicians,
during the implementation of stringent lockdown regulations across several nations.

Based on the device type, the global virtual reality market has been segmented into head-mounted
display, gesture-tracking device, and projectors and display wall. Currently, head-mounted display holds
the majority of the total market share.

Based on the technology, the global virtual reality market can be divided into semi and fully immersive
and non-immersive, where semi and fully immersive technology currently exhibits clear dominance in
the market.

Based on the component, the global virtual reality market has been categorized into hardware and
software. Currently, hardware accounts for the majority of the global market share.

Based on the application, the global virtual reality market can be segregated into aerospace and
defense, consumer, commercial, enterprise, healthcare, and others. Among these, the commercial
sector currently holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global virtual reality market include 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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