Chicago, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The global virtual reality (VR) market size is estimated to be USD 15.9 billion in 2024 and projected to reach USD 38.0 billion by 2029, growing at a CAGR of 19.1% during the forecast period. The growing penetration of the metaverse and Significant adoption of HMDs across various sectors are attributed to the ever-increasing demand for virtual reality system.
The challenge of developing a virtual reality system with a user-friendly interface delves into the intricate balance between immersive technology and intuitive usability. While the potential of Virtual Reality to transport users to new dimensions is exhilarating, the complexity of integrating intricate hardware, sophisticated software, and natural interaction demands careful consideration.
To know about the assumptions considered for the study
Major Virtual Reality (VR) Companies Included:
- Meta (US),
- Sony (Japan),
- Samsung Electronics Co., Ltd. (South Korea),
- Microsoft (US),
- Unity Technologies (US),
- Barco (Belgium),
- Penumbra, Inc. (US),
- HTC Corporation (Taiwan),
- PICO Immersive Pte.ltd (US), and
- DPVR (China)
Virtual Reality (VR) Market Segmentation:
By offering, hardware segment is expected to grow with the highest CAGR from 2024 to 2029.
The hardware segment is expected to grow at a higher CAGR of 22% during the forecast period. The growth for hardware segment is anticipated to the demand of VR headsets popularity in gaming, providing an immersive experience that is unmatched by traditional monitors. With the growing popularity of esports and the rising demand for more realistic gaming experiences, VR hardware is expected to see continued growth.
By device type, gesture tracking devices segment is expected to grow with the highest CAGR in 2029.
The Gesture Tracking Devices are expected to record a highest CAGR of 25.2% during the forecast period. Gesture tracking allows for a more natural and intuitive way to interact with the virtual world. By using your hands and body movements to control objects and navigate environments, you feel a deeper sense of presence within the VR experience. This is a major advantage over traditional controllers, which can feel clunky and break immersion.
By technology, the Semi & Fully Immersive segment is expected to grow with the highest CAGR from 2024 to 2029.
The Semi & Fully Immersive segment is expected to exhibit a higher CAGR of 19.6% during the forecast. Fully immersive technology provides a high level of immersion, where users feel completely transported into a digital environment, often to the extent that they lose awareness of their physical surroundings. This level of immersion is typically achieved through advanced hardware like high-quality virtual reality headsets and motion-tracking systems that accurately replicate users’ movements in the virtual world.
In 2029, Asia Pacific is projected to hold the highest CAGR of the overall virtual reality market.
In 2029, The virtual reality market in Asia Pacific is expected to grow at the highest CAGR. The Asia Pacific virtual reality market is experiencing significant growth due to the rise of eSports and immersive gaming experiences is a major driver. VR offers a new level of engagement for gamers, and the growing popularity of eSports fuels the demand for VR. Significant players from the region Sony (Japan), Samsung Electronics Co., Ltd. (South Korea), DPVR (China), FOVE, Inc (Japan), Vection Technologies (Australia), and Vighnesh Inc. (India).
Virtual Reality (VR) Market Analysis & Trends:
VR Market Analysis:
The virtual reality (VR) market is experiencing robust growth, fuelled by advancements in technology and a broader range of applications. Standalone VR headsets are gaining traction due to their convenience and mobility. While gaming continues to drive demand, VR is making significant inroads in education, healthcare, and enterprise sectors for training and simulation purposes. Enhanced user experiences through AI and improved haptic feedback are also contributing to the market's expansion.
VR Market Trends
The virtual reality (VR) market is rapidly growing, driven by technological advancements and broader adoption across various sectors. Standalone VR headsets are becoming popular due to their enhanced mobility and ease of use. While gaming remains a major driver, VR is increasingly used in education, healthcare, and remote collaboration for immersive training and virtual meetings. Enterprise applications for design, simulation, and training are also expanding. Integration of AI and improved haptic feedback is enhancing user experiences. As VR hardware becomes more affordable and content libraries expand, its appeal broadens, paving the way for mainstream adoption and new business opportunities.
