Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Global Virtual Reality Market by Technology (Nonimmersive Technology, Semi-Immersive & Fully Immersive Technology), Offering (Hardware, Software), Device Type, Application - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Virtual Reality Market grew from USD 23.77 billion in 2023 to USD 28.45 billion in 2024. It is expected to continue growing at a CAGR of 20.17%, reaching USD 86.06 billion by 2030.
Enhancements in graphical processing power, sensor accuracy, and display technology improve the realism and responsiveness of VR systems, which drives consumer and business interest. VR provides a risk-free platform for training in industries such as healthcare, military, and aviation, where practicing real-world scenarios can be either dangerous or impractical. The video gaming and entertainment industry heavily invests in VR to provide immersive user experiences, driving growth in this sector. Complexities in integrating VR technology with legacy systems present challenges for the widespread adoption of the technology.
The Americas region, particularly the U.S. and Canada, provides a robust landscape for VR, owing to the presence of large technological corporations and a developed gaming and aviation industry that utilizes VR technology on a large scale. Consumer interest in VR technologies is primarily geared toward gaming and immersive entertainment but is rapidly expanding into education, healthcare, and real estate. The Americas region is characterized by a high rate of technological adoption and a robust infrastructure, which facilitates advanced VR developments.
The EU's strong regulatory framework supports data privacy in VR usage, impacting consumer confidence positively. In these regions, VR is popular in gaming, automotive manufacturing, virtual prototyping, and healthcare for treatment and training purposes. EU funding for research, such as the Horizon 2020 program, further fuels innovation and adoption across the bloc.
The APAC region presents an evolving landscape for the VR market, backed by government support for technology infrastructure and a local ecosystem of hardware manufacturers. Manufacturers and government entities are placing an emphasis on improving the cost-effectiveness and applicability of the technology in sectors such as manufacturing, healthcare, and training.
Recent Developments
Strategic Expansion of Sandbox VR with Apparel Group Into Middle Eastern Markets
Sandbox VR, recognized for its virtual reality experiences, has entered into a significant franchise agreement with Apparel Group. This partnership will see the launch of 25 Sandbox VR locations across the Middle East, leveraging Apparel Group's robust presence in the fashion and lifestyle retail sector that encompasses over 85 brands and 2,200 stores in 14 countries. This collaboration aligns with Sandbox VR's reputation for delivering high-quality, immersive virtual reality experiences on a global scale.
5thScape: Pioneering Advancement of VR/AR Ecosystems in Entertainment and Education
5thScape is poised to elevate the realms of virtual reality by launching a new game. The venture is set to transform the entertainment and education industries, launching with its initial game, 'MMA Cage Conquest.' The project aims to serve as a portal to new virtual experiences, aiming to enhance user engagement and learning through immersive technologies.
Pioneering Partnership Brings RaceRoom Racing Simulations to Global VR Arcades
Immersive Tech Inc. announced a collaboration with RaceRoom Entertainment AG to extend RaceRoom's racing simulations through SynthesisVR. This alliance will enhance VR experiences across Synthesis VR's network of 450 global VR arcades, integrating over 400 VR game titles from the industry's expansive marketplace. This integration aims to improve out-of-home VR entertainment, combining SynthesisVR's extensive reach with RaceRoom's immersive racing content.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $28.45 Billion |
| Forecasted Market Value (USD) by 2030 | $86.06 Billion |
| Compound Annual Growth Rate | 20.1% |
| Regions Covered | Global |
Market Insights
Market Drivers
- Consumer demand for immersive experiences in online games and competitions
- Improvements in processing power and display technology
- Utilization of virtual reality for simulation and learning in the aviation and education sector
Market Restraints
- Complexities in the integration of VR technology in the existing system
Market Opportunities
- Innovations to improve the functional attributes, performance, and immersion potential of virtual reality
- Government support for digital healthcare and the potential for adoption of VR in the medical sector
Market Challenges
- Performance issues and privacy concerns of virtual reality
Market Segmentation Analysis
- Offering: Innovations and advancements to enhance the capabilities of the software component of VR
- Application: Ability of VR technology to create immersive and interactive experiences in the gaming & entertainment sector
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Acer Inc.
- Apple Inc.
- ASUSTeK COMPUTER INC.
- CyberGlove Systems, Inc.
- Dell Technologies, Inc.
- EON Reality, Inc.
- Firsthand Technology Inc.
- FOVE, Inc.
- Google LLC
- HTC Global Services
- Lenovo Group Limited
- LG Electronics Inc.
- Merge Labs, Inc.
- Meta Platforms, Inc.
- Microsoft Corporation
- MindMaze Holding SA
- Nintendo Co., Ltd.
- NVIDIA Corporation
- Penumbra, Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
- Sandbox VR, Inc.
- Sony Corporation
- SpaceVR, Inc.
- Ultraleap Limited
- Unity Technologies
- Varjo Technologies Oy
- Vuzix Corporation
Market Segmentation & Coverage
Technology
- Non-immersive Technology
- Semi-Immersive & Fully Immersive Technology
- Offering
Hardware
- Cameras
- Displays & Projectors
- Position Trackers
Semiconductor Components
- Controller & Processor
- Integrated Circuits
Sensors
- Accelerometer
- Gyroscope
- Magnetometer
- Proximity Sensor
- Software
Device Type
- Gesture-Tracking Devices
- Head-Mounted Displays
- Projectors & Display Walls
Application
- Aerospace & Defense
- Automotive
- Education & Training
- Gaming & Entertainment
- Healthcare
- Retail & Ecommerce
- Travel & Tourism
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/29ufqc
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