Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period. Increasing Application of Virtual Technology Across Numerous Sectors to Boost Growth. This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Forecast, 2023-2029.”

Key Industry Development:

Nvidia Corporation declared merger with more cloud service suppliers for high-quality VR streaming. With cloud-based streaming, the users can have admission to virtual, augmented, and extended reality from any position.


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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 45.2%
2029 Value Projection USD 227.34 billion
Base Year 2021
Virtual Reality Market Size in 2021 USD 11.64 billion
Historical Data for 2018 to 2020
No. of Pages 140
Segments covered Component, Device Type, Industry and Geography
Virtual Reality Market Growth Drivers Rising Live Virtual Entertainment to Bolster Growth


Key Takeaways




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Drivers and Restraints:

Rising Live Virtual Entertainment to Bolster Virtual Reality Market Growth

Segments:

Rising Investments in Advanced Hardware Offerings to Fuel Virtual Reality Market Growth

Based on component, the market is categorized into hardware, software, and content.

The hardware segment is predicted to dominate the global market share during the forecast period. The prime players are hugely capitalizing in the launch and invention of hardware.

Ability to Provide Immersive Environment to Drive Head Mounted Display Demand

Based on device type, the market is categorized into Head Mounted Display (HMD), VR simulator, VR glasses, treadmills & haptic gloves, and others.

HMD is estimated to lead the market, as it provides the most immersive environment.

Growing Investments on Advanced Training Tools to Boost Virtual Systems in Automotive Industry

Based on industry, the Virtual Reality Market is segmented into gaming, entertainment, automotive, retail, healthcare, education, aerospace & defense, manufacturing, and others. The gaming and entertainment segments are anticipated to lead the market during the forecast period.

The global market scope is classified across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


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Report Coverage:

The report offers a detailed study of the virtual reality market share and a keen examination of the major segments. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for virtual reality in the near future.

Regional Insights:

North America to Dominate Backed by Presence of Prime Players

North America is estimated to dominate and hold the largest virtual reality market share. The substantial existence of prime players in the U.S. is navigating the market growth in the region. Also, numerous start-ups are entering the U.S. market and offering industry-centric solutions.

Asia Pacific demonstrates speedy growth during the forecast period owing to the rising demand for immersive technologies in developing nations. China is anticipated to attain maximum market share, as it is one of the chief distributors of head mounted virtual reality devices and other hardware.

Europe is estimated to display considerable growth during the forecast period. The region is the preliminary adopter of virtual solutions in the automotive industry.

List of Key Players Mentioned in the Report:


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Major Table of Contents:


Related Reports:

Virtual Reality (VR) in Education Market Size, Share, Trends and Report Analysis

Virtual Reality in Gaming Market Size, Share, Growth, Forecast 2023-2029

Augmented Reality [AR] Market Size, Share, Industry Growth 2029

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