The report "Virtual Reality Market by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region - Global Forecast to 2029" The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38.0 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period. The rise in demand for virtual reality device is attributed to the growing penetration of the Metaverse, Rapid adoption of digital technologies in healthcare and gaming & entertainm sectors, Increased investments in virtual reality market, and Significant adoption of HMDs across various sectors
By Offering: Software
segment to account for the larger market share in the forecasted year.
The software segment
accounted for the largest share of ~52% of the virtual reality market in 2029.
Software enables virtual reality experiences such as informative overlays,
interactive games, and navigation aids. In contrast, virtual reality software creates
entirely digital environments where users can explore, interact, and manipulate
objects. This software often includes 3D modeling, physics simulations, and
rendering engines to provide immersive virtual reality experiences like gaming,
simulations, training, and virtual tours. Virtual reality software is critical
for delivering the content and interactions that define the user’s experience
within these immersive environments. Increasing penetration of virtual reality
software solutions and their compatibility with existing hardware devices are
expected to grow the virtual reality market for software during the forecast
period.
By Application: Consumer
application to account for the largest market share in the forecasted year.
Consumer segment
accounted for the largest share of ~44% of the virtual reality market in 2029.
The growth in consumer segment is attributed as VR offers a level of immersion
that traditional gaming can't match. By placing you right in the center of the action,
VR lets you feel like you're truly part of the game world. Imagine dodging bullets or swinging a sword,
all while feeling the virtual environment around you. Also, Museums are using
VR to create captivating experiences that bring collections and exhibits to
life. VR allows visitors to virtually travel through time and space, immersing
themselves in historical periods or getting up close and personal with artworks
in ways that wouldn't be possible otherwise.
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Asia Pacific is expected
to hold the largest share of the virtual reality market during the forecast
period.
Asia Pacific held the
second largest share of ~38% in the virtual reality market in 2029. The growth
of VR in the Asia Pacific region is contributed from gaming, training, and
entertainment industry. The region boasts a huge and passionate gaming community,
particularly in countries like China and South Korea. VR's immersive
experiences perfectly cater to this audience, offering a whole new level of
engagement. Also, Many Asia Pacific countries are investing heavily in
education, recognizing the importance of building a skilled workforce. This
investment includes adopting new technologies like VR to enhance learning
experiences.
Key Players
The key companies that
offer virtual reality devices include Meta (US), Sony (Japan), Samsung
Electronics Co., Ltd. (South Korea), Microsoft (US), Unity Technologies (US).
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