Virtual Reality Market Size, Industry Demand, Analysis Report 2023-2028

Global Virtual Reality (VR) Outlook:

In the latest report published by IMARC Group, titled ” Virtual Reality Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028offers a comprehensive analysis of the industry, which comprises insights on the virtual reality market size 2022. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global virtual reality market size reached US$ 10.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.1 Billion by 2028, exhibiting a growth rate (CAGR) of 24.6% during 2023-2028. Virtual reality (VR), or virtual environment, refers to a three-dimensional environment that provides a digital experience in the real world. It makes use of hardware, software, and sensory inputs to stimulate the senses such as vision, hearing, touch, and smell. VR technology also offers an immersive experience to users with the help of headsets, glasses, gloves, and bodysuits. Consequently, VR is increasingly utilized in medical, industrial, retail, aerospace, defense, and commercial applications.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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The global market is majorly driven by the increasing need for businesses to continue their activities online. Furthermore, the growing utilization of VR in instructional training, such as for teaching engineers, mechanics, pilots, field workers, defense warriors, and technicians in the manufacturing and oil and gas sectors, is positively influencing the market. Besides this, the increasing importance of VR headsets in commercial and consumer applications is fueling their demand in the market. Additionally, numerous companies are increasingly focusing on technological developments to provide customers with an improved experience, thus creating a positive outlook for the market.

Global Virtual Reality (VR) Market 2023-2028 Analysis and Segmentation:

Competitive Landscape with Key Players:

  • 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.
  • Unity Software Inc.

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.

Breakup by Device Type:

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

Head-mounted displays are the most commonly used device type due to their increasing adoption in the gaming and entertainment industries to create a fully interactive environment.

By Technology:

  • Semi and Fully Immersive
  • Non-Immersive

Semi and fully immersive technology account for the majority of the market share, which can be accredited to the associated benefits, such as the replication of real-world surroundings in a digital platform, and the escalating demand for VR HMDs across the globe.

Breakup by Component:

  • Hardware
  • Software

Hardware dominates the market due to the increasing consumer reliance on smartphones, tablets, laptops, and other technologically advanced electronic gadgets.

By Application:

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

The commercial sector holds the majority of the market share due to the growing use of VR headsets in real estate, vehicle showrooms, and retail stores.

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America exhibits a clear dominance in the market due to the rising deployment of virtual public health veterinary training courses in the region.

Key Highlights of the Report:
  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Report Coverage:

Report FeaturesDetails
Base Year of the Analysis2022
Historical Period2017-2022
Forecast Period2023-2028
UnitsUS$ Billion
Segment CoverageDevice Type, Technology, Component, Application, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries CoveredUnited States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies CoveredCyberGlove 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 Scope10% Free Customization
Report Price and Purchase OptionSingle User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support10-12 Weeks
Delivery FormatPDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

1. What was the size of the global virtual reality market in 2022?

2. What is the expected growth rate of the global virtual reality market during 2023-2028?

3. What are the key factors driving the global virtual reality market?

4. What has been the impact of COVID-19 on the global virtual reality market?

5. What is the breakup of the global virtual reality market based on the device type?

6. What is the breakup of the global virtual reality market based on the technology?

7. What is the breakup of the global virtual reality market based on the component?

8. What is the breakup of the global virtual reality market based on the application?

9. What are the key regions in the global virtual reality market?

10. Who are the key players/companies in the global virtual reality market?

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