Virtual Reality Market: Industry Insights By Technology and Application

The global virtual reality market size was valued at USD 21.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.

The global Virtual Reality Market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.

The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.

With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.

The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.

Related Press Release@ Virtual Reality Market Report

Virtual Reality Market Report Highlights

• The market is expected to be driven by advances in smartphone hardware and cutting-edge virtual reality-compatible headsets during the forecast period
• The HMD device segment accounted for the largest revenue share of over 60.0% in 2021
• The semi and fully immersive technology segment accounted for the largest revenue share in 2021, which is expected to further increase throughout the forecast period. This can be attributed to the ability of the technology to bring a real-like dimension to a simulated domain
• Asia Pacific accounted for the largest revenue share of over 40.0% in 2021 and is anticipated to dominate the market during the forecast period

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