NEW YORK, Oct. 27, 2023 /PRNewswire/ — The virtual reality market is categorized by Technavio as a subsegment of the application software market. According to projections, the market will grow by USD 1,81,340.96 million. Head-mounted display (HMD) adoption in the gaming and entertainment industries is one of the factors driving the market for virtual reality market. Other factors such as increase in raising the affordability of virtual reality equipment are expected to increase demand. Between 2022 and 2027, the market for virtual reality is anticipated to expand at a CAGR of 60.65%.
The virtual reality (VR) report goes into great detail about market segmentation by component (hardware and software), end-user (enterprise and consumer), and geography (North America, APAC, Europe, Middle East and Africa, and South America). Technological advancements in the virtual reality hardware market are projected to improve user acceptance of virtual reality goods.
Major virtual reality market trends
An important trend in the market for virtual reality is the use of virtual reality in training and simulation for aerospace and defense. The use of virtual reality in counterterrorism operations has grown as a result of ongoing technological advancements and a high rate of service success. Two key factors driving demand for such virtual reality systems are rising defense budgets worldwide and territorial disputes. As a result, nations like the US have started to develop a variety of unmanned aerial vehicles (UAVs) that use virtual reality and support the armed forces in combat.
Know more about the trends such as growing number of social VR environments along with market challenges. Click here to get the sample report!
Key virtual reality market customer landscape & market vendors
The market study covers the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on penetration-based adoption rates in various regions. Furthermore, the research offers important buying criteria and price sensitivity drivers to assist businesses in evaluating and developing their growth strategy.
Major market vendors
The market is driven by the presence of several global and regional vendors, such as CXR Agency and 360 Labs LLC. To increase their visibility in the VR industry, vendors are employing a variety of techniques, including strategic alliances, collaborations, mergers and acquisitions, geographic growth, and the launch of new products and services.
Learn more about vendors such as Advanced Micro Devices Inc., Alphabet Inc., Firsthand Technology Inc., Groove Jones LLC., and other vendors in the market. Click here to get sample reports for more insights!
Regional insights
During the forecast period, North America is forecasted to contribute 35% to the growth of the worldwide VR market. The geographical trends and drivers that will shape the market over the course of the forecast have been thoroughly discussed by Technavio’s analysts. The two countries that contribute the most to the local market are the US and Canada.
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Related Report:
Europe-Virtual Cards Market : Between 2022 and 2027, the European virtual cards market is expected to develop at a CAGR of 20.56%. The market is expected to grow by USD 132.23 million. The market’s growth is dependent on numerous factors, including the widespread adoption of contactless payment solutions, rising Internet penetration, and rising Internet penetration.
Extended Reality (XR) Market: Between 2022 and 2027, the extended reality market is expected to develop at a CAGR of 43.09%. The market is expected to grow by USD 421.42 billion. The market’s expansion is dependent on numerous factors, including rapid advances in sensor technology, increased military deployment, and the growing popularity of 360-degree films.
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Virtual Reality Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 60.65% |
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Market growth 2023-2027 |
USD 1,81,340.96 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
39.81 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
360 Labs LLC, Advanced Micro Devices Inc., Alphabet Inc., CXR Agency, Firsthand Technology Inc., Groove Jones LLC, HTC Corp., Innowise Group, KONCEPT VR LLC, Manus Technologies Group B.V., Marxent Labs LLC, Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Retinad, The Ninehertz, Unity Software Inc., Virtalis Holdings Ltd., Wevr, and WorldViz Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of Contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
- Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)
- Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global virtual reality market 2017 – 2021
- Exhibit 18: Historic Market Size – Data Table on Global virtual reality market 2017 – 2021 (USD million)
- 4.2 Component Segment Analysis 2017 – 2021
- Exhibit 19: Historic Market Size – Component Segment 2017 – 2021 (USD million)
- 4.3 End-User Segment Analysis 2017 – 2021
- Exhibit 20: Historic Market Size – End-User Segment 2017 – 2021 (USD million)
- 4.4 Geography Segment Analysis 2017 – 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)
- 4.5 Country Segment Analysis 2017 – 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Component
- 6.1 Market segments
- Exhibit 30: Chart on Component – Market share 2022-2027 (%)
- Exhibit 31: Data Table on Component – Market share 2022-2027 (%)
- 6.2 Comparison by Component
- Exhibit 32: Chart on Comparison by Component
- Exhibit 33: Data Table on Comparison by Component
- 6.3 Hardware – Market size and forecast 2022-2027
- Exhibit 34: Chart on Hardware – Market size and forecast 2022-2027 (USD million)
- Exhibit 35: Data Table on Hardware – Market size and forecast 2022-2027 (USD million)
- Exhibit 36: Chart on Hardware – Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Hardware – Year-over-year growth 2022-2027 (%)
- 6.4 Software – Market size and forecast 2022-2027
- Exhibit 38: Chart on Software – Market size and forecast 2022-2027 (USD million)
- Exhibit 39: Data Table on Software – Market size and forecast 2022-2027 (USD million)
- Exhibit 40: Chart on Software – Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Software – Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Component
- Exhibit 42: Market opportunity by Component (USD million)
- Exhibit 43: Data Table on Market opportunity by Component (USD million)
7 Market Segmentation by End-user
- 7.1 Market segments
- Exhibit 44: Chart on End-user – Market share 2022-2027 (%)
- Exhibit 45: Data Table on End-user – Market share 2022-2027 (%)
- 7.2 Comparison by End-user
- Exhibit 46: Chart on Comparison by End-user
- Exhibit 47: Data Table on Comparison by End-user
- 7.3 Enterprise – Market size and forecast 2022-2027
- Exhibit 48: Chart on Enterprise – Market size and forecast 2022-2027 (USD million)
- Exhibit 49: Data Table on Enterprise – Market size and forecast 2022-2027 (USD million)
- Exhibit 50: Chart on Enterprise – Year-over-year growth 2022-2027 (%)
- Exhibit 51: Data Table on Enterprise – Year-over-year growth 2022-2027 (%)
- 7.4 Consumer – Market size and forecast 2022-2027
- Exhibit 52: Chart on Consumer – Market size and forecast 2022-2027 (USD million)
- Exhibit 53: Data Table on Consumer – Market size and forecast 2022-2027 (USD million)
- Exhibit 54: Chart on Consumer – Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Consumer – Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by End-user
- Exhibit 56: Market opportunity by End-user (USD million)
- Exhibit 57: Data Table on Market opportunity by End-user (USD million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 59: Chart on Market share by geography 2022-2027 (%)
- Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 61: Chart on Geographic comparison
- Exhibit 62: Data Table on Geographic comparison
- 9.3 North America – Market size and forecast 2022-2027
- Exhibit 63: Chart on North America – Market size and forecast 2022-2027 (USD million)
- Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 (USD million)
- Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)
- 9.4 APAC – Market size and forecast 2022-2027
- Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 (USD million)
- Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 (USD million)
- Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)
- 9.5 Europe – Market size and forecast 2022-2027
- Exhibit 71: Chart on Europe – Market size and forecast 2022-2027 (USD million)
- Exhibit 72: Data Table on Europe – Market size and forecast 2022-2027 (USD million)
- Exhibit 73: Chart on Europe – Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on Europe – Year-over-year growth 2022-2027 (%)
- 9.6 Middle East and Africa – Market size and forecast 2022-2027
- Exhibit 75: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
- Exhibit 76: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
- Exhibit 77: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- 9.7 South America – Market size and forecast 2022-2027
- Exhibit 79: Chart on South America – Market size and forecast 2022-2027 (USD million)
- Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 (USD million)
- Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)
- 9.8 US – Market size and forecast 2022-2027
- Exhibit 83: Chart on US – Market size and forecast 2022-2027 (USD million)
- Exhibit 84: Data Table on US – Market size and forecast 2022-2027 (USD million)
- Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)
- 9.9 China – Market size and forecast 2022-2027
- Exhibit 87: Chart on China – Market size and forecast 2022-2027 (USD million)
- Exhibit 88: Data Table on China – Market size and forecast 2022-2027 (USD million)
- Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)
- 9.10 Germany – Market size and forecast 2022-2027
- Exhibit 91: Chart on Germany – Market size and forecast 2022-2027 (USD million)
- Exhibit 92: Data Table on Germany – Market size and forecast 2022-2027 (USD million)
- Exhibit 93: Chart on Germany – Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on Germany – Year-over-year growth 2022-2027 (%)
- 9.11 UK – Market size and forecast 2022-2027
- Exhibit 95: Chart on UK – Market size and forecast 2022-2027 (USD million)
- Exhibit 96: Data Table on UK – Market size and forecast 2022-2027 (USD million)
- Exhibit 97: Chart on UK – Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on UK – Year-over-year growth 2022-2027 (%)
- 9.12 Japan – Market size and forecast 2022-2027
- Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 (USD million)
- Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 (USD million)
- Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 103: Market opportunity by geography (USD million)
- Exhibit 104: Data Tables on Market opportunity by geography (USD million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 105: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 107: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 108: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 109: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 110: Matrix on vendor position and classification
- 12.3 Alphabet Inc.
- Exhibit 111: Alphabet Inc. – Overview
- Exhibit 112: Alphabet Inc. – Business segments
- Exhibit 113: Alphabet Inc. – Key news
- Exhibit 114: Alphabet Inc. – Key offerings
- Exhibit 115: Alphabet Inc. – Segment focus
- 12.4 CXR Agency
- Exhibit 116: CXR Agency – Overview
- Exhibit 117: CXR Agency – Product / Service
- Exhibit 118: CXR Agency – Key offerings
- 12.5 Firsthand Technology Inc.
- Exhibit 119: Firsthand Technology Inc. – Overview
- Exhibit 120: Firsthand Technology Inc. – Product / Service
- Exhibit 121: Firsthand Technology Inc. – Key offerings
- 12.6 HTC Corp.
- Exhibit 122: HTC Corp. – Overview
- Exhibit 123: HTC Corp. – Product / Service
- Exhibit 124: HTC Corp. – Key offerings
- 12.7 Innowise Group
- Exhibit 125: Innowise Group – Overview
- Exhibit 126: Innowise Group – Product / Service
- Exhibit 127: Innowise Group – Key offerings
- 12.8 KONCEPT VR LLC
- Exhibit 128: KONCEPT VR LLC – Overview
- Exhibit 129: KONCEPT VR LLC – Product / Service
- Exhibit 130: KONCEPT VR LLC – Key offerings
- 12.9 Meta Platforms Inc.
- Exhibit 131: Meta Platforms Inc. – Overview
- Exhibit 132: Meta Platforms Inc. – Business segments
- Exhibit 133: Meta Platforms Inc. – Key news
- Exhibit 134: Meta Platforms Inc. – Key offerings
- Exhibit 135: Meta Platforms Inc. – Segment focus
- 12.10 Microsoft Corp.
- Exhibit 136: Microsoft Corp. – Overview
- Exhibit 137: Microsoft Corp. – Business segments
- Exhibit 138: Microsoft Corp. – Key news
- Exhibit 139: Microsoft Corp. – Key offerings
- Exhibit 140: Microsoft Corp. – Segment focus
- 12.11 NVIDIA Corp.
- Exhibit 141: NVIDIA Corp. – Overview
- Exhibit 142: NVIDIA Corp. – Business segments
- Exhibit 143: NVIDIA Corp. – Key news
- Exhibit 144: NVIDIA Corp. – Key offerings
- Exhibit 145: NVIDIA Corp. – Segment focus
- 12.12 Retinad
- Exhibit 146: Retinad – Overview
- Exhibit 147: Retinad – Product / Service
- Exhibit 148: Retinad – Key offerings
- 12.13 The Ninehertz
- Exhibit 149: The Ninehertz – Overview
- Exhibit 150: The Ninehertz – Product / Service
- Exhibit 151: The Ninehertz – Key offerings
- 12.14 Unity Software Inc.
- Exhibit 152: Unity Software Inc. – Overview
- Exhibit 153: Unity Software Inc. – Product / Service
- Exhibit 154: Unity Software Inc. – Key offerings
- 12.15 Virtalis Holdings Ltd.
- Exhibit 155: Virtalis Holdings Ltd. – Overview
- Exhibit 156: Virtalis Holdings Ltd. – Product / Service
- Exhibit 157: Virtalis Holdings Ltd. – Key offerings
- 12.16 Wevr
- Exhibit 158: Wevr – Overview
- Exhibit 159: Wevr – Product / Service
- Exhibit 160: Wevr – Key offerings
- 12.17 WorldViz Inc.
- Exhibit 161: WorldViz Inc. – Overview
- Exhibit 162: WorldViz Inc. – Product / Service
- Exhibit 163: WorldViz Inc. – Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 164: Inclusions checklist
- Exhibit 165: Exclusions checklist
- 13.3 Currency conversion rates for USUSD
- Exhibit 166: Currency conversion rates for USUSD
- 13.4 Research methodology
- Exhibit 167: Research methodology
- Exhibit 168: Validation techniques employed for market sizing
- Exhibit 169: Information sources
- 13.5 List of abbreviations
- Exhibit 170: List of abbreviations
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
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