Global Virtual Reality Market to Hit USD 62.39 billion, at a CAGR of 18.5% from 2024 to 2032- Report by Polaris Market Research (PMR)

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The virtual reality market is expanding significantly due to its ability to immerse users in a realistic three-dimensional environment.

New York USA, July 03, 2024 (GLOBE NEWSWIRE) — Market Overview:

The global virtual reality market was valued at USD 13.58 billion in 2023 and is anticipated to grow to USD 62.39 billion by 2032. From 2024 to 2032, the market for virtual reality is projected to grow at a compound annual growth rate (CAGR) of 18.5%.

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Virtual Reality Market Introduction:

What is Virtual Reality?
A simulated three-dimensional (3D) domain called virtual reality, or VR, enables users to analyze and interact with a virtual environment in a manner that closely corresponds to reality as experienced by their senses. Software and computer technology develop the environment, but users may also be required to wear headsets, goggles, or bodysuits to interact with them.

Also, users are more able to discontinue doubt and accept a virtual reality experience as realistic, even if it is fanciful, the more thoroughly they can immerse themselves in the environment and ignore their outer world.

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Report Highlights:

  • The virtual reality market size is being driven by the increasing usage of virtual reality in instructional training for field workers, engineers, defense people, pilots, mechanics, and technicians in various industrial sectors. Additionally, the number of VR gamers worldwide has grown quickly, increasing the potential for the VR business.
  • The VR industry segmentation is primarily based on the device type, offering, technology, application, and region.
  • Asia Pacific dominated the market with the largest market share.

VR Market’s Key Companies:

  • DPVR
  • Barco
  • HTC Corporation
  • Microsoft
  • Meta
  • Penumbra, Inc.
  • Samsung Electronics Co., Ltd.
  • PICO Immersive Pte, Ltd.
  • Unity Technologies
  • Sony

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Virtual Reality Market Scope and Insights:

Report Attributes           Details
Virtual Reality Market Value in 2024 USD 16.05 billion
Virtual Reality Market Value in 2032 USD 62.39 billion
CAGR 18.5%
Base Year 2023
Historical Data 2019 – 2022
Forecast Period 2024 – 2032

Virtual Reality Market Dynamics:

Growth Factors:

  • Increased Industry Demand in Gaming and Entertainment: Virtual reality is becoming more and more popular in the gaming and entertainment sectors because it offers a more immersive and engaging experience than traditional platforms, boosting the virtual reality market demand. It contributes to improving the game experience by enabling players to become completely submerged in a virtual environment in which they may move around, interact with items, and interact with virtual characters.
  • Rising Applications in Medical Training: Virtual reality is being more widely used in the healthcare sector for a variety of teaching objectives. Surgeons gain from it by honing their abilities, developing precise methods, and increasing patient safety. It is frequently utilized in surgical simulations, which give doctors the chance to rehearse difficult operations in a safe and realistic setting.

Trends:

  • Emergence of 5G: Virtual reality technology is being used more and more in both personal and business contexts. 5G technology is expected to address some of these challenges by enabling more efficient processing capacity distribution. The faster and more dependable connections made possible by 5G’s better performance ultimately improve the user’s VR experience, expanding the virtual reality market growth.
  • Increased Adoption in Training: Virtual reality is becoming more and more popular in education and corporate training because it can increase employee engagement and retention rates while also enabling more cost-effective, safer, and repeatable teaching methods.

Restraints:

  • Display Latency Issues: Display latency is a critical factor that affects virtual reality devices’ overall performance and determines their efficacy. The smooth immersion that virtual reality seeks to offer could be hampered by latency, which is defined as the interval of time between user input and the matching visual reaction in the virtual reality environment.

VR Market Geographical Insights:

The virtual reality market has been driven by the Asia Pacific region, which is expected to develop at a faster rate throughout the forecast period due to improvements in immersive quality and visualization standards. These advancements have made it easier for end-user businesses to introduce cutting-edge goods and services, such as gaming, entertainment, and education.

Furthermore, due to the quick development of VR hardware tailored to the needs of European gamers, the Europe region is predicted to grow at the highest rate throughout the projected timeframe, with a robust compound annual growth rate.

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Virtual Reality Market Segmental Outlook:
By Device Type Outlook:

  • Head-Mounted Displays
  • Projectors & Display Walls
  • Gesture-Tracking Devices

By Offering Outlook:

  • Hardware
  • Software

By Technology Outlook:

  • Semi & Fully Immersive
  • Non-immersive

By Application Outlook:

  • Consumer
  • Commercial
  • Aerospace & Defence
  • Healthcare
  • Manufacturing
  • Others

By Region Outlook:

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Australia, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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