Virtual Reality Market Size, Share and Trends Analysis Report by End-User Type (Enterprise, Consumer), IT Infrastructure (Hardware, Software) and Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) and Segment Forecast to 2030
Powered by 
Access in-depth insight and stay ahead of the market
Virtual Reality Market Report Overview
The virtual reality (VR) market was valued at $12.3 Bn in 2023 and will grow at a compound annual growth rate (CAGR) of more than 23% over the forecast period. The growing use of VR technology in various industries, such as gaming & entertainment, healthcare, automotive, architecture, and education, is driving market expansion. The gaming & entertainment sector is anticipated to spearhead this growth, with companies increasingly focusing on creating new gaming content, software, and hardware. Additionally, the increasing popularity of theme parks, gaming arcades, and virtual worlds is also contributing to the growth of the virtual reality market.
Virtual Reality Market Overview, 2020-2030 ($ Bn)
Buy the Full Report for Additional Insights into the Virtual Reality Market Forecast, Download a Free Report Sample
The VR industry has experienced significant growth in recent years, revolutionizing the interaction with technology. As this dynamic sector continues its expansion, the regulatory framework governing VR technologies has become a focal point. Unlike traditional industries, the VR sector operates in a constantly changing environment, presenting regulators with unique challenges and opportunities.
The rising popularity of virtual events and experiences is fueling the growth of the VR market. With a growing number of events and conferences transitioning to online formats, there is an increasing demand for VR technology as a hosting platform. This trend is driving adoption among both enterprises and consumers.
Technological advancements are driving the growth of the VR industry. Ongoing enhancements in VR hardware, such as headsets and controllers, are increasing the accessibility and user-friendliness of the technology. Simultaneously, progress in software development, including improvements in graphics rendering and tracking capabilities, is boosting the realism and immersion of VR experiences, thereby driving adoption even further.
Additionally, the growth of augmented reality (AR) and mixed reality (MR) technologies is aiding momentum in the overall expansion of the VR market. AR and MR technologies enhance VR by providing more comprehensive and adaptable immersive experiences, broadening the range of VR applications across various industries.
| VR Market Size (2023) | $12.3 Billion |
| CAGR (2022-2030) | 23.6% |
| Forecast period | 2022-2030 |
| Historic Period | 2019-2021 |
| Report Scope & Coverage | Revenue Forecast, Competitive Profiling, Company Market Share, and Growth Trends |
| End-user Type Segment | Enterprise VR and Consumer VR |
| IT Infrastructure Segment | Hardware and Software |
| Leading Companies | Meta Platforms Inc., GoerTek Inc., Google LLC, Samsung Electronics, NVIDIA Corp., Microsoft Corp., Spectra7 Microsystems, Unity Technologies Ltd., HTC Corp., and Sunny Optical Technology |
Virtual Reality Market Segmentation by End-Use Type
The VR market is categorized into enterprise and consumer markets, of which the enterprise VR market accounted for a higher market share compared to the consumer VR market in 2023. Enterprises frequently employ VR technologies for specialized purposes such as training, simulation, or design, necessitating custom hardware and software to meet their requirements. These tailored solutions contribute to increased revenue in the enterprise sector. Moreover, enterprises often need additional services such as installation, training, and ongoing support, which can substantially boost the overall revenue generated from enterprise VR solutions.
On the other hand, the consumer VR market is driven significantly by the gaming and entertainment sectors. The immersive and interactive features of the VR technology enrich gaming experiences, appealing to a broad and loyal consumer audience.
Virtual Reality Market Share by End-Use Type, 2023 (%)
Buy the Full Report for Additional Insights into the Virtual Reality Market End-Use Type, Download a Free Report Sample
Virtual Reality Market Segmentation by IT Infrastructure
The VR market can be segmented into hardware and software, based on IT infrastructure type. In 2023, the VR software c compared to the VR hardware market. This can be primarily attributed to the huge surge in demand for VR software by enterprises to accommodate their remote workforce and revise their business planning and strategies with the emergence of the COVID-19 pandemic. Similarly, consumers shifted to leisure and gaming options, leading to a substantial increase in demand for VR games during the same period.
The VR software market can generate revenue through various channels, including game sales, in-app purchases, subscriptions, and advertising. This diversity in revenue streams can contribute to higher overall revenue compared to hardware.
Virtual Reality Market Share by IT Infrastructure, 2023 (%)
Buy the Full Report for More Information on VR Market Infrastructure Types Download a Free Report Sample
Virtual Reality Market Analysis by Region
The North American VR market accounted for the largest share in 2023. The region’s dominance in the VR market is primarily attributed to its advanced technological infrastructure. Further, the region hosts a broad range of top-tier technology firms, research centers, and startups at the forefront of VR innovation. This thriving technological landscape creates an ideal environment for the advancement and acceptance of VR solutions, bolstering the region’s market leadership.
North America boasts a sizable and prosperous consumer demographic that eagerly embraces new technologies. The region’s robust consumer spending capacity and readiness to invest in state-of-the-art technology have rendered it a profitable market for VR enterprises. This consumer demand has propelled the expansion of the VR market in North America, strengthening its standing as the worldwide frontrunner.
Virtual Reality Market Share by Region, 2023 (%)
Buy the Full Report for Regional Insights into the Virtual Reality Market, Download a Free Report Sample.
North America also enjoys a regulatory environment and government programs that encourage technological innovation. These elements have cultivated an environment conducive to the success of VR enterprises, attracting both investment and skilled professionals to the region.
Virtual Reality Market ¬- Competitive Landscape
The VR industry is highly fragmented. Further, the market competition is intensifying owing to the growth of start-ups and new venture launches. Moreover, major companies are investing heavily in R&D to include pioneering technologies with a variety of features in their products. Microsoft’s Xbox Series X & Series S and Sony’s PlayStation 5 are likely to provide VR firms with new opportunities to strengthen their position in the consumer VR arena. With businesses realizing the importance of the VR enterprise sector they have already started reviving into this long-term profitable market. For instance, Microsoft and Samsung are devoted to developing VR headsets with immersive experiences to gain customer traction.
As the virtual reality market continues to grow, new developments in software and hardware paired with the need for regulation in the space will create disputes. More battles over intellectual property are to be some of the most prevalent as developers will have to start fiercely defending their intellectual property when the market becomes more saturated.
Further, the VR market is witnessing a rise in several big acquisitions which will further boost the degree of innovation in both hardware and software products. For instance, in January 2022, Goertek partnered with Sony to enhance the capabilities of the latter to mass-produce PlayStation VR 2. Similarly, VR companies are increasingly focusing on offering quality services to their users with innovative content and exploring new fields with VR solutions as the market becomes more competitive.
Leading Companies in the Virtual Reality Market
- Meta Platforms Inc.
- GoerTek Inc.
- Google LLC
- Samsung Electronics
- NVIDIA Corp.
- Microsoft Corp.
- Spectra7 Microsystems
- Unity Technologies Ltd.
- HTC Corp.
- Sunny Optical Technology
Other VR Market Vendors Mentioned
WiMi Hologram Cloud, One Digital Nation, Immersion Medical, Viotek, Vironit, Ninehertz, Groove Jones, PocketCake, Oculus VR, WorldViz, Bricks & Goggles.
Buy the Full Report to Know More About Leading VR Companies
VR Market Scope
GlobalData Plc has segmented the VR market report by end user, product type, and region
VR Market End-user Type Outlook (Revenue, $ Mn, 2020-2030)
- Enterprise
- Consumer
VR Market IT Infrastructure Outlook (Revenue, $ Mn, 2020-2030)
- Hardware
- Software
VR Market Regional Outlook (Revenue, $ Mn, 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- South & Central America
- Brazil
- Chile
- Argentina
- Rest of South & Central America
- Middle East & Africa
- United Arab Emirates (UAE)
- Kingdom of Saudi Arabia (KSA)
- Turkey
- Rest of the Middle East & Africa
Key Players
Meta Platforms IncGoertek Inc
Google LLC
Samsung Electronics Co Ltd
NVIDIA Corp
Microsoft Corp
Spectra7 Microsystems Inc
Unity Technologies Inc
HTC Corp
Sunny Optical Technology Co Ltd
Table of Contents
Table
Figures
Frequently asked questions
-
What was the VR market size in 2023?
The VR market size was valued at $12.3 Billion in 2023.
-
What will be the VR market growth during the forecast period?
The VR market will grow at a compound annual growth rate (CAGR) of more than 23% over the forecast period.
-
What are the key VR market drivers?
The significant growth in the VR market is due to the rising popularity of the gaming & entertainment industry, immersive virtual events, learning & training, and evolving technological trends.
-
Which was the leading end-user type in the VR market in 2023?
Enterprise VR was the leading end-user type in the VR market in 2023.
-
Which was the leading IT infrastructure type in the VR market in 2023?
The VR Software sector accounted for the highest share of the VR market in 2023
-
Which are the leading virtual reality companies?
Some of the leading VR companies are Meta Platforms, GoerTek Inc., Samsung Electronics, NVIDIA, and Microsoft Corp.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Sample Report
We are confident about Virtual Reality Market Size, Share and Trends Analysis Report by End-User Type (Enterprise, Consumer), IT Infrastructure (Hardware, Software) and Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) and Segment Forecast to 2030 report's unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:
- Assess the relevance of the report
- Evaluate the quality of the report
- Justify the cost
Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.
