Virtual Reality Market Size, Share and Trends Analysis Report by End-User Type, Product Type and Region, 2021-2030
Virtual Reality Market Overview
The virtual reality (VR) market size was valued at US$ 6.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 25.1% during 2021-2030. The increasing adoption of VR technology across verticals including, gaming & entertainment, healthcare, automotive, architecture, and education is fueling the growth of the market. The gaming and entertainment sector is expected to lead the VR market growth over the forecast period.
The future of virtual reality gaming will be highly relied upon the innovation in both VR hardware and software products that will overcome the restraints associated with VR technology, including low resolution of VR-enabled devices that causes virtual sickness. Investors and virtual reality companies are increasingly investing in the market for developing new content, software, and hardware for gaming. Also, virtual reality trends, including the rising demand for instructional training in risky work conditions, theme parks, gaming arcades, and virtual simulators are further aiding the virtual reality market growth.
The emergence of the COVID-19 pandemic resulted in the temporary closure of businesses and lockdowns that impacted revenues. However, the increasing need for businesses to continue their activities online resulted in an increased demand for VR. Enterprises have shifted to virtual platforms to continue their ongoing business activities, such as attending meetings and formulating policies and strategies.
Virtual Reality Market Overview
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According to GlobalData, the VR market is expected to grow from US$ 6.9 billion in 2021 to US$ 51.5 billion by 2030 at a CAGR of 25.1%. The sector has been able to grow so rapidly partly due to a lack of regulation. VR technology is evolving as a promising tool for virtual events. Event planners use to provide visitors with engaging and diverse experiences by hosting the event on a virtual platform and presenting it as a virtual reality experience. As a result, the growing popularity of virtual events is encouraging market growth.
Virtual Reality Market Segmentation by End-user Type
The VR market is categorized into enterprise and consumer markets of which the enterprise VR market accounted for 40.3% share while the consumer VR market accounted for 59.7% share in 2021.
During COVID-19 pandemic, the consumer VR market witnessed surge in demand for consumer VR headsets and games owing to the lockdowns and restrictions which forced the global population to stay in home and look for leisure options. Engaging in the virtual environment using head-mounted displays (HMD) provided consumers the way to escape themselves from the fear and anxiety created due to the lethal pandemic, thereby resulted in high growth of consumer VR market. On the other hand, the enterprise VR market is primarily driven by VR training market coupled with the availability of a wide range of VR gadgets enabled by 5G technology, AI, and cloud computing.
Virtual Reality Market Share by End-user Type, 2021 (%)
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Virtual Reality Market Segmentation by Product Type
The VR market can be segmented into hardware and software, based on product type. In 2021, the VR software market accounted for 60.2% share while the hardware market accounted for 39.8% share. This can be primarily attributed towards the huge jump in demand for VR software by the enterprises to accommodate their remote workforce and revise their business plannings and strategies with the emergence of COVID-19 pandemic. Similarly, the consumers shifted to leisure and gaming options and the demand for VR games skyrocketed during the same period. On the other hand, VR gadgets, including VR headsets, projectors, computer and video games console, and input devices witnessed rise in demand and aided growth to the market.
Virtual Reality Market Share by Product Type, 2021 (%)
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Virtual Reality Market Analysis by Region
The North America VR market was the largest in 2021, capturing over 40% of the overall market size. The regional demand was led by the US and Canada collectively accounting for over 41% of the global VR market in 2021. High smartphone penetration, rising popularity of VR games and the need for business to cope up with the pandemic to maintain productivity and efficiency aided to the growth of the market in the region.
Moreover, the North America VR market witnessed the highest number of M&A deals and venture financing during the recent years provided momentum to the growth. For instance, in January 2022, Microsoft Corp. announced to acquire Activision Blizzard Inc., a game developer and interactive entertainment content publisher located in the US, with a transaction valued at USD 68.7 billion. Similarly, HW Holdco, LLC, a US-based housing market solution provider announced to acquire Alpha Vision. The target company is a Canada-based technology provider of interactive floor plans, digital site maps, 3D and virtual reality home renderings, and sales engagement software for the home building and real estate industry.
Virtual Reality Market Share by Region, 2021 (%)
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North America is projected to continue to dominate the VR market by 2030 accounting for over 30% the VR market value, with a forecasted growth rate exceeding 13% from 2021 to 2030. A large base of VR users in the region, particularly the US will favor proliferation of VR market in the North American markets. Also, the increasing adoption of VR products and solutions by enterprises across verticals including, entertainment, defense, healthcare, academia, and construction will aid growth to the regional market.
Virtual Reality Market - Competitive Landscape
The VR industry is highly fragmented. With the growth of start-ups and new venture launches the competition is gradually intensifying. Key players in the VR market include, Meta, Sony, HTC, NVIDIA, Samsung etc. among other.
Leading Players 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.
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Virtual Reality Market Research Overview
| VR Market Size (2021) | US$ 6.9 billion |
| VR Market Size (2030) | US$ 51.5 billion |
| CAGR (2021-2030) | 25.1% |
| Forecast Period | 2021-2030 |
| 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 |
| Product Type 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 |
VR Market Scope
GlobalData Plc has segmented the VR market report by end-user type, product type, and region:
VR End-user Type Outlook (Revenue, USD Million, 2020-2030)
- Enterprise
- Consumer
VR Product Type Outlook (Revenue, USD Million, 2020-2030)
- Hardware
- Software
VR Regional Outlook (Revenue, USD Million, 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 Middle East & Africa
The market intelligence report provides an in-depth analysis of the following –
- This report provides overview and service addressable market for virtual reality.
- It identifies the key trends impacting growth of the market over the next 12 to 24 months, split into four categories: technology trends, macroeconomic trends, regulatory trends, and media trends.
- It includes global market forecasts for the virtual reality industry and analysis of patents, company filings, and hiring trends.
Reasons to Buy
- This market intelligence report offers a thorough, forward-looking analysis of the global virtual reality market, end-user type, key vendor outlook, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in virtual reality market.
- With more than 20 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in virtual reality market.
- The broad perspective of the report coupled with comprehensive, actionable detail will help virtual reality players, investors, and other stakeholders succeed in the growing virtual reality market globally.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The virtual reality market size was valued at US$ 6.9 billion in 2021.
The virtual reality market size is expected to reach US$ 51.5 billion by 2030.
The VR market is expected to grow at a CAGR of 25.1% during the forecast period (2021-2030).
Rising popularity of gaming & entertainment industry, immersive virtual events, learning & training and evolving technological trends are some of the major factors fueling virtual reality market growth.
End-user Type Segments: Enterprise VR and Consumer VR
Product Type Segments: VR Hardware and VR Software
VR Software/Games is the leading product type industry segment in the VR market
Some of the leading VR companies are Meta Platforms, GoerTek Inc., Samsung Electronics, NVIDIA, and Microsoft Corp.
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