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Virtual Reality Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

March 2023 | 145 pages | ID: V2141FE49C8CEN
IMARC Group

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The global virtual reality market size reached US$ 10.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.1 Billion by 2028, exhibiting a growth rate (CAGR) of 24.6% during 2023-2028.

Virtual reality (VR) is a computer-generated simulation that generates a three-dimensional (3D) environment in the real world. It provides a fully immersive virtual interaction that combines computer hardware, software, and sensory inputs to provide a fully interactive audiovisual atmosphere. It involves specialized head-mounted goggles with display screens equipped with sensors to offer a realistic experience to the user. It works on various components, such as embedded electronics and gesture recognition systems, and helps achieve a sense of presence through 360-degree videos and non-, semi-, and fully immersive films. At present, VR technology is extensively used across various industries, including gaming, entertainment, retail, travel, healthcare, education, and aerospace.

Global Virtual Reality Market Trends:
The growing adoption of VR in the gaming and media and entertainment industries represents one of the key factors positively influencing the market. In addition, its increasing use in driving schools for simulation and training is supporting the market growth. The technology familiarizes the learners with the steering wheel, brake, and accelerator of the vehicle. Apart from this, there is an increase in the use of VR technology by various leading tourism companies to enable potential clients to enjoy a virtual tour of monuments, iconic destinations, restaurants, and hotels. Furthermore, the growing utilization of VR technology in the healthcare industry as a diagnostic tool is creating a positive market outlook. It allows healthcare professionals to reach a diagnosis in conjunction with other medical approaches, like magnetic resonance imaging (MRI). Besides this, VR helps patients and doctors communicate from anywhere while evaluating medical progress in real-time.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual reality market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on device type, technology, component and application.

Breakup by Device Type:

Head-Mounted Display
Gesture-Tracking Device
Projectors and Display Wall

Head-mounted displays are the most commonly used device type due to their increasing adoption in the gaming and entertainment industries to create a fully interactive environment.

Breakup by Technology:

Semi and Fully Immersive
Non-Immersive

Semi and fully immersive technology account for the majority of the market share, which can be accredited to the associated benefits, such as the replication of real-world surroundings in a digital platform, and the escalating demand for VR HMDs across the globe.

Breakup by Component:

Hardware
Software

Hardware dominates the market due to the increasing consumer reliance on smartphones, tablets, laptops, and other technologically advanced electronic gadgets.

Breakup by Application:

Aerospace and Defense
Consumer
Commercial
Enterprise
Healthcare
Others

The commercial sector holds the majority of the market share due to the growing use of VR headsets in real estate, vehicle showrooms, and retail stores.

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

North America exhibits a clear dominance in the market due to the rising deployment of virtual public health veterinary training courses in the region.

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being CyberGlove Systems Inc., Eon Reality Inc., Google LLC (Alphabet Inc.), HTC Corporation, Microsoft Corporation, Oculus VR LLC (Facebook Inc.), Samsung Electronics Co. Ltd., Sixense Enterprises Inc., Sony Corporation, StarVR Corp (Acer Inc.), Ultraleap Ltd. and Unity Software Inc.

Key Questions Answered in This Report

1. What was the size of the global virtual reality market in 2022?
2. What is the expected growth rate of the global virtual reality market during 2023-2028?
3. What are the key factors driving the global virtual reality market?
4. What has been the impact of COVID-19 on the global virtual reality market?
5. What is the breakup of the global virtual reality market based on the device type?
6. What is the breakup of the global virtual reality market based on the technology?
7. What is the breakup of the global virtual reality market based on the component?
8. What is the breakup of the global virtual reality market based on the application?
9. What are the key regions in the global virtual reality market?
10. Who are the key players/companies in the global virtual reality market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL VIRTUAL REALITY MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY DEVICE TYPE

6.1 Head-Mounted Display
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Gesture-Tracking Device
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Projectors and Display Wall
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY TECHNOLOGY

7.1 Semi and Fully Immersive
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Non-Immersive
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY COMPONENT

8.1 Hardware
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Software
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY APPLICATION

9.1 Aerospace and Defense
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Consumer
  9.2.1 Market Trends
  9.2.2 Market Forecast
9.3 Commercial
  9.3.1 Market Trends
  9.3.2 Market Forecast
9.4 Enterprise
  9.4.1 Market Trends
  9.4.2 Market Forecast
9.5 Healthcare
  9.5.1 Market Trends
  9.5.2 Market Forecast
9.6 Others
  9.6.1 Market Trends
  9.6.2 Market Forecast

10 MARKET BREAKUP BY REGION

10.1 North America
  10.1.1 United States
    10.1.1.1 Market Trends
    10.1.1.2 Market Forecast
  10.1.2 Canada
    10.1.2.1 Market Trends
    10.1.2.2 Market Forecast
10.2 Asia-Pacific
  10.2.1 China
    10.2.1.1 Market Trends
    10.2.1.2 Market Forecast
  10.2.2 Japan
    10.2.2.1 Market Trends
    10.2.2.2 Market Forecast
  10.2.3 India
    10.2.3.1 Market Trends
    10.2.3.2 Market Forecast
  10.2.4 South Korea
    10.2.4.1 Market Trends
    10.2.4.2 Market Forecast
  10.2.5 Australia
    10.2.5.1 Market Trends
    10.2.5.2 Market Forecast
  10.2.6 Indonesia
    10.2.6.1 Market Trends
    10.2.6.2 Market Forecast
  10.2.7 Others
    10.2.7.1 Market Trends
    10.2.7.2 Market Forecast
10.3 Europe
  10.3.1 Germany
    10.3.1.1 Market Trends
    10.3.1.2 Market Forecast
  10.3.2 France
    10.3.2.1 Market Trends
    10.3.2.2 Market Forecast
  10.3.3 United Kingdom
    10.3.3.1 Market Trends
    10.3.3.2 Market Forecast
  10.3.4 Italy
    10.3.4.1 Market Trends
    10.3.4.2 Market Forecast
  10.3.5 Spain
    10.3.5.1 Market Trends
    10.3.5.2 Market Forecast
  10.3.6 Russia
    10.3.6.1 Market Trends
    10.3.6.2 Market Forecast
  10.3.7 Others
    10.3.7.1 Market Trends
    10.3.7.2 Market Forecast
10.4 Latin America
  10.4.1 Brazil
    10.4.1.1 Market Trends
    10.4.1.2 Market Forecast
  10.4.2 Mexico
    10.4.2.1 Market Trends
    10.4.2.2 Market Forecast
  10.4.3 Others
    10.4.3.1 Market Trends
    10.4.3.2 Market Forecast
10.5 Middle East and Africa
  10.5.1 Market Trends
  10.5.2 Market Breakup by Country
  10.5.3 Market Forecast

11 SWOT ANALYSIS

11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats

12 VALUE CHAIN ANALYSIS

13 PORTERS FIVE FORCES ANALYSIS

13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 PRICE ANALYSIS

15 COMPETITIVE LANDSCAPE

15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
  15.3.1 CyberGlove Systems Inc.
    15.3.1.1 Company Overview
    15.3.1.2 Product Portfolio
  15.3.2 Eon Reality Inc.
    15.3.2.1 Company Overview
    15.3.2.2 Product Portfolio
  15.3.3 Google LLC (Alphabet Inc.)
    15.3.3.1 Company Overview
    15.3.3.2 Product Portfolio
    15.3.3.3 SWOT Analysis
  15.3.4 HTC Corporation
    15.3.4.1 Company Overview
    15.3.4.2 Product Portfolio
    15.3.4.3 Financials
  15.3.5 Microsoft Corporation
    15.3.5.1 Company Overview
    15.3.5.2 Product Portfolio
    15.3.5.3 Financials
    15.3.5.4 SWOT Analysis
  15.3.6 Oculus VR LLC (Facebook Inc.)
    15.3.6.1 Company Overview
    15.3.6.2 Product Portfolio
  15.3.7 Samsung Electronics Co. Ltd.
    15.3.7.1 Company Overview
    15.3.7.2 Product Portfolio
    15.3.7.3 Financials
    15.3.7.4 SWOT Analysis
  15.3.8 Sixense Enterprises Inc.
    15.3.8.1 Company Overview
    15.3.8.2 Product Portfolio
  15.3.9 Sony Corporation
    15.3.9.1 Company Overview
    15.3.9.2 Product Portfolio
    15.3.9.3 Financials
    15.3.9.4 SWOT Analysis
  15.3.10 StarVR Corp (Acer Inc.)
    15.3.10.1 Company Overview
    15.3.10.2 Product Portfolio
    15.3.10.3 Financials
  15.3.11 Ultraleap Ltd.
    15.3.11.1 Company Overview
    15.3.11.2 Product Portfolio
  15.3.12 Unity Software Inc.
    15.3.12.1 Company Overview
    15.3.12.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Virtual Reality Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Virtual Reality Market Forecast: Breakup by Device Type (in Million US$), 2023-2028
Table 3: Global: Virtual Reality Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 4: Global: Virtual Reality Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 5: Global: Virtual Reality Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Virtual Reality Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Virtual Reality Market: Competitive Structure
Table 8: Global: Virtual Reality Market: Key Players

LIST OF FIGURES

Figure 1: Global: Virtual Reality Market: Major Drivers and Challenges
Figure 2: Global: Virtual Reality Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Virtual Reality Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Virtual Reality Market: Breakup by Device Type (in %), 2022
Figure 5: Global: Virtual Reality Market: Breakup by Technology (in %), 2022
Figure 6: Global: Virtual Reality Market: Breakup by Component (in %), 2022
Figure 7: Global: Virtual Reality Market: Breakup by Application (in %), 2022
Figure 8: Global: Virtual Reality Market: Breakup by Region (in %), 2022
Figure 9: Global: Virtual Reality (Head-Mounted Display) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Virtual Reality (Head-Mounted Display) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Virtual Reality (Gesture-Tracking Device) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Virtual Reality (Gesture-Tracking Device) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Virtual Reality (Projectors and Display Wall) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Virtual Reality (Projectors and Display Wall) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Virtual Reality (Semi and Fully Immersive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Virtual Reality (Semi and Fully Immersive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Virtual Reality (Non-Immersive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Virtual Reality (Non-Immersive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Virtual Reality (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Virtual Reality (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Virtual Reality (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Virtual Reality (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Virtual Reality (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Virtual Reality (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Virtual Reality (Consumer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Virtual Reality (Consumer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Virtual Reality (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Virtual Reality (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Virtual Reality (Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Virtual Reality (Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Virtual Reality (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Virtual Reality (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Virtual Reality (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Virtual Reality (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: United States: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: United States: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Canada: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Canada: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Asia-Pacific: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Asia-Pacific: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: China: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: China: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Japan: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Japan: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: India: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: India: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: South Korea: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: South Korea: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Australia: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Australia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Indonesia: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Indonesia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Others: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Europe: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Europe: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Germany: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Germany: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: France: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: France: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: United Kingdom: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: United Kingdom: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Italy: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Italy: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Spain: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Spain: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Russia: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Russia: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Latin America: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Latin America: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Brazil: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Brazil: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Mexico: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Mexico: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Others: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Others: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Middle East and Africa: Virtual Reality Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Middle East and Africa: Virtual Reality Market: Breakup by Country (in %), 2022
Figure 83: Middle East and Africa: Virtual Reality Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Global: Virtual Reality Industry: SWOT Analysis
Figure 85: Global: Virtual Reality Industry: Value Chain Analysis
Figure 86: Global: Virtual Reality Industry: Porter's Five Forces Analysis


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