The virtual reality (VR) market is forecasted to reach a valuation of US$ 105.89 billion by 2030, a substantial increase from its current standing. This surge can be attributed to VR’s unique capability of creating immersive environments, dramatically transforming user experience across various sectors.
VR technology has undergone remarkable evolution, enabling simulation of human senses like sight, hearing, touch, and even smell. This technological advancement, including haptic feedback and olfactory technology, has opened a plethora of opportunities, redefining user interaction with their environment.
The application of VR extends beyond entertainment. Its adoption in professional training programs is particularly noteworthy. Professionals such as engineers, pilots, and technicians in industries like manufacturing and oil & gas are increasingly leveraging VR for training. Its application in mental health treatment and tourism, offering virtual tours of landmarks and hotels, is also gaining traction.
The VR market is expected to grow at a CAGR of 32.37% from 2024 to 2030. This growth is driven by technological advancements and digitalisation, reducing operational costs for businesses and facilitating broader reach to target audiences. The widespread adoption of smartphones has further fuelled this trend.
In manufacturing, VR has revolutionised the industry, enabling workflow monitoring, enhancing employee safety, and facilitating training in realistic, controlled environments. This is particularly beneficial in high-risk sectors like construction and transportation.
The market share is significantly dominated by hardware components, such as headsets and sensors, which are crucial for delivering immersive experiences. The market for gesture tracking devices is also set to expand, reflecting the rising demand for natural and interactive VR experiences.
Commercial applications hold a substantial market share, underlining their vital role in economic growth and innovation. These applications span across various industries, contributing significantly to employment and economic vitality.
The semi and fully immersive technology segment is expected to show the highest growth. Head-Mounted Displays (HMDs), in particular, have gained popularity, especially in business and educational settings, offering immersive experiences beneficial for training and strategic planning.
China’s VR market is experiencing rapid growth, supported by its government and driven by early tech adoption and mobile internet usage. The Chinese market stands out for its vast user base, increasing disposable income, and a tech-savvy middle class.
Key global tech companies like Sony, Apple, Microsoft, Lenovo, Samsung, Meta, and Qualcomm, along with HTC, Xiaomi, and Huawei, are heavily investing in the VR market.
The market is categorised into various segments, including hardware and software, different types of devices, and applications across diverse industries. Additionally, the report provides a comprehensive country-wise breakdown of the VR industry, highlighting the diverse market dynamics across global regions.
Each company is evaluated on three aspects: overview, recent developments, and revenue, providing a holistic view of the market’s competitive landscape. This comprehensive analysis underscores the significant potential and diverse applications of VR technology, marking it as a key driver of future technological and economic progress.