March 14, 2023

Virtual Reality Market Growth Overview 2022, Industry Report By 2027

Virtual Reality Market

Global Virtual Reality (VR) Overview:

In the latest report published by IMARC Group, titled ” Virtual Reality Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027The global virtual reality market reached a value of US$ 8.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 36.8 Billion by 2027, exhibiting a CAGR of 27.94% during 2022-2027.  

Virtual reality (VR), or virtual environment, refers to a three-dimensional environment that provides a digital experience in the real world. It makes use of hardware, software, and sensory inputs to stimulate the senses such as vision, hearing, touch, and smell. VR technology also offers an immersive experience to users with the help of headsets, glasses, gloves, and bodysuits. Consequently, VR is increasingly utilized in medical, industrial, retail, aerospace, defense, and commercial applications.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

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The market is primarily driven by the significant growth of the gaming and entertainment industries. For instance, the launch of sensor-enabled tennis racquets by sports-based game developers to play a computer-controlled game simulation in an enclosed space is propelling the demand for VR-enabled games. Besides this, VR projects digital pictures, enables 3D view, and enhances the user experiences. In addition, VR technology is widely employed in the automotive industry to allow engineers to experiment with the design and structure of the vehicle at the conceptual stage before initiating an expensive prototype of the vehicle. It also finds application in the healthcare industry where VR exposure therapy provides treatment to patients with mental health challenges. Furthermore, VR technology assists in live events such as event planning and deploying VR experiences. Moreover, the advent of Industry 5.0 and the growing use of consumer electronic devices are also creating a favorable market outlook.

Global Virtual Reality (VR) Market 2022- 2027 Analysis and Segmentation:

Competitive Landscape with Key Players:

  • 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.
  • Unity Software Inc.

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

Based on the device type, the market has been segmented into head-mounted display, gesture-tracking device, and projectors and display wall.

Market  Breakup by Technology:

  • Semi and Fully Immersive
  • Non-Immersive

On the basis of the technology, the market has been classified into semi and fully immersive and non-immersive technology.

Breakup by Component:

  • Hardware
  • Software

The market has been categorized based on the component into hardware and software.

Market  Breakup by Application:

  • Aerospace and Defense
  • Consumer
  • Commercial
  • Enterprise
  • Healthcare
  • Others

On the basis of the application, the market has been segregated into aerospace and defense, consumer, commercial, enterprise, healthcare, and others.

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. 

About Us: 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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