Virtual Reality (VR) Market to Grow by USD 64.72 Billion (2023-2028), Report on AI-Powered Market Evolution - Technavio

NEW YORK, Dec. 13, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global virtual reality (VR) market size is estimated to grow by USD 64.72 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 28.3% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. End-user 
• 1.1 Enterprise
• 1.2 Consumer
2. Component 
• 2.1 Hardware
• 2.2 Software
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

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1.1 Fastest growing segment:

Virtual reality (VR) is a computer-generated simulation of a three-dimensional environment, presented to users in a way that they perceive it as real. VR does not interact with the physical world. Instead, it creates a new experience, often through the use of a headset. Advancements in VR hardware, such as new headset launches, are driving user adoption in industries like gaming, entertainment, retail, sports, travel, and healthcare. In healthcare, VR is used for disease diagnosis and therapy. For instance, doctors at George Washington University Hospital used VR technology to detect healthy and COVID-19-infected tissues. Oxford VR launched a VR-based therapy for social anxiety. However, the rise of augmented reality (AR) technology may hinder VR growth. Yet, the demand for remote working applications, OTT platforms, and online shopping increased due to the pandemic, driving the need for faster networks and digital solutions among enterprises. This trend is expected to fuel VR market growth during the forecast period.

Analyst Review

Virtual Reality (VR) technology is revolutionizing various industries by providing immersive experiences through VR headsets. In healthcare, VR is used for therapy and training, benefiting patients and technicians alike. In gaming and entertainment, VR glasses transport users to 3D virtual worlds, offering unprecedented immersion. VR gloves and bodysuits add an extra layer of interaction, allowing users to feel and move in the virtual environment. Instructional training in industries like defense and automotive uses VR for simulation, enhancing learning and reducing risks. Virtual platforms in the hardware segment power these experiences, while software segment offers AI applications and the metaverse for social interaction. PropVR and REAL System are leading VR technology providers. VR content creation tools enable users to build their virtual tours, virtual classrooms, and VR arcades. VR fitness and therapy applications offer health benefits, while VR therapy is transforming rehabilitation. Augmented reality (AR) complements VR, merging virtual and real worlds. Virtual reality is set to transform education, entertainment, and industries, offering endless possibilities.

Market Overview

The Virtual Reality (VR) market is revolutionizing various sectors, including Architecture and Planning, with 3D models and virtual walkthroughs. In the Non-segment, VR technology is used for instructional training in sectors like Aviation for pilots and Defense personnel, as well as for Technicians in healthcare, automotive, and other organizations. VR technology is also being explored for addressing mental health issues, creating virtual platforms for meetings, and implementing policies & strategies. Event organizers are leveraging VR for live virtual entertainment, while VR simulators offer exciting experiences in gaming, entertainment, and virtual theme parks. The Hardware segment includes VR headsets, glasses, gloves, and bodysuits, with advancements in AI applications and the Metaverse shaping the future of VR. Companies are also developing VR content creation tools, collaboration tools, virtual classrooms, and VR arcades for fitness and therapy. Amidst the coronavirus outbreak and pandemic crisis, VR is becoming increasingly important for remote work and social interaction. Additionally, AR technology and virtual tours are complementing VR in various applications.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
11.1 Alphabet Inc
11.2 Barco NV
11.3 CyberGlove Systems, Inc
11.4 Meta Platforms Inc
11.5 HTC Corp
11.6 Microsoft Corp
11.7 Samsung Electronics Co., Ltd
11.8 Sensics, Inc
11.9 Sixense Enterprises, Inc
11.10 (Penumbra, Inc.)
11.11 Ultraleap Ltd
11.12 3D Systems Corp
11.13 Advanced Micro Devices Inc
11.14 Apple Inc
11.15 Osso VR Inc
11.16 Pico Technology Ltd
11.17 Sony Group Corp
11.18 StarVR Corp
11.19 Unity Software Inc
11.20 Valve Corp
11.21 Varjo Technologies Oy
12 Appendix

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SOURCE Technavio