Jun 29, 2023

News provided by Share this article Share this article NEW YORK, June 29, 2023 /PRNewswire/ -- The latest report on the  virtual reality market  is estimated to register an incremental growth of USD 181,340.96 million from 2022 to 2027. The market is estimated to register a CAGR of 60.65% during the forecast period The market is fragmented due to the presence of diversified international and regional vendors. The increasing product launches are notably driving virtual reality market growth. Vendors are focusing on developing high-tech AR and VR products, like smart glasses, headsets, and software platforms. To diversify their product lines and expand sales, they are presenting new products. The introduction of multiple new products is expected to drive market expansion. For Instance, in July 2021, a virtual reality stadium called Virtex Stadium was made available, enabling fans to watch games with their friends from the center of the field. The launch overlaps with the advancement in e-sports' popularity and the improvement in consumer virtual reality hardware's performance and affordability. Therefore, due to such product launches, the global market is anticipated to grow during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report Virtual Reality Market 2023-2027: Vendor Analysis The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 360 Labs LLC, Advanced Micro Devices Inc., Alphabet Inc., CXR Agency, Firsthand Technology Inc., Groove Jones LLC, HTC Corp., Innowise Group, KONCEPT VR LLC, Manus Technologies Group B.V., Marxent Labs LLC, Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Retinad, The Ninehertz, Unity Software Inc., Virtalis Holdings Ltd., Wevr, and WorldViz Inc. are among some of the major market participants. Vendor Offerings Firsthand Technology Inc. - The company offers virtual reality such as Vive VR headset. Alphabet Inc. - The company offers virtual reality such as Youtube VR and Earth VR. What`s New for 2023? Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession Global competitiveness and key competitor positions Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial Customization options available as per your business needs Access to 17000+ research report subscriptions -  buy now! Virtual Reality Market 2023-2027: Market Dynamics Key Trends The introduction of 360-degree videos is a major trend in the virtual reality market. The advancements in 360-degree cameras have significantly accelerated the transition from static 2D virtual images to real-time 360-degree virtual videos. The students can take high-resolution photos or videos of their field trips thanks to the 360-degree cameras. Additionally, these videos can be used to create virtual reality content, which can then be turned into digital simulations. However, educators can create virtual reality course content by utilizing more user-friendly features like live streaming and video stitching brought about by recent advancements in 360-degree cameras. In addition, live-streaming content in 2K resolution while simultaneously editing and sharing content is possible with the camera. The production and design of high-quality virtual reality content is becoming increasingly dependent on the ever-evolving 360-degree cameras. As a result, it is anticipated that the global market will gain importance over the forecast period. Significant Challenges The requirement for high-speed Internet and computation power is the significant challenge hindering the virtual reality market growth. Problems with the integration of processes and infrastructure are the primary obstacle preventing the market from expanding. For effective implementation, virtual reality solutions should have access to high-speed, high-bandwidth internet. System downtime and decreased productivity in the workplace can result from any issue, including a slow network, insufficient electricity, or connectivity issues. This is a significant obstacle to the successful implementation of advanced systems by various businesses, particularly in developing nations. The various configurations of virtual reality technologies exacerbate a highly heterogeneous information technology environment. These integration glitches are expected to cause interoperability issues for customers. Furthermore, new interoperability issues are brought about by any upgrades to virtual reality systems. As a result, augmented and virtual reality cannot be used in healthcare due to a number of infrastructure and system integration issues. As a result, the demand for fast internet will stifle the market's expansion during the forecast period. Virtual Reality Market 2023-2027: Segmentation Virtual Reality Market is segmented as below: Component South America The VR market share growth by the hardware segment will be significant during the forecast period. Virtual reality technology is being used by educators in more academic fields to provide higher-quality instruction. For instance, students now have the chance to fully engage themselves in the world of virtual reality technology thanks to the introduction of virtual reality in education. The use of technology also facilitates educators to provide less expensive lessons to students that are more visually attractive and interesting. Virtual reality hardware is also being used more often in the gaming sector. For instance, in order to give customers a high-quality virtual reality experience that permits users to engage themselves in the gaming world with a variety of experiences. Therefore, due to these factors, the hardware segment of the global market is anticipated to increase during the forecast period. For insights on global, regional, and country-level parameters with growth opportunities, historic (2017 to 2021) & forecast (2023-2027)  –  Download a Sample Report Virtual Reality Market 2023-2027: Key Highlights CAGR of the market during the forecast period 2023-2027 Detailed information on factors that will assist virtual reality market growth during the next five years Estimation of the virtual reality market size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the virtual reality market Analysis of the market's competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of the virtual reality market vendors Gain instant access to 17,000+ market research reports. Related Reports: The  Virtual Reality (VR) Market in Healthcare market size is estimated to grow at a CAGR of 32.85% between 2022 and 2027. The market size is forecast to increase by USD 9,019.06 million. This report extensively covers market segmentation by component (software and services), end-user (research and diagnostics, hospitals and clinics, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). Growing demand for healthcare services is notably driving Virtual Reality (VR) in the Healthcare Market growth. The  virtual reality market  share in the education sector is expected to increase by USD 16.12 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 59.28%. This report extensively covers virtual reality market segmentation in the education sector by product (VR hardware and VR content), end-user (higher education and K-12), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). One of the key factors driving growth in the virtual reality market in the education sector is the increased affordability of VR gear. Virtual Reality Market Scope Key companies profiled 360 Labs LLC, Advanced Micro Devices Inc., Alphabet Inc., CXR Agency, Firsthand Technology Inc., Groove Jones LLC, HTC Corp., Innowise Group, KONCEPT VR LLC, Manus Technologies Group B.V., Marxent Labs LLC, Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Retinad, The Ninehertz, Unity Software Inc., Virtalis Holdings Ltd., Wevr, and WorldViz Inc. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of contents Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million) Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million) Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) 4 Historic Market Size Exhibit 18: Historic Market Size – Data Table on Global virtual reality market 2017 - 2021 ($ million) 4.2 Component Segment Analysis 2017 - 2021 Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ million) 4.3 End-User Segment Analysis 2017 - 2021 Exhibit 20: Historic Market Size – End-User Segment 2017 - 2021 ($ million) 4.4 Geography Segment Analysis 2017 - 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million) 4.5 Country Segment Analysis 2017 - 2021 Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million) 5 Five Forces Analysis Exhibit 33: Data Table on Comparison by Component 6.3 Hardware - Market size and forecast 2022-2027 Exhibit 34: Chart on Hardware - Market size and forecast 2022-2027 ($ million) Exhibit 35: Data Table on Hardware - Market size and forecast 2022-2027 ($ million) Exhibit 36: Chart on Hardware - Year-over-year growth 2022-2027 (%) Exhibit 37: Data Table on Hardware - Year-over-year growth 2022-2027 (%) 6.4 Software - Market size and forecast 2022-2027 Exhibit 38: Chart on Software - Market size and forecast 2022-2027 ($ million) Exhibit 39: Data Table on Software - Market size and forecast 2022-2027 ($ million) Exhibit 40: Chart on Software - Year-over-year growth 2022-2027 (%) Exhibit 41: Data Table on Software - Year-over-year growth 2022-2027 (%) 6.5 Market opportunity by Component Exhibit 42: Market opportunity by Component ($ million) Exhibit 43: Data Table on Market opportunity by Component ($ million) 7 Market Segmentation by End-user 7.1 Market segments Exhibit 47: Data Table on Comparison by End-user 7.3 Enterprise - Market size and forecast 2022-2027 Exhibit 48: Chart on Enterprise - Market size and forecast 2022-2027 ($ million) Exhibit 49: Data Table on Enterprise - Market size and forecast 2022-2027 ($ million) Exhibit 50: Chart on Enterprise - Year-over-year growth 2022-2027 (%) Exhibit 51: Data Table on Enterprise - Year-over-year growth 2022-2027 (%) 7.4 Consumer - Market size and forecast 2022-2027 Exhibit 52: Chart on Consumer - Market size and forecast 2022-2027 ($ million) Exhibit 53: Data Table on Consumer - Market size and forecast 2022-2027 ($ million) Exhibit 54: Chart on Consumer - Year-over-year growth 2022-2027 (%) Exhibit 55: Data Table on Consumer - Year-over-year growth 2022-2027 (%) 7.5 Market opportunity by End-user Exhibit 56: Market opportunity by End-user ($ million) Exhibit 57: Data Table on Market opportunity by End-user ($ million) 8 Customer Landscape Exhibit 62: Data Table on Geographic comparison 9.3 North America - Market size and forecast 2022-2027 Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million) Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million) Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%) Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%) 9.4 APAC - Market size and forecast 2022-2027 Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%) Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%) 9.5 Europe - Market size and forecast 2022-2027 Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%) Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%) 9.6 Middle East and Africa - Market size and forecast 2022-2027 Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%) 9.7 South America - Market size and forecast 2022-2027 Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million) Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million) Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%) Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%) 9.8 US - Market size and forecast 2022-2027 Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million) Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million) Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%) Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%) 9.9 China - Market size and forecast 2022-2027 Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million) Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million) Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%) Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%) 9.10 Germany - Market size and forecast 2022-2027 Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million) Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million) Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%) Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%) 9.11 UK - Market size and forecast 2022-2027 Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million) Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million) Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%) Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%) 9.12 Japan - Market size and forecast 2022-2027 Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million) Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million) Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%) Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%) 9.13 Market opportunity by geography Exhibit 103: Market opportunity by geography ($ million) Exhibit 104: Data Tables on Market opportunity by geography ($ million) 10 Drivers, Challenges, and Trends 10.1 Market drivers About Us Technavio is a leading global technology research and advisory company. 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