Virtual Reality Market: Current Analysis and Forecast (2023-2030)

Virtual reality (VR) is changing the way interact with objects and our surroundings. The growing use and adoption of virtual reality in various industries like gaming and hospitality are propelling the global virtual reality market forward. A virtual environment is a 3D computer-generated environment in that a person can explore and interact with the end user, allowing the person to become a part of the near-reality world.

The Virtual reality Market is expected to grow at a steady rate of around 23.83% owing to the increasing number of health institutions and hospitals attributed to the increasing adoption of VR to train doctors and medical students to easily carry out complex procedures and surgeries. Major companies in the market offer Virtual reality (VR) for surgery & treatment applications with technologically advanced features. For instance, in January 2022 Nvidia Corporation collaborated with cloud service suppliers for high-quality VR streaming. Moreover, users can access augmented, virtual, and extended reality from any location with the help of cloud-based streaming.

Based on end-user type, the market is segmented into enterprise virtual reality and consumer virtual reality. Enterprises virtual reality category to witness higher CAGR during the forecast period owing to the growing penetration in e-commerce. VR is being used by e-commerce companies to improve the shopping experience. VR is also being used extensively in marketing. Furthermore, brands are using virtual reality to entice customers in developing countries such as China, India, and Mexico, among others.

On the basis of product type, the market is categorized into software and hardware. Among these, the VR software market to hold a significant share in the market in 2022 owing to the higher adoption from the enterprise sector as enterprises accommodate their remote workforce and revise their business planning and strategies, also the segment is growing in demand as it can be used in training, simulation, developing virtual tools, VR applications, VR game development, learning experience platforms, and segment reality. Thus, Software offers better control capability and performance in the field.

Based on application, the virtual reality market has been classified into gaming, surgery & treatments , e-learning and others. The surgery & treatments category is to witness higher adoption of VR during the forecast period. This is mainly due to the rising research and investments in the development of VR technology for extreme conditions. This is especially used for medical students and to train doctors can effectively carry out complex procedures and surgeries. For instance, a virtual reality surgery platform helps doctors to identify the anatomy of interest and allows them to use the platform's depth information to enhance detailed medical images in real time.

For a better understanding of the market adoption of the virtual reality industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing distributor of Head-mounted Displays (HMDs) and other hardware related

to VR. Promising initiatives by the government and other related bodies, such as funds and investments to help VR enterprises, are also encouraging the implementation of VR technology in the region. Moreover, the wide expansion of applications along with growth in the gaming industry and healthcare sector is further expected to support the market growth. In addition, the constant development of remote & hilly areas along with growth in HMDs and other hardware related to VR further accelerates the VR market growth in the region. Also, major players in the market continue to invest in developing technology and research. Major players are focusing on offering quality services to their viewers with innovative content and examining new fields with VR solutions as the market becomes more competitive.

Some of the major players operating in the market include Samsung Electronics Co Ltd, Sony Corporation, Microsoft Corp, Qualcomm Incorporated, Vuzix Corporation, HTC Corporation, Eon Reality Inc, NVIDIA Corp, Alphabet Inc, Meta Platforms Inc.