Immersive VR Market Growth to Surpass at $34.9 billion by 2029, at a CAGR of 28.0%
Delray Beach, FL, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The global immersive VR Market was valued at USD 10.1 billion in 2024 and is projected to reach USD 34.9 billion by 2029; it is expected to register a CAGR of 28.0% during the forecast period.
The growth in the immersive VR market can be ascribed to the technological advancement in VR hardware that requires lesser components to achieve full immersion, ease of content creation for immersive experiences, increasing adoption of digital methods for training and simulation purposes in various sectors such as enterprise (manufacturing) and aerospace & defense.
To know about the assumptions considered for the study
Major Immersive VR Companies Included:
- Meta (US),
- Sony Group Corporation (Japan),
- Samsung Electronics Co., Ltd. (South Korea),
- Microsoft (US), and
- Apple, Inc. (US).
Immersive VR Market Dynamics:
- Driver: Increasing use of VR HMDs in gaming sector
- Restraint: Technological limitations
- Opportunity: Continuous developments in 5G technology
- Challenge: High energy consumption and latency issues
Growth of Immersive VR Market in APAC Region:
Asia Pacific is projected to expand at the highest CAGR from 2024 to 2029.
Asia Pacific is anticipated to grow at the highest CAGR from 2024 to 2029. Immersive VR is becoming increasingly popular in the Asia Pacific region, owing to the training, entertainment, and gaming sectors. The region has a substantial and dedicated gaming community, particularly in China and South Korea. VR's immersive experiences, which offer a whole new level of interaction, are ideal for this demographic. Furthermore, many Asia Pacific countries are also investing heavily in industrial training as the region recognizes the value of having a skilled labor force. Additionally, many countries in the region are using immersive virtual reality (VR) in the education sector since the immersive content helps simplify difficult concepts.
By Consumer Applications: Largest Share of Immersive VR Market
The consumer segment is expected to dominate the immersive VR industry from 2024 to 2029. Technology advancements have improved user experiences with immersive virtual reality (VR) headsets, making them more robust and comfortable to wear, as well as more affordable. Due to this, a wider range of people can use them in their activities, allowing everyone the chance to have thrilling experiences. Currently, one of the key drivers is still gaming, which attracts a sizable user base with immersive experiences that are unmatched by any other sector. However, in recent years, consumer applications have increased substantially. Virtual reality platforms, including social VR, are transforming digital interaction and opening up new channels for content consumption via virtual recreation and travel.
By Software Offerings: Highest CAGR Segment of Immersive VR Market
The software segment is projected to experience the highest CAGR between 2024 and 2029 in the immersive VR industry. There is a growing demand for engaging and varied content to populate virtual environments owing to the advancement and increasing availability of VR hardware, The software developers leading this digital revolution create anything from entertaining games to practical tools for sectors such as education, healthcare, and industrial training. Immersive VR software provides the content and interactions that make these virtual worlds come to life for the user. Because of the growing popularity of these solutions and the fact that they work with current hardware, it is expected that the market for immersive VR software will grow throughout the estimated period.
Scope of the Report:
By Offering
- Introduction
- Hardware
- Software
By Device Type
- Introduction
- Head-Mounted Displays
- Projectors & Display Walls
- Gesture-Tracking Devices
By Application
- Consumer
- Commercial
- Aerospace & Defense
- Healthcare
- Enterprise (Manufacturing)
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Future Growth of Immersive VR Market
The future growth of the immersive VR market is expected to be robust, with a compound annual growth rate (CAGR) of 28%, projected to rise significantly in the coming years. Key drivers include the increasing use of VR in industries beyond entertainment, such as healthcare for surgical training and mental health therapies, and education for immersive learning experiences. The gaming industry will continue to be a major growth factor, supported by technological advancements in graphics, motion sensors, and haptic feedback. Additionally, the integration of 5G technology will enhance the scalability and accessibility of VR applications, enabling smoother, real-time experiences. As consumer adoption expands and enterprise use cases grow, the immersive VR market is set to see accelerated adoption across the globe.
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