Virtual Reality Market Size Worth USD 166.5 Billion in 2030 | CAGR: 31.5%
According to Adroit Market Research, the size of the global virtual reality market was estimated at USD 25.5 billion in 2023 and is expected to increase by 31.5 percent annually to reach USD 166.5 billion by 2030.
Virtual reality (VR) is a simulation or reproduction of a three-dimensional world created by a computer that can be interacted with and experienced by a human using specialised electronic equipment, often a headset with a screen inside. By submerging the user in a virtual environment that appears authentic and reacts to their activities, virtual reality (VR) tries to produce a sensation of presence. The purpose of a virtual reality (VR) experience is to imitate a person’s physical presence in a virtual setting so that they may explore and interact with it as if they were there. This is accomplished by sensing the user’s head and occasionally hand motions and instantly changing the display’s aspect ratio to offer the necessary visual viewpoint.
User can move about and interact with the virtual world via controllers, hand gestures, or other input devices in virtual reality experiences. To increase the sense of presence and realism, some cutting-edge VR systems also have motion-tracking sensors that can follow the user’s motions and incorporate them into the virtual environment. The basic goal of virtual reality is to make users feel as though they are physically there in the simulated environment. VR can take users to new locations, provide them the ability to explore virtual worlds and let them partake in a variety of activities and experiences by obscuring the real-world surroundings and replacing them with a virtual one.
Sales of VR equipment, including headgear, controllers, and peripherals, have increased significantly. More consumer-friendly and economical VR equipment has been released by manufacturers, opening up the technology to a wider market. Increased acceptance has been facilitated by the development of standalone VR headsets, which do not need a linked PC or gaming console. The availability of engaging and immersive material is crucial for the expansion of the VR industry. The need for software and content creation is being driven by investments in VR experiences made by game developers, movie studios, and content producers. With a vast variety of VR experiences and games accessible, the gaming industry has been a key generator of VR content.
Real estate developers, architects, and designers may use virtual reality to create interactive walkthroughs of buildings, interiors, and metropolitan settings. Urban planning, interior design, and visualisation of architecture all present prospects for VR development. Before building starts, virtual reality (VR) may assist stakeholders in experiencing designs and making wise decisions. In the areas of pain management, mental health, rehabilitation, and medical education, virtual reality (VR) holds great possibilities. There are opportunities to create VR applications that offer therapeutic experiences, replicate medical procedures, and aid in surgical and diagnostic planning. VR may increase medical education and training while also assisting in improving patient outcomes.
Virtual reality technology and software both made strides in the 2000s. Graphics capabilities increased, and headsets got lighter and cheaper. Due to expensive pricing and technological restrictions, however, popular use has been somewhat restricted. Scientific research, medical simulations, and military training have all benefited from the use of VR technology. Virtual reality underwent a tremendous transformation in the 2010s. Palmer Luckey unveiled the Oculus Rift in 2012; it was a revolutionary VR device that sparked huge interest and resurrected the sector. The Oculus Rift and other VR consumer hardware, like the HTC Vive and PlayStation VR, have rekindled interest in the field. The emergence of VR was aided by the creation of potent graphics processing units (GPUs) and the accessibility of reasonably priced sensors and parts.
The United States in particular has served as a significant hub for VR development, investment, and acceptance. Due to the region’s robust gaming and entertainment sector, the market for VR technology and content is mature. Significant VR market participants are present in North America, including HTC, Sony, and Facebook-owned Oculus. Furthermore, businesses in sectors including healthcare, education, and automobiles are investigating VR applications. A tech-savvy customer base and the availability of venture capital investment are factors in the expansion of the VR business in this area.