Immersive Virtual Reality Market Outlook 2031:
The global immersive virtual reality market size was valued at USD 59.96 Billion in 2022 and is projected to reach USD 533.89 Billion by 2031, expanding at a CAGR of 27.5% during the forecast period 2023 - 2031. The growth of the market is attributed to the launch of commercial virtual reality headsets.
Virtual reality (VR) is the technology that delivers almost real experience in a virtual or synthetic way. The key goal of Immersive VR is to entirely engage the user inside the computer generated world, giving the impression that user has stepped inside the virtual world.
The perception of being present physically in virtual world is created by surrounding the user with the VR system in sound, images, and other stimuli that provide an immersive environment. Immersive VR is widely used in industries, such as gaming, healthcare, architecture, automotive, and many other industries. In industries VR offers various benefits, in terms of virtual training, marketing, maintenance, and simulation activities.
The COVID-19 pandemic outbreak had considerable impact on the market. During the pandemic, emergency lockdown imposed by government resulted in the shortage of hardware required in VR, projects were delayed, and manufacturing plant halted their operations, which is affecting the market of immersive VR. However, the healthcare sector is adopting immersive VR head-mount display (HMD) technology to treat an exponentially growing number of infected patients worldwide.
Immersive Virtual Reality Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for virtual training across industries is one of the key factors driving the market growth.
- Increasing adoption of immersive VR in gaming industry worldwide is projected to boost the market during the forecast period.
- Growing concern about latency and energy consumption by VR devices acts as a major challenge that can restrict the market growth in the coming years.
- High cost of technology is expected to hamper the market growth during the projected timeline.
- Introducing user-friendly VR system is anticipated to create significant growth opportunities for the market.
Scope of the Immersive Virtual Reality Market Report
The report on the global immersive virtual reality market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Immersive Virtual Reality Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Devices (Projectors & Display Walls, Head-mounted Display, and Gesture Tracking Devices), Technology (Fully Immersive and Semi-immersive), and Applications (Medical, Aerospace & Defense, Retail, Consumer Electronics, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Sony Corp.; Magic Leap, Inc.; Microsoft Corp.; HTC Corp.; Samsung Electronics Co., Ltd.; Google LLC; and Meta Platforms, Inc.
|
Immersive Virtual Reality Market Segment Insights
HMD segment to register a high CAGR
In terms of devices, the market is segregated into projectors & display walls (PDW), head-mounted display, and gesture tracking devices (GTD). The HMD segment is projected to register at high CAGR in the projected timeline owing to integration of HMD in VR gaming, such as VR video games.
Moreover, the segment growth is further accelerated as HMD is used in entertainment field as well as it is used in various industries, such as healthcare, retail, and aerospace for training with the use of interactive virtual images.
On the other hand, the GTD segment is anticipated to register a substantial CAGR during the forecast period attributed to increasing demand as visual gesture recognition is an emerging technology that enables more intuitive and immersive communication between humans and computers.
Rising implementation drives the semi-immersive segment
Based on technology, the global immersive virtual reality market is bifurcated into fully immersive and semi-immersive. The semi-immersive segment is expected to grow at a rapid pace during the forecast period due to the growing implementation of this technology by various devices, such as shutter glasses, motion devices, display walls, and projectors.
However, the fully immersive segment is anticipated to expand at a substantial CAGR in the coming years owing to the technology offers direct experience of virtual environments.
Aerospace & defense segment to expand at robust growth rate
On the basis of applications, the market is divided into medical, aerospace & defense, retail, consumer electronics, and others. The aerospace & defense segment is estimated to expand at robust growth rate during the forecast period due to surge in adoption of immersive VR devices for military training and flight simulation.
On the other hand, the healthcare segment is anticipated to expand at a substantial CAGR in the coming years attributed to the benefits offered by VR technology in sector, such as disease awareness, medical learning, training, and medical marketing.
Furthermore, the healthcare professionals are using this technology in robotics surgery, diagnostics, and simulation, which is major driver of the segment.
Asia Pacific to constitute a key market share
In terms of region, the global immersive virtual reality market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to the increasing development in VR technology and the initiatives by government in the region, such as investments and funds to benefit VR firms.
However, the market of North America is anticipated to grow at a rapid pace during the forecast period due to the rising adoption of immersive VR technology and presence of key global players in the region.
Segments
The global immersive virtual reality market has been segmented on the basis of
Devices
- Projectors & Display Walls
- Head-mounted Display
- Gesture Tracking Devices
Technology
- Fully Immersive
- Semi-immersive
Solutions
- Encryption Technologies
- ID/IP
- Antivirus
- MDS
- Application Control
- Firewall
- Others
Applications
- Medical
- Aerospace & Defense
- Retail
- Consumer Electronics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global immersive virtual reality market are Sony Corp.; Magic Leap, Inc.; Microsoft Corp.; HTC Corp.; Samsung Electronics Co., Ltd.; Google LLC; and Meta Platforms, Inc.
Companies are focusing on developing and improving the technology to make it more sophisticated and to integrate it with devices such as tablets and smartphones in order to maintain their competitive position in the market.
Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in September 2019, Infosys Ltd opened its Technology and Innovation Center in Arizona. The center includes a series of living labs, showcasing new prototypes in robotic technologies, VR, and augmented reality and will serves as a space to foster collaboration, co-creation, and training. I
n July 2019, DENSO International Asia Singapore partnered with EON Reality to provide a series of innovative VR training solutions for DENSO International Asia Singapore employees to reduce training cost.
Request For Customization
Enquiry Before Buying
Speak With Analyst
