DELRAY BEACH, Fla. , Sept. 13, 2024 /PRNewswire/ — The global Immersive VR Market is projected to reach USD 34.9 billion by 2029 from USD 10.1 billion in 2024; it is expected to grow at a CAGR of 28.0% according to a new report by MarketsandMarkets™. 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.
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Immersive VR Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 10.1 billion in 2024 |
|
Estimated Value by 2030 |
$ 34.9 billion by 2029 |
|
Growth Rate |
Poised to grow at a CAGR of 28.0% |
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Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By offering, device type, application, and region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
High energy consumption and latency issues |
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Key Market Opportunities |
Continuous developments in 5G technology |
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Key Market Drivers |
Increasing use of VR HMDs in the gaming sector |
By Offering, Software segment to expand at the highest CAGR between 2024 and 2029.
The software segment is projected to experience the highest CAGR between 2024 and 2029 in the immersive VR market. 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.
By Application, Consumer applications account for the largest market share in the forecasted year.
The consumer segment is expected to dominate the immersive VR market 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.
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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.
Key Players
The key Immersive VR companies offering immersive VR devices include Meta (US), Sony Group Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Microsoft (US), and Apple, Inc. (US).
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