Virtual Reality Market to Touch a Valuation of USD 53.0195326 Billion by 2032

Global Virtual Reality Market to Touch a Valuation of USD 101 Billion by 2027

The global virtual reality market may gain traction owing to high demand for head-mounted displays in gaming and entertainment sectors. Market Research Future (MRFR)’s latest study reveals that the market is set to expand at 27.10% CAGR during the forecast period (2024-2032). Advances in virtual reality (VR) and associated devices are anticipated to.

Application of VR in myriad sectors such as healthcare, education, and others are expected to provide new growth opportunities. Launch of new VR headsets coupled with development of low-cost wearable solutions is expected to bode well for the market. Miniaturization of semiconductor chips and latest generation of VR-based mobile applications and platforms are anticipated to augment the market size till the end of the forecast period.

Global Market for Virtual Reality – Segmental Analysis

MRFR’s report offers a detailed segmental analysis of the market based on component, device, technology, industry vertical, and region. By component, the market has been segmented into hardware and software. In 2024, the hardware segment accounted for a large market share in 2024. Sales of head-mounted displays (HMDs) and compact designs of VR wearables by manufacturers can bolster segment demand by 2032.The software segment is estimated to showcase a high growth rate throughout the forecast period due to high sales of VR hardware and devices.

By device, the market has been segmented into head-mounted displays, 3D cameras, projectors & display walls, and gesture tracking devices. The head-mounted displays segment accounted for the largest share in 2016 and is expected to grow significantly during the forecast period. By technology, the market has been segmented into non-immersive, semi-immersive, and fully-immersive. Among these, the fully-immersive segment accounts for the largest market share and is likely to remain highly lucrative throughout the assessment period.  By industry vertical, the market has been segmented into healthcare, industrial, commercial, aerospace & defense, consumer electronics, and others. The consumer electronics sector is likely to retain its top position till 2027 due to penetration rate of smartphones and high number of users.

Regional Outlook

The virtual reality market, on the basis of region, is segmented into the North America, Europe, Asia Pacific and the Rest-of-the-World (RoW). The North America region currently accounts for the largest share in the global virtual reality market. This is majorly attributed to factors such as adoption of latest networking technologies such as 5G and long-term evolution (LTE). Presence of prominent players such as Microsoft and Facebook coupled with heavy investments by these to provide a seamless experience to users are expected to augur market growth.

Asia Pacific is anticipated to exhibit a robust growth rate owing to a huge consumer base of smartphone users. Supportive initiatives by governments such as India, Japan, and China to integrate VR technology in smartphones are expected to bode well for the market. In addition, launch of new headsets from Samsung and LG is projected to positively influence the market.

Global Market for Virtual Reality – Competitive Dashboard

Some of the key players profiled in the report include Google, LLC (U.S.),Qualcomm Technologies, Inc. (U.S.), Vuzix Corporation (U.S.), Sixense Entertainment, Inc. (U.S.), Samsung Electronics (South Korea), Facebook, Inc. (U.S.), Sensics, Inc. (Columbia), Eon Reality, Inc. (U.S.), Microsoft Corporation (U.S.), Avegant Corporation (U.S.), Sony Corporation (Japan), and others.