Virtual Reality Market Segmentation by Device (Head Mounted Display, Gesture Tracking Device, and Projectors & Display Wall); by Application (Media & Entertainment, Gaming, Enterprise, Military & Defense, Healthcare, Education, and Others); by Component (Hardware, and Software) – Global Demand Analysis & Opportunity Outlook 2030

Buy Now Report ID: 160 | Published Date: Feb 14, 2023

Global Virtual Reality Market Regional Synopsis

On the basis of geographical analysis, the virtual reality market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of hike in launch of affordable VR devices by local companies in countries, namely China and India. Along with this, as China is among the chief distributors of head mounted devices worldwide, it is anticipated to gain the largest market share in APAC in the future. Moreover, the market in North America is expected to occupy the largest market share during the forecast period ascribing to the strong presence of startups focused on developing sophisticated VR technologies and high acceptance of technological innovations by the people of the region. It is evaluated that almost 6o million people in the United States will use virtual reality at least once every month in 2021. This accounts for 18% of the country’s total population.

The virtual reality market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Virtual Reality Market
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Major Macro-Economic Indicators Impacting the Market Growth

Development Expenditure

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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Market Segmentation


Our in-depth analysis of the virtual reality market includes the following segments:

By Device

  • Head Mounted Display (HMD)
  • Gesture Tracking Device (GTD)
  • Projectors & Display Wall (PDW)

By Application

  • Media & Entertainment
  • Gaming
  • Enterprise
  • Military & Defense
  • Healthcare
  • Education
  • Others

By Component

  • Hardware
  • Software

Growth Drivers

  • Increasing Use of HMDs in Entertainment & Gaming Sector
  • Growing Investments by Technology Vendors for Virtual Reality Applications


  • Cost Limitations and Reduced Face-to-Face Communications in VR

Development Expenditure
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Top Featured Companies Dominating the Market

    • Facebook Technologies, LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Sony Corporation
    • Samsung Electronics Co. Ltd.
    • Lenovo Group Ltd
    • Google LLC
    • Microsoft Corporation
    • Sensics, Inc.
    • Ultraleap Ltd.
    • CyberGlove Systems, Inc.
    • HTC Corporation


In The News

·   Sony Corporation, February 2021: The company is working on next generation virtual reality headset for PlayStation 5 that will include enhanced resolution and field of view.

·   Samsung Technologies, January 2021: Samsung’s bug-eye VR headset was reported to resurface again, as a successor of the initial model of Samsung Odyssey+.


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Abhishek Verma, Hetal Singh

Key Questions Answered in the Report

1) What are the major factors driving the growth of the virtual reality market?

Ans: The major growth drivers for the market are increasing use of HMDs in entertainment & gaming sector and growing investments by technology vendors for virtual reality applications.

2) What would be the CAGR of virtual reality market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~46% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the virtual reality market growth?

Ans: Cost limitations and reduced face-to-face communications in VR are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of virtual reality market in future?

Ans: Asia Pacific will provide more business opportunities to the market owing to the increasing launch of affordable VR devices by local companies in China and India.

5) Who are the major players dominating the virtual reality market?

Ans: The major players in the market are Facebook Technologies, LLC, Sony Corporation, Samsung Electronics Co. Ltd., Lenovo Group Ltd, Google LLC, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the virtual reality market?

Ans: The market is segmented by device, application, component, and by region.

8) Which segment captures the largest market size in the component segment in the virtual reality market?

Ans: The hardware segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.

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