Key Market Insights
"Technological development coupled with growing applications driving the market growth"
Technological advancement in virtual reality is driving the global immersive virtual reality market. Immersive virtual reality is the technology that gives the user a perception of physically present in a non-physical world. This is created by images, sound, and other stimuli providing an engrossing environment to the user. Globally renowned companies such as Sony, Google, and Facebook have entered into the VR market and are launching new products, impacting the global immersion VR market.
Immersive VR coupled with artificial intelligence (AI) is boosting the user-experience. Immersive VR aided with AI is increasingly used for educating pilots and surgeons. Also, the CAD-quality model of real-world structure can be formed to give users beforehand experience of a home of its choice. Gaming and entertainment is the major driver of immersive VR demand owing to its more believable and relatable environment offered by this technology. Also, major companies of the market are launching new products in a field such as healthcare, education, and entertainment. Moreover, the emergence of consumer VR and reducing the prices of devices has further increased the demand for immersive VR products in the market.
However, the slow penetration of 5G technology in the developing countries of the world expected to restrain the market during the forecast period. Overall, the global immersive virtual reality market was growing at a CAGR of 18% from 2024 to 2032.
End-use Segment Analysis
"Gaming & Entertainment segment accounted for the largest share"
The gaming & entertainment segment captured the largest share of the market in 2023. An increasing number of companies entering into gaming market is providing new and advanced products is driving the gaming segment. Players such as Sony, Google, and Duravis Dive launched VR headsets providing 360-degree gaming experience. Oculus Go, HTC Vive, Nintendo Labo are some of the devices available in the market.
Apart from gaming, immersive VR technology is swiftly penetrating in the education, medical, and aerospace & defense industry, providing good opportunities for market growth.
Regional Analysis
"North America market dominating the world market"
North America captured the largest share of the global immersive VR market in 2023. There is a high demand for VR devices used for gaming purposes. Technologically advanced countries like the U.S. and Canada are using this technology in educational institutes that are helping the students to practice soft skills such as team-work, collaboration, problem-solving, and also lessening attention distraction. Moreover, immersive VR is used for providing training to surgical residents. Further, due to the presence of major players in the region, the North American market is poised to be the largest market during the forecast period.
"Technological advancement is keeping the market competitive"
The global immersive virtual reality market is slightly consolidated. Some of the major players of the market are Sony, Durovis Dive and HMD-TECH are investing in upgrading their current product quality. Players are also launching new products that can give VR experience to their customers. Following is the list of players included in the published reports.
List of Companies Covered:
Google LLC, Samsung, Durovis Dive (Shoogee GmbH & Co. KG), Sony Interactive Entertainment LLC, HTC Corporation, HMD-TECH, LG Electronics Inc., Microsoft Corporation, EON Reality, Cyberith and Other Notable Players
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Immersive Virtual Reality market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Technology
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Device Type
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End-Use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
