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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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Browse in-depth TOC on “Immersive VR Market”
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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% |
Market Size Available for |
2020–2029 |
Forecast Period |
2024–2029 |
Forecast Units |
Value (USD Million/Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
By offering, device type, application, and region |
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge |
High energy consumption and latency issues |
Key Market Opportunities |
Continuous developments in 5G technology |
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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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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