New York, USA, Nov. 15, 2024 (GLOBE NEWSWIRE) — Market Overview:
Global immersive VR market size was valued at USD 15.59 billion in 2023 and is estimated to reach USD 128.92 billion by 2032, registering a CAGR of 26.5% from 2024 to 2032.
What is Immersive VR?
Immersive virtual reality seeks to create a full 360-degree experience by placing the user in a digital, three-dimensional environment. Using devices such as a virtual reality headset and tracked controllers, you can interact with and explore the virtual world in a realistic way.
Immersive VR uses advanced motion tracking technology and high-quality 3D graphics, allowing users to naturally explore and manipulate objects as if they were physically present in the digital environment, resulting in immersive and lifelike interactions that are useful in fields such as the entertainment industry, education, training simulations, and psychotherapy.
Key Takeaways from Report:
- The immersive VR market is expected to showcase a CAGR of 26.5%.
- The market for immersive VR is being driven by the world’s expanding Gen-Z population. This population prefers interactive and captivating forms of entertainment.
- Based on the components, the hardware category accounted for the major market share in 2023.
- According to the regional analysis, North America held the largest immersive VR market share in 2023.
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Market Dynamics:
Growth Drivers:
Rising Urbanization: Advanced technology and high-speed internet are generally easier to access in urban areas. Urban areas are also centers of creativity and culture. Residents can interact creatively with local art and history due to virtual reality’s improved access to cultural experiences such as virtual museum tours and art installations. Thus, the immersive VR market growth is driven by the world’s growing urbanization.
Increased Gaming Centers: Events and competitions are regularly held at gaming centers, attracting large crowds and generating buzz about virtual reality gaming. This community involvement cultivates a devoted clientele and advances the VR genre. Therefore, the growth of the global market is driven by the growing number of gaming centers across the globe.
Trends and Opportunities:
Technological Advancements: The immersive VR market demand is expected to grow as a result of growing technological advancements. The experience is made more comfortable and engaging by advancements in VR hardware, such as wider fields of view, lighter headsets with better resolution, and enhanced tracking systems, which draw in more customers.
Innovations: More engaging experiences are produced by software advancements such as improved graphics, realistic physics, and more advanced AI. These features appeal to gamers as well as sectors that use VR for a variety of purposes, like training, healthcare, and education.
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Competitive Analysis:
The immersive VR market will continue to grow as a result of major players in the industry making significant investments in R&D to broaden their product offerings. The market is fragmented, with the presence of various global and regional market players. Major players operating in the industry are:
- HTC Corporation
- EON Reality
- Autodesk, Inc.
- Google LLC
- Sony Corporation
- Samsung Electronics Co., Ltd
- Unity Technologies
- Meta
- Microsoft
- Carl Zeiss AG
- Archos
- Barco
- iQIYI
- Apple Inc.
- DPVR
- Penumbra, Inc.
Regional Insights:
Due to the US’s strong technological infrastructure and consumer demand, North America accounted for the largest share of the global market. With many businesses actively creating advanced hardware and software solutions for enterprise and entertainment applications, the US leads the world in innovation. Moreover, North America’s dominant position is further enhanced by investments in research and development, which are essential as companies look to incorporate immersive solutions into their operations.
Rapid urbanization and rising disposable incomes in countries such as China and India are expected to propel the Asia Pacific immersive VR market to a notable CAGR throughout the forecast period. As the gaming industry in the region experiences exponential growth, virtual reality is still being embraced by both console and mobile gaming, drawing in younger audiences who are looking for immersive content.
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Immersive VR Market Segmentation:
By Component Outlook:
- Hardware
- Software
- Services
By Technology Outlook:
- Semi & Fully Immersive
- Non-Immersive
By Device Outlook:
- Head Mounted Display
- Gesture Tracking Device
- Projectors & Display Wall
By End Use Outlook:
- Aerospace & Defense
- Manufacturing
- Automotive
- Education
- Media & Entertainment
- Gaming
- Healthcare
- Retail & E-commerce
- Others
By Regional Outlook:
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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