Immersive Virtual Reality Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Technology, By Device (Head Mounted Display, Gesture Tracking Device), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Immersive Virtual Reality Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Technology, By Device (Head Mounted Display, Gesture Tracking Device), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Immersive Virtual Reality Market Growth & Trends

The global immersive virtual reality market size is anticipated to reach USD 77.2 billion by 2030, registering to grow at a CAGR of 26.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The industry is expected to witness profound growth over the next five years, as more consumer devices hit the market. Immersive VR headsets came into prominence during 2013 with the arrival of the Oculus Rift Developer Kit. The device is widely credited with giving the consumer VR space a kick start and creating anticipation & hype among consumers. Over the past two years, the industry has witnessed the arrival of several consumer version VR headsets such as the VRTX One, Durovis Dive, Homido, and the low-cost Google Cardboard, thereby popularizing the technology.

Presently, immersive VR headsets are only partly commercialized and several consumer versions are anticipated to be launched in 2015–2016, including the Oculus Rift, HTC Vive, Sony PlayStation VR, and FOVE. GTDs and other motion tracking peripherals have also gained significant acceptance as an accessory to the HMD. Virtual reality PDWs have evolved in technology and resolution. The development and provision of CAVE systems and VR rooms for consumers are expected to boost demand for PDWs.

Technological development triggers a plethora of VR solutions with varied capabilities that allow users to experience the utmost immersion. Making the VR experience more real serves as a key driver towards market penetration and adoption. Most of the available solutions are limited to head tracking leaving tremendous opportunities for the development of new technologies that increase the user’s sense of immersion and presence.

VR devices may pose an inconvenience to certain users owing to their ergonomics and weight. Bulky devices offer render users with a sense of fatigue and discomfort after prolonged use. Simulation sickness is one of the greatest hurdles to be overcome while designing VR experiences. Key stakeholders have been focusing on the issue aggressively and tackling it with extreme precision, keeping sensitivity, and user comfort at priority.

Immersive Virtual Reality Market Report Highlights

• The hardware segment dominated the market and accounted for a market share of 48.4% in 2023 due to the technological improvements in VR hardware with improved performance, graphics, and display of Virtual Reality (VR) devices.
• The semi and fully immersive segment dominated the market and accounted for a share of 83.2% in 2023. This is due to the increased accessibility and technological advancements in the segment.
• The head-mounted display segment dominated the market with a share of 62.1% in 2023. This is due to the high demand for head-mounted displays in applications such as PC games, consoles, and smartphones, which fuels the HMD market.
• The gaming segment dominated the market with a share of 32.1% in 2023, attributed to the increase in investment by companies in new VR products. The market continually evolves, and the gaming community constantly seeks more realistic and engaging experiences.
• North America dominated the immersive virtual reality market with a share of 42.4% in the year 2023. It is attributable to the presence of key market players in the software and hardware industry in the region.

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