Summary
- • The global virtual reality industry is projected to reach a market size of $33.90 billion by 2022.
- • The virtual reality hardware market is estimated to reach $19.6 billion by 2022.
- • By 2022, the number of active virtual reality users is expected to reach 171 million worldwide.
- • In 2020, the global virtual reality software market was valued at $4.5 billion.
- • The global augmented and virtual reality market size is expected to reach $571.42 billion by 2025.
- • VR gaming accounted for 40% of the virtual reality industry in 2020.
- • In 2019, 51% of consumers indicated they were aware of virtual reality technology.
- • The Asia Pacific region is expected to dominate the virtual reality market by 2025.
- • The healthcare sector is projected to witness a CAGR of over 40% in the virtual reality market from 2020 to 2026.
- • China accounted for nearly a third of global virtual reality headset shipments in the first quarter of 2021.
- • The virtual reality education market is expected to exceed $700 million by 2025.
- • The virtual reality market for retail and marketing is expected to grow at a CAGR of 71.00% from 2019 to 2024.
- • In 2020, the consumer virtual reality (VR) software market was valued at $473 million.
- • The global enterprise VR market size is expected to reach $5.5 billion by 2027.
- • By 2025, the virtual reality content creation market is forecasted to exceed $50 billion.
Strap on your headsets and get ready to dive into a virtual world where the numbers are as mind-boggling as the experiences themselves – the virtual reality industry is gearing up for a seismic shift, with projections soaring higher than the tallest VR skyscrapers. By 2022, were looking at a market size of $33.90 billion, with the hardware market alone shooting for $19.6 billion. With 171 million active users expected worldwide, its clear that the virtual realm is no longer a fringe fantasy but a mainstream marvel. From healthcares staggering 40% growth to China dominating headset shipments, and with sports, education, enterprise, and even payments all jumping on board the VR train, one thing is certain – the only way from here is up, up, and away! Hold onto your controllers, folks – its about to get virtual out there!
Consumer Insights:
- In 2019, 51% of consumers indicated they were aware of virtual reality technology.
Interpretation
In 2019, over half of consumers were cognizant of virtual reality technology, proving that VR has successfully broken through the digital realm and into the minds of the masses. As these numbers continue to climb, it is evident that this once futuristic concept is now becoming a tangible reality for many, opening up a world of possibilities and immersive experiences. The only question now is: are you ready to take the VR plunge and leave the physical world behind for a virtual adventure?
Global Market Size Forecasts
- By 2022, the number of active virtual reality users is expected to reach 171 million worldwide.
- The healthcare sector is projected to witness a CAGR of over 40% in the virtual reality market from 2020 to 2026.
- The virtual reality market for retail and marketing is expected to grow at a CAGR of 71.00% from 2019 to 2024.
- The global enterprise VR market size is expected to reach $5.5 billion by 2027.
- By 2025, the virtual reality content creation market is forecasted to exceed $50 billion.
- The sports virtual reality market size is forecasted to reach $16.3 billion by 2025.
- The global virtual reality market size is forecasted to reach $108.7 billion by 2027.
- By 2027, the virtual reality market revenue from software is forecasted to surpass $57 billion.
- The virtual reality market size for live events is projected to reach $94.4 billion by 2027.
- The global virtual reality market for industrial applications is expected to exceed $13 billion by 2027.
- The virtual reality software market is estimated to witness a CAGR of 35.4% from 2020 to 2027.
- In 2019, the global market size of virtual reality and augmented reality was $16.8 billion.
- The virtual reality market for advertising and marketing is projected to cross $8 billion by 2027.
Interpretation
As virtual reality continues to immerse itself deeper into various sectors, it's evident that the world is collectively donning its VR headset with increasing enthusiasm. From healthcare's staggering 40% CAGR to retail and marketing's sprinting 71% growth rate, the numbers paint a picture of a market that is not just expanding but evolving at breakneck speed. With the global enterprise VR market projected to hit $5.5 billion by 2027 and virtual reality content creation soaring past $50 billion by 2025, it seems the only thing more virtual than the reality these stats represent is the excitement buzzing around this futuristic technology. So, buckle up and get ready to witness the world redefine what it means to live in a virtual realm where the sky's the limit – both literally and figuratively.
Global Market Size Forecasts:
- The global virtual reality industry is projected to reach a market size of $33.90 billion by 2022.
- The virtual reality hardware market is estimated to reach $19.6 billion by 2022.
- In 2020, the global virtual reality software market was valued at $4.5 billion.
- The global augmented and virtual reality market size is expected to reach $571.42 billion by 2025.
- The Asia Pacific region is expected to dominate the virtual reality market by 2025.
- The virtual reality education market is expected to exceed $700 million by 2025.
- In 2020, the consumer virtual reality (VR) software market was valued at $473 million.
- In 2020, the virtual reality market saw investments worth $5.4 billion.
- The virtual reality market in North America is projected to account for more than 40% of the global market share by 2025.
- The global virtual reality payments market is anticipated to grow at a CAGR of 26.2% from 2021 to 2028.
- The global virtual reality in gaming market size is anticipated to exceed $45 billion by 2027.
- The virtual reality in healthcare market is projected to reach $7.05 billion by 2027.
- By 2027, the virtual reality market for the automotive industry is expected to be worth $5.1 billion.
- The global virtual reality market revenue from hardware is estimated to exceed $10 billion by 2027.
- The virtual reality market in Europe is anticipated to register a CAGR of 35.4% from 2020 to 2027.
- The consumer virtual reality market size is forecasted to reach $472.0 million by 2027.
- The virtual reality market in Latin America is projected to grow at a CAGR of 40.6% from 2020 to 2027.
- The global virtual reality market for military and defense applications is anticipated to reach $4.0 billion by 2027.
- The virtual reality market size for entertainment is forecasted to exceed $41 billion by 2027.
- The virtual reality market in the Middle East and Africa is predicted to grow at a CAGR of 37.9% from 2020 to 2027.
Interpretation
Virtual reality isn't just a trend, it's a booming industry set to redefine the way we experience the world. With a projected market size large enough to make even Elon Musk's SpaceX dreams jealous, VR is carving out its own space-age empire. From dominating the gaming realm to infiltrating education and revolutionizing healthcare, virtual reality is more than just a fancy headset – it's a portal to infinite possibilities. So buckle up, fellow earthlings, because the virtual reality rollercoaster is about to take us on a mind-bending journey through pixels and beyond.
Industry Segments:
- China accounted for nearly a third of global virtual reality headset shipments in the first quarter of 2021.
- Over 35% of businesses are anticipated to leverage virtual reality technology for training and development by 2023.
Interpretation
China's dominance in the virtual reality headset market proves that they are not just the world's factory, but also the playground for cutting-edge technology. Meanwhile, businesses are catching on to the fact that strapping on a VR headset might be more effective than a trust fall exercise when it comes to training their employees. So, get ready to see your colleagues navigate virtual worlds and battle virtual dragons as they sharpen their skills, all in the name of professional development. With over one-third of businesses expected to jump on the VR training bandwagon by 2023, it seems like the future of learning is looking less like a boring seminar and more like an epic video game quest.
Industry Segments: Revenue forecasts for key regions like Asia Pacific, North America, and Europe
- In 2020, the Asia Pacific region held the largest share of the virtual reality (VR) market.
Interpretation
In a plot twist that even the most seasoned gamers didn't see coming, the Asia Pacific region emerged as the boss level conqueror of the virtual reality realm in 2020, holding the largest share of the market. With a combination of strategic gameplay and cutting-edge technology, Asia Pacific players dominated the leaderboard, showcasing their prowess in the immersive world of VR. As competitors around the globe take note, it's clear that when it comes to the virtual arena, this region isn't just a player - it's the game-changer.
Industry Segments: Specific market sizes for applications in training, advertising, military, and live events
- The virtual reality market for training and simulation applications is expected to grow at a CAGR of 41% from 2020 to 2026.
Interpretation
The rapid growth of the virtual reality market in training and simulation applications, projected to soar at a CAGR of 41% from 2020 to 2026, is a testament to the transformative power of immersive technology in revolutionizing learning experiences. As traditional training methods fade into the background, VR emerges as the vanguard of innovation, offering a dynamic and engaging platform for honing skills and expanding knowledge. This exponential rise signals a tectonic shift towards a future where stepping into a virtual world is not just for play, but a vital tool for mastering real-world challenges with unparalleled efficiency. Strap in, learners – the VR revolution is here to take education to new dimensions.
Industry Segments: VR market share in gaming
- VR gaming accounted for 40% of the virtual reality industry in 2020.
Interpretation
In a virtual showdown of epic proportions, VR gaming emerged as the reigning champ, dominating 40% of the virtual reality industry in 2020. Like a skilled player navigating a digital realm, VR gaming expertly maneuvered through the competition, showcasing its power to captivate audiences and drive innovation. With its immersive experiences and endless possibilities, VR gaming proved that when it comes to the virtual world, it reigns supreme.
Industry Segments: VR market share in tourism
- The virtual reality market for tourism and hospitality is expected to grow at a CAGR of 39.3% from 2020 to 2026.
Interpretation
As the virtual reality market for tourism and hospitality takes off at a rate that would impress even the most seasoned jet-setter, one thing is clear - stepping into the world of VR is no longer just a flight of fancy, but a full-throttle reality. With a projected CAGR of 39.3% from 2020 to 2026, it seems the industry is set to blur the lines between the comfort of our living room and the thrill of exotic destinations. So, grab your virtual passport and buckle up as we embark on a journey where the only limit is your imagination (and perhaps your internet connection).
