Virtual Reality Market Report 2023 (Global Edition)

Global Virtual Reality Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Virtual Reality Industry growth. Virtual Reality market has been segmented with the help of its Type, Application Offering, and others. Virtual Reality market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.

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Fully immersive VR delivers highest level of virtual reality, allowing complete immersing of user in the stimulated 3D world. It incorporates sound, sight and even touch. Users wear special equipment such as helmets, goggles or gloves and are able to fully interact with the environment. Thus, demand for experiencing fully immersive VR is increasing and will show lucrative opportunities in near future.

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VR has already had an impact on gaming and entertainment industry; however, VR has several uses for healthcare practitioners, researchers and patients. Professionals can better prepare themselves for being in the operation theatre. Companies like Osso VR enable surgeons to interact with medical devices in VR and practice surgery on virtual bodies, helping to increase familiarity with new devices and proficiency in implanting them.
Moreover, in the treatment of mental health issues, VR is actually showing great impact. There are many other ways spending time in VR can have therapeutic benefits. Hence, application of VR in healthcare sector will grow at the highest growth rate during the forecast period.

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Virtual Reality market report 2023 Edition by contacting our team.

Virtual Reality Offering Segment Analysis

In terms of offering, hardware segment accounted for the largest revenue share owing to high usage of tablets and smartphones. High adaption of VR headsets in various applications, including medical, retail, architect, and many others is driving the hardware offerings.

• Hardware
• Software

North America and Asia Pacific are accounted for significant market share owing to extended use of VR technology in countries like, U.S., Japan, China, and Australia. Introduction of 5G services and high advancement in technology, adaptability of such technology in these countries is high. Moreover, technologically friendly firms, such as Apple, Inc.; Microsoft; Magic Leap; and Google LLC have significant presence in U.S., which gradually supports market for VR. Europe is estimated to show highest CAGR during the forecast period. This can be attributed with the high presence of gaming industry. Moreover, healthcare and architecture industry are booming in Europe, which will stimulate extensive use of VR headsets and technology.

Region-wise, the market is analyzed across: (In case you wish to acquire a specific region or any country data then please contact us)

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

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Key Developments:

• January 2023:

Meta has developed new features for the Quest 1:
Meta is planning to stop supporting the original Quest VR headset with new software updates.

• October 2022:

Microsoft and Meta partner to deliver immersive experiences for the future of work and play:
Microsoft and Meta are exploring ways to bring Xbox Cloud Gaming to Meta Quest Store, allowing gamers to stream hundreds of high-quality Xbox games to phones, tablets, PCs, select smart TVs, and the Meta Quest platform.

• December 2022

Samsung is ready to launch mixed reality headset in 2023:
Samsung is expected to re-enter the XR market in 2023 to prepare for Apple’s headset launch. The company does not want to fall behind the competition in case the market grows faster due to Apple’s involvement. Samsung has completed several prototypes and is currently testing samples.

Top Companies Market Share in Virtual Reality Industry: (In no particular order of Rank)

• Facebook/Oculus VR
• Google
• Microsoft HoloLens
• Magic Leap
• HTC Vive
• Samsung Gear VR
• WorldViz
• Bricks Goggles
• Marxent Labs
• Snap
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