Virtual reality, as opposed to augmented reality, has been a reasonably ubiquitous technology for quite some time now, with applications such as Google Earth, for example. Nonetheless, VR technology will continue to grow, and the quality of headsets, particularly standalone units, will greatly improve in the future. While there were only fairly simple games in the early stages of adoption, the market is rapidly shifting toward more sophisticated games that require more participation from customers.
With constantly developing technology and an increasing number of 5G internet connections, the industry is expected to rise rapidly in the upcoming years.
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The global virtual reality market is expected to grow at a compound annual growth rate of 15.0% from 2022 to 2030 to reach USD 87.00 billion by 2030.
Source: Grand view research
Asia Pacific dominated the VR market with a share of 40.41% in 2021. This is attributable to the technological advancements in Southeast Asian countries and favorable initiatives by the governments, such as funds and investments to benefit VR companies in the region.
Source: Grand view research
The industry is growing at a fast pace, with the global VR market size projected to increase from less than 12 billion U.S. dollars in 2022 to more than 22 billion U.S. dollars by 2025.
Source: Statista
Revenue in the VR Software segment is projected to reach US$3.34bn in 2023.
Source: Grand view research