As per the report by Fortune Business Insights, the global virtual reality market size is projected to reach USD 227.34 billion by 2029, at a CAGR of 45.2% during the forecast period, 2022-2029
Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period. Increasing Application of Virtual Technology Across Numerous Sectors to Boost Growth. This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Forecast, 2023-2029.”
Key Industry Development:
Nvidia Corporation declared merger with more cloud service suppliers for high-quality VR streaming. With cloud-based streaming, the users can have admission to virtual, augmented, and extended reality from any position.
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Report Scope & Segmentation
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Report Coverage |
Details |
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Forecast Period |
2022 to 2029 |
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Forecast Period 2022 to 2029 CAGR |
45.2% |
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2029 Value Projection |
USD 227.34 billion |
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Base Year |
2021 |
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Virtual Reality Market Size in 2021 |
USD 11.64 billion |
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Historical Data for |
2018 to 2020 |
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No. of Pages |
140 |
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Segments covered |
Component, Device Type, Industry and Geography |
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Virtual Reality Market Growth Drivers |
Rising Live Virtual Entertainment to Bolster Growth |
Key Takeaways
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Growing demand for live virtual entertainment to drive the market growth.
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Capacity to Offer Immersive Environment to Fuel Head Mounted Display Demand
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Virtual Reality Market Size in North America was USD 3.58 Billion in 2021
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Asia Pacific shows rapid growth during the forecast period due to the increasing demand for immersive technologies in emerging economies.
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https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378
Drivers and Restraints:
Rising Live Virtual Entertainment to Bolster Virtual Reality Market Growth
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The notion of live virtual entertainment is budding globally. At present, people are choosing home entertainment by embracing the technology to access the live events or shows.
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The technology provides an immersive and real-world environment to the users, its demand for live music concerts, live events or sports is surging substantially.
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The concept of live virtual entertainment is budding across the world.
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However, the technology calls for …….