Virtual Reality Market to Reach $38 Billion by 2029: Key Trends & Forecasts
Delray Beach, FL, Aug. 13, 2025 (GLOBE NEWSWIRE) -- The report "Virtual Reality Market by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region - Global Forecast to 2029", The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38.0 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period.
The rise in demand for virtual reality device is attributed to the growing penetration of the Metaverse, Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors, Increased investments in virtual reality market and Significant adoption of HMDs across various sectors.
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Major Key Players in the Virtual Reality Industry:
- Meta (US),
- Sony (Japan),
- Samsung Electronics Co., Ltd. (South Korea),
- Microsoft (US),
- Unity Technologies (US).
Virtual Reality Market Segmentation:
By Offering: Software segment to account for the larger virtual reality industry share in the forecasted year.
The software segment accounted for the largest share of ~52% of the virtual reality market in 2029. Software enables virtual reality experiences such as informative overlays, interactive games, and navigation aids. In contrast, virtual reality software creates entirely digital environments where users can explore, interact, and manipulate objects. This software often includes 3D modeling, physics simulations, and rendering engines to provide immersive virtual reality experiences like gaming, simulations, training, and virtual tours. Virtual reality software is critical for delivering the content and interactions that define the user’s experience within these immersive environments. Increasing penetration of virtual reality software solutions and their compatibility with existing hardware devices are expected to grow the virtual reality market for software during the forecast period.
By Application: Consumer application to account for the largest virtual reality industry share in the forecasted year.
Consumer segment accounted for the largest share of ~44% of the virtual reality market in 2029. The growth in consumer segment is attributed as VR offers a level of immersion that traditional gaming can't match. By placing you right in the center of the action, VR lets you feel like you're truly part of the game world. Imagine dodging bullets or swinging a sword, all while feeling the virtual environment around you. Also, Museums are using VR to create captivating experiences that bring collections and exhibits to life. VR allows visitors to virtually travel through time and space, immersing themselves in historical periods or getting up close and personal with artworks in ways that wouldn't be possible otherwise.
Asia Pacific is expected to hold the largest share of the virtual reality industry during the forecast period.
Asia Pacific held the second largest share of ~38% in the virtual reality market in 2029. The growth of VR in the Asia Pacific region is contributed from gaming, training, and entertainment industry. The region boasts a huge and passionate gaming community, particularly in countries like China and South Korea. VR's immersive experiences perfectly cater to this audience, offering a whole new level of engagement. Also, Many Asia Pacific countries are investing heavily in education, recognizing the importance of building a skilled workforce. This investment includes adopting new technologies like VR to enhance learning experiences.
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Virtual Reality (VR) Market Key Takeaways
- By tapping into the metaverse, VR is redefining digital interaction, offering more lifelike experiences in fields like education, customer service, and healthcare. From medical simulations to virtual classrooms, VR is opening new possibilities for engagement and training.
- By leading innovation in immersive gaming and eSports, Asia Pacific holds the largest share of the VR market, driven by rising investments in technology hubs across countries like Japan, South Korea, and China. Gamers in the region are seeking deeper, more engaging experiences powered by VR.
- By overcoming latency and power challenges, the VR industry is striving for longer, more seamless sessions, especially in sectors where precision and endurance are key, such as aerospace training or immersive telemedicine. Reducing delays and improving battery life are now major priorities.
- By riding the wave of 5G, VR applications are becoming faster, sharper, and more mobile, making possible real-time immersive experiences like 360° sports broadcasting and cloud-rendered virtual tourism. 5G is helping push VR beyond home gaming into business, education, and events.
- By improving gesture tracking, VR is becoming more intuitive and human-centered, allowing users to interact with digital environments through natural movements. This shift makes VR more accessible and engaging, especially in design, simulation, and interactive storytelling.
- By focusing on user-friendly design, the VR industry is working to eliminate barriers to adoption, making it easier for people of all ages and skill levels to enjoy immersive content. Prioritizing comfort, intuitive navigation, and accessibility is vital for broader consumer uptake.
- By boosting hardware innovation, VR headsets and accessories are becoming more sophisticated and in demand, especially in gaming. As realistic visuals and physical interactions become core expectations, hardware makers like Meta, Sony, and HTC are leading the charge in shaping future experiences.
Recent Developments of Virtual Reality (VR) Market industry
- In December 2023, DPVR collaborated with SchooVR, provider of immersive educational content. The collaboration between DPVR and SchooVR aims to enhance learning solutions for teachers and students by integrating virtual reality (VR) into the classroom environment.
- In October 2023, Sony unveiled PlayStation 5 Slim version. It's a redesigned version of the original PS5 that's smaller and lighter, with a few other improvements. The PS5 Slim is about 30% smaller in volume than the original PS5. It's also lighter, making it easier to transport and fit into entertainment centers.
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