Virtual Reality Statistics 2023: Key Insights and Trends
Virtual reality (VR) refers to a computer-generated simulation or artificial environment that can be experienced by an individual, typically through the use of a headset or other immersive devices.
Virtual Reality Market Statistics
$87 Billion Global VR Market
The global virtual reality (VR) market size is projected to reach $87 billion by 2030.
Source: Grand View Research
13.8% CAGR Growth
The VR market is projected to grow at a CAGR of 13.8% from 2023 to 2030.
Source: Grand View Research
$7.05 Billion VR Healthcare Market
The medical and healthcare sector is also adopting VR technology rapidly, with the global VR healthcare market expected to reach $7.05 billion by 2026.
Source: MarketsandMarkets
28.7 million hardware units
By 2023, the global augmented reality (AR) and VR headset market is expected to ship 28.7 million units.
Source: IDC
VR Hardware growth at 30.2% CAGR
The VR hardware market is anticipated to grow at a CAGR of 30.2% from 2021 to 2028
Source: Allied Market Research
$13.45 Billion VR Training Market
The enterprise sector is increasingly adopting VR for employee training and simulation, with the VR training market projected to reach $13.45 billion by 2027.
Source: GlobeNewswire
$673.2 Million Automotive VR Market
The automotive industry is using VR for virtual design and prototyping, with the global automotive VR market expected to reach $673.2 million by 2025.
China is going the lead the VR Tech race
China is projected to spend 5.8 Billion U.S. dollars on virtual reality technologies, with the US following in 2nd place with spending forecasted to reach 5.1 billion U.S. dollars. Total VR spending worldwide is projected to amount to 18.8 billion U.S. dollars.
Virtual Reality User Statistics
216 Million Users
The number of VR users worldwide is expected to reach 216 million by 2025.
Source: Statista
65.9 Million VR Users in US
In the US, there are an estimated 65.9 million Virtual Reality users which constitutes 15% of the population, and 110 million Augmented Reality users.
47% Americans are familiar with VR
Virtual Reality is reportedly familiar to 47% of Americans.
AR & VR potential boost to GDP by 2030
Source: PwC
Five Developments in Virtual Reality
Improvements in hardware and electronics performance
Reduced equipment costs (hardware and software)
Parallel advancements in augmented and mixed reality devices
Development of “inside-out” tracking systems
Digitization of development
Virtual Reality (VR) Gaming & Education
$45.2 Billion VR Gaming Revenue
The gaming industry accounts for the largest share of VR content, with gaming VR revenues projected to reach $45.2 billion by 2027.
Source: Grand View Research
$700 Million in VR Education
By 2025, the education sector is projected to spend $700 million on VR and AR technologies.
Source: Goldman Sachs
Virtual Reality (VR) Is Growing Rapidly
Data Source: PwC
$1.5 Trillion
By 2030, AR & VR could contribute $1.5 trillion to the global economy.
15% CAGR for GTD
According to the increased trend of gesture tracking for improved immersion, the gesture tracking device (GTD) is anticipated to grow at the highest CAGR of around 15% throughout the projection period i.e. 2023 - 2030.
Source: Grand View Research
What have users used a virtual headset for? (US respondents)
Out of all the users who have used virtual headsets, most say, about 55%, they've used it for Gaming, while 42% say they've used the VR headset to 'Watch a film'. Another 27% say they've used it to virtually visualize and/or visit a property they're interested in. As the chart below showcases, a significant number (27%) of US respondents have also used VR headsets to visit virtual car shows or test drive a car.
Source: ClickZ / Toluna
Reasons for not using VR Technology? (US respondents)
In a survey of US respondents who haven't used VR, 34% cited the reason was that they haven't come across the technology, while 22% said the technology was too expensive, and 23% said they were not interested in using the technology right now.
Source: ClickZ / Toluna
Poor User Experience
According to 26% of businesses, a poor user experience is the greatest obstacle to the adoption of VR.
Recent Development in VR Industry Growth
Social VR Platforms
Social VR platforms have continued to evolve, providing virtual spaces for people to connect, interact, and collaborate in virtual environments, as well as virtual events and conferences being organized in VR to facilitate remote networking and social interactions.
VR for Remote Work
In 2020, the COVID-19 pandemic accelerated the adoption of VR for remote work, virtual meetings, and virtual events.
Application of VR in Military
VR is also being used in military and defense applications for training, simulation, and situational awareness.
VR Hardware Improvements
There have been ongoing advancements in VR hardware, including improved VR headsets with higher resolution displays, wider field of view, and better tracking technologies, as well as advancements in haptic feedback and controllers for more realistic and immersive interactions.
Surge in sales of VR headsets
In 2020, the consumer VR market saw a surge in sales of VR headsets, with the Oculus Quest 2 becoming the best-selling VR headset of the year.
Growing 5G Network
The development of 5G networks is expected to further enhance the capabilities and adoption of VR, enabling high-quality and low-latency VR experiences on mobile devices.
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