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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.

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.

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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