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5G Virtual Reality Market size was valued at USD 3.28 billion in 2023 and is expected to exceed USD 213.9 billion by 2036, registering over 37.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of 5G virtual reality is evaluated at USD 4.27 billion.
The growth of the market can be attributed to the growing demand for superior data connectivity and high-speed internet, and rising technological innovations in virtual reality technology. Along with these, increasing adoption of 5G network around the world coupled with exponential surge in data demands and escalating adoption of mobile edge computing are also expected to be crucial factors driving market growth in the forthcoming years. In 2020, more than 210 million people bought 5G smartphone subscriptions, which increased up to more than 1 billion by the end of the year 2022. Furthermore, growth in deployment of gigabit ethernet fiber is projected to offer ample opportunities to service providers, content developers, and ecosystem component providers, which in turn is predicted to expand 5G virtual reality market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
37.9% |
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Base Year Market Size (2023) |
USD 3.28 billion |
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Forecast Year Market Size (2036) |
USD 213.9 billion |
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Regional Scope |
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The market is segmented by end user into consumer, commercial and industrial, out of which, the consumer segment is anticipated to hold the largest share in the 5G virtual reality market on account of the increasing adoption of virtual reality technologies in training, entertainment, gaming, scientific and education sectors across the globe. Additionally, on the basis of offering, the segment for hardware is assessed to acquire the largest share during the forecast period, which can be credited to the fact that synchronizing and combining real world and user motions with a digital world require plenty of graphical rendering processes. Apart from these, high bandwidth and ultra-low latency are crucial for the usage of 5G in VR technologies, which is considered to drive the growth of this market segment in the future.
Our in-depth analysis of the global market includes the following segments:
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By Offering |
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By End User |
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On the basis of geographical analysis, the 5G virtual reality market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is anticipated to account for largest revenue share by 2036, on the back of increasing penetration of internet and portable smart devices such as smartphones, tablets and laptops, and growing technological advancements in the ICT sector. For instance, China had the highest number of internet users in the Asia Pacific region, as of January 2021. The number was calculated to be approximately 940 million users. In addition, rising adoption of 5G technologies, along with the rapid urbanization and industrialization in developing nations such as China and India, is also expected to drive this region’s market growth in the near future. Moreover, the market in North America is predicted to grab the largest share owing to the early adoption of technologies, rising number of partnerships among companies and strong presence of prominent 5G virtual reality market players in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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