Virtual Reality Market Share

North America Market Forecast

The North America virtual reality (VR) market is estimated to capture 34.1% of the global revenue share by 2037. The widespread expansion of 5G networks is estimated to increase the adoption of virtual reality technologies. The presence of leading companies is backing the sales of virtual reality systems in the region. The digital transformation movement is also poised to increase the use of virtual reality technologies in sectors such as defense, telemedicine, and manufacturing. Canada and the U.S. are the most profitable markets for virtual reality companies.

The increasing investments in robust connectivity networks are expanding the production of virtual reality solutions in the U.S. SMEs are gaining traction in digital transformation and are foreseen to fuel the adoption of virtual reality tools in the coming years. The National Telecommunications and Information Administration (NTIA) revealed that around USD 42.5 billion is allocated for the broadband expansion in the country. This is expected to positively influence the sales of virtual reality technologies.

The ongoing advancements in the telecom infrastructure are expected to increase the trade of virtual reality solutions in Canada. The innovations in the ICT sector are also backing the overall VR market growth. The Innovation, Science and Economic Development (ISED) states that in 2023, the government invested SD 4.1 billion in ICT development. Such public funding initiatives are estimated to propel the sales of virtual reality technologies in the coming years. 

APAC Market Statistics

The Asia Pacific virtual reality market is foreseen to increase at a CAGR of 15.3% from 2025 to 2037. The government's increasing spending on digital infrastructure is estimated to open profitable doors for virtual reality technology producers. The booming use of virtual reality in healthcare and industrial sectors is poised to double the revenues of key market players in the coming years. China, India, Japan, and South Korea are estimated to lead the sales of virtual reality technologies in the years ahead.

The booming industrial activities in China are propelling the sales of virtual reality technologies. The rise in public spending is also anticipated to increase the production and commercialization of virtual reality solutions in the country. The Ministry of Industry and Information Technology (MIIT) consistently supports virtual reality R&D through funding. The China Academy of Information and Communications Technology (CAICT) estimates that in 2023, more than 4.4 million companies employed VR technologies. The manufacturing, healthcare, and education sectors are significantly fueling the sales of virtual reality systems.

India is expected to emerge as the most lucrative virtual reality (VR) market technology producers owing to high public expenditure on digital transformation. The rising gaming trend and expansion of digital education systems are foreseen to fuel the adoption of virtual reality solutions. According to the Ministry of Electronics and Information Technology (MeitY), the VR-focused R&D funding rose by 35.5% between 2015 and 2023. Favorable government schemes and policies are likely to double the revenues of virtual reality technology manufacturers during the foreseeable period.