Virtual Reality Market Size

Virtual Reality Market size was over USD 24.51 billion in 2023 and is projected to exceed USD 570.88 billion by 2036, growing at over 27.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of virtual reality is assessed at USD 29.88 billion.

The growth of the market can be attributed to the growing usage of head mounted devices in gaming & entertainment industry, increasing availability of affordable VR devices and rising investments by technology vendors for making virtual reality applications. Furthermore, surge in demand for virtual training across a plethora of industries, such as education, automotive, healthcare and aerospace, is also expected to drive market growth in the upcoming years. In addition to these, the rise in penetration of smart phones and widespread installation of 5G connectivity are projected to offer potential growth opportunities to the market in the near future. The total number of smartphone users in the world grew up to 3.5 billion by the end of 2020. China has the largest smartphone user base in the world, accounting to more than 910 million users.