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Virtual Reality Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
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The Semi & Fully Immersive segment accounted for the larger share of ~91% of the virtual reality market in 2023 and is also expected to exhibit a higher CAGR of 19.6% during the forecast. Fully immersive VR systems can track a user's movements and actions with greater precision. This allows for more natural and intuitive interaction with virtual objects and environments, making VR experiences more interactive and dynamic. The increasing demand for semi- and fully immersive virtual reality devices results from enhancements in computing and electronic networking systems. Also, innovations-such as fully immersive virtual reality technology-enabled head-mounted displays that provide a 360° field of view and high resolution to a user-are expected to drive the growth of this market.
The software segment accounted for the larger share of ~61% of the virtual reality market in 2023 and a similar trend is expected during the forecast. The growth is attributed to VR software finding applications beyond just gaming and entertainment. Industries like healthcare, education, retail, and automotive are increasingly utilizing VR for training, simulations, and product design. This diversification creates a wider market for VR software solutions. Increasing penetration of virtual reality software solutions and their compatibility with existing hardware devices are expected to grow the virtual reality market for software during the forecast period.
The Head-mounted Display (HMD's) segment accounted for the largest share of ~81% of the virtual market in 2023 and a similar trend is expected in the future. The growth in the market is contributed to the cost of HMDs is steadily declining, making them more accessible to a wider consumer base. This opens doors for VR to transition from a niche market to a mainstream entertainment option. Also, as the display technology is continuously improving, offering higher resolutions and smoother refresh rates. This translates to a more immersive and realistic VR experience, blurring the lines between the virtual and real world.
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North America held the largest share of ~36% of the virtual reality market in 2023. The growth is attributed by the exponential growth in various sectors, such as gaming, healthcare, education, and remote work. Also, presence to key manufacturing companies such as Meta (US), Microsoft (US), Unity Technologies (US), Penumbra, Inc. (US), and PICO Immersive Pte.ltd (US) in the region.
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