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Virtual Reality (VR) Social Platforms Global Market Intelligence Report Offers Key Futuristic Top Trends, Research Methodology and Competitive Landscape By 2033
Virtual Reality (VR) Social Platforms Global Market
As per the report, the virtual reality (VR) social platforms market size has grown exponentially in recent years. It will grow from $0.84 billion in 2023 to $1.50 billion in 2024 at a compound annual growth rate (CAGR) of 77.5%. The virtual reality (VR) social platforms market size is expected to see exponential growth in the next few years. It will grow to $15.03 billion in 2028 at a compound annual growth rate (CAGR) of 78.0%.
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5G Networks Fueling Growth In The VR Social Platforms Market
The rising development of 5G networks is expected to propel the growth of the virtual reality (VR) social platforms market going forward. 5G networks refer to the fifth generation of cellular network technology, offering faster speeds, lower latency, and increased mobile communication and data transmission capacity. The rising development of 5G networks is due to a shift towards enhanced connectivity, enabling faster data speeds and lower latency, and facilitating the growth of emerging technologies such as IoT and autonomous vehicles. 5G networks enable VR social platforms by providing high-speed, low-latency connections, enhancing the immersive experience, and enabling real-time interactions between users in virtual environments. For instance, in November 2023, according to the report published by Telefonaktiebolaget LM Ericsson, a Sweden-based networking and telecommunications company, in the third quarter of 2023, an additional 5G subscriptions were 163 million, with a total of 1.4 billion. Further, global 5G subscriptions will surpass 5.3 billion by 2029, constituting 58% of all mobile subscriptions. Therefore, the rising development of 5G networks is driving the growth of the VR social platforms market.
Metaverse Infrastructure Development Driving Growth In VR Social Platforms
Major companies operating in the virtual reality (VR) social platforms market focus on developing metaverse infrastructure systems to address the increasing demand for immersive and interconnected virtual experiences. Metaverse infrastructure systems encompass the foundational technologies and frameworks that support interconnected virtual environments, enabling seamless interactions and experiences across diverse platforms and devices. For instance, in September 2023, Dentsu Group Inc., a Japan-based advertising agency, launched Xambr, a novel virtual experience platform aimed at enriching entertainment and interaction within the metaverse, ensuring accessibility across various devices and offering an immersive experience suitable for personal and business purposes. High-quality graphics and advanced data analytics capabilities enable Dentsu to elevate brand experiences and services in the virtual realm.
The virtual reality (VR) social platforms market covered in this report is segmented -
1) By Type: On-Premise, Cloud-Based
2) By Platform: Desktop, Mobile, Web, Console
3) By Pricing Model: Subscription, Pay-Per-Use, Freemium
4) By Application: Individual , Enterprise , Educational , Government , Other Applications
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Major companies operating in the virtual reality (VR) social platforms market are Meta Platforms Inc., Mozilla Corporation, Sony Interactive Entertainment LLC, Oculus VR LLC, Rec Room Inc., Microsoft Corporation, Immersive VR Education Ltd., High Fidelity Inc., Doghead Simulations LLC, Cluster Inc., LiveLike VR Inc., Spatial Systems Inc., Glue Collaboration AS, Bigscreen Inc., Somnium Space Limited, VRChat Inc., MeetinVR ApS, VTime Holdings Ltd., Social Spaces VR Ltd., JanusVR Inc.
Contents of the report:
1. Executive Summary
2. Virtual Reality (VR) Social Platforms Market Report Structure
3. Virtual Reality (VR) Social Platforms Market Trends And Strategies
4. Virtual Reality (VR) Social Platforms Market - Macro Economic Scenario
5. Virtual Reality (VR) Social Platforms Market Size And Growth
…..
27. Virtual Reality (VR) Social Platforms Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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