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Virtual Reality (VR) Social Platforms Market Demand, Insights, Share Analysis, Overview 2033
Virtual Reality (VR) Social Platforms Market Insights
According to The Business Research Company's, 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 growth in the historic period can be attributed to gaming industry influence, user engagement, investment and funding, content creation tools, and community building.
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%. The growth in the forecast period can be attributed to 5g and edge computing, metaverse development, augmented reality integration, AI and personalization, and healthcare and wellness applications. Major trends in the forecast period include social presence and interaction, cross-platform compatibility, virtual events and gatherings, monetization strategies, and regulatory and ethical considerations.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Virtual Reality (VR) Social Platforms Market 2024 Key Insights:
• 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%.
• 5G Networks Fueling Growth In The VR Social Platforms Market
• Metaverse Infrastructure Development Driving Growth In VR Social Platforms
• North America was the largest region in the virtual reality (VR) social platforms market in 2023
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