Press release
5G Networks Fueling Growth In The VR Social Platforms Market: Major Factor in the Transformation of the Virtual Reality (VR) Social Platforms Market in 2025
Virtual Reality (VR) Social Platforms Market
In recent times, the market size of Virtual Reality (VR) social platforms has witnessed a significant surge. It is projected to expand from $1.5 billion in 2024 to $2.67 billion in 2025, yielding a compound annual growth rate (CAGR) of 78.2%. The influencing factors behind this substantial growth during the historic period include the impact of the gaming industry, user engagement levels, financial investments and funding arrangements, the development of content creation tools, and the fostering of community building.
The size of the virtual reality (VR) social platforms market is anticipated to undergo notable expansion in the forthcoming years, escalating to a value of $26.74 billion by 2029, with a compound annual growth rate (CAGR) of 77.9%. This boom in the predicted timeframe can be credited to the evolution of 5g and edge computing, the progression of the metaverse, the incorporation of augmented reality, the use of AI and personalization, as well as the application of healthcare and wellness. Prevalent trends throughout the prediction span comprise of social engagement and interaction, compatibility across various platforms, virtual meet-ups and occasions, methods of monetization, along with regulatory and ethical deliberations.
What Key Elements Are Boosting Growth in the Virtual Reality (VR) Social Platforms Market?
The growth of the virtual reality (VR) social platforms market is anticipated to be accelerated by the evolving development of 5G networks. These networks, which represent the fifth iteration of cellular technology, bring quicker speeds, reduced latency, and greater capabilities for mobile communication and data transmission. This development of 5G networks can be attributed to an increased focus on improving connectivity, thus leading to quicker data speeds and lower latency. This, in turn, stimulates the advancement of burgeoning technologies such as IoT and self-driving vehicles. In the realm of VR social platforms, 5G networks offer high-speed, low-latency connections, which boosts the immersive experience and allows users to interact in real-time within virtual settings. As an example, Telefonaktiebolaget LM Ericsson, a telecommunications and networking company based in Sweden, reported in November 2023 that the third quarter of 2023 saw an additional 163 million 5G subscriptions, bringing the total to 1.4 billion. Moreover, by 2029, worldwide 5G subscriptions are predicted to exceed 5.3 billion, making up 58% of all mobile subscriptions. Consequently, the evolving development of 5G networks is a key driver for the VR social platforms market's growth.
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Who Are the Major Industry Players Fueling Virtual Reality (VR) Social Platforms Market Expansion?
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.
Which Key Developments Are Influencing the Virtual Reality (VR) Social Platforms Market?
Many leading businesses in the virtual reality (VR) social platforms market are concentrating on building metaverse infrastructure systems to cater to the growing desires for deep-seated, integrated virtual experiences. The infrastructure of metaverse systems covers base technologies and schemes that sustain interconnected virtual settings. These systems facilitate smooth engagements and experiences across numerous platforms and gadgets. For example, Dentsu Group Inc., a Japanese advertising firm, introduced Xambr in September 2023. It is an advanced virtual experience platform designed to enhance entertainment and communication within the metaverse. The platform intends to be accessible through several devices, offering an immersive experience ideal for individual and commercial needs. High-definition graphics and superior data analytics abilities allow Dentsu to enrich brand experiences and services in the virtual space.
How Is the Segmentation of the Virtual Reality (VR) Social Platforms Market Defined?
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
Subsegments:
1) By On-Premise: Private Deployment, Enterprise Deployment
2) By Cloud-Based: Public Cloud, Private Cloud, Hybrid Cloud
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What Is the Leading Region in the Virtual Reality (VR) Social Platforms Market?
North America was the largest region in the virtual reality (VR) social platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual reality (VR) social platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Virtual Reality (VR) Social Platforms Global Market Report?
- Market Size Analysis: Analyze the Virtual Reality (VR) Social Platforms Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Virtual Reality (VR) Social Platforms Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Virtual Reality (VR) Social Platforms Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Virtual Reality (VR) Social Platforms Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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