Press release
Future of the Virtual Reality (VR) Social Platforms Market: Strategic Analysis and Forecast to 2034
Virtual Reality (VR) Social Platforms Market
Virtual Reality (VR) Social Platforms Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for social platforms in the virtual reality (VR) domain has seen a monumental rise in the past few years. The market, which was worth $1.5 billion in 2024, is projected to increase to $2.67 billion within a year by 2025 due to a solid compound annual growth rate (CAGR) of 78.2%. The driving factors of this upward trend during the historical period include the impact of the gaming industry, user involvement, influx of investments and funding, the development of content creation tools, and the establishment of communities.
Virtual Reality (VR) Social Platforms Market Size Forecast: What's the Projected Valuation by 2029?
Predictions suggest that the market size for virtual reality social platforms is poised for substantial growth over the coming years. By 2029, the market is projected to be valued at $26.74 billion, growing at a compound annual growth rate of 77.9%. The expected growth during this forecast period is primarily driven by factors like the advent of 5G and edge computing, development of metaverse, integration of augmented reality, personalization using AI, and applications in healthcare and wellness. Soon the market might witness trends such as enhanced social presence and interaction, compatibility across various platforms, virtual events and gatherings, innovative monetization plans, and addressing regulatory and ethical issues.
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What Are the Drivers Transforming the Virtual Reality (VR) Social Platforms Market?
The progress in 5G network technology is projected to fuel the expansion of the virtual reality (VR) social platforms industry in the future. 5G, which stands for the fifth iteration of cellular networking technology, promises greater speeds, lesser latency, and heightened capacity for mobile communication and information distribution. The evolution of 5G is attributed to the move towards improved connectivity, enabling accelerated data transmission rates and reduced latency. This is facilitating the development of nascent technologies such as the Internet of Things (IoT) and self-driving vehicles. VR social platforms benefit from 5G networks as these offer high-speed, low-latency connections that enhance the immersive experience and allow real-time engagement between users in virtual settings. As an illustration, in November 2023, according to Telefonaktiebolaget LM Ericsson - a Swedish network and telecom firm, there were an additional 163 million 5G subscriptions in the third quarter of 2023, making the total 1.4 billion. Moreover, global 5G subscriptions are set to exceed 5.3 billion by 2029, making up 58% of all mobile subscriptions. Thus, the advancement of 5G networks is fuelling the progression of the VR social platforms market.
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What Long-Term Trends Will Define the Future of the Virtual Reality (VR) Social Platforms Market?
Leading companies in the virtual reality (VR) social platforms market are prioritizing the creation of metaverse infrastructure to meet the heightened demand for immersive and interconnected virtual experiences. This vital infrastructure involves the base technologies and frameworks that facilitate interconnectivity in virtual settings, allowing for smooth interactions across a multitude of platforms and devices. To illustrate, Dentsu Group Inc., a Japanese advertising firm, rolled out Xambr in September 2023. This innovative digital experience platform deepens interactivity and entertainment within the metaverse, promising wide-ranging device compatibility and facilitating immersive experiences beneficial for both individual and commercial use. Dentsu leverages high-definition visuals and cutting-edge data analytics to enhance brand imprints and service offerings in the virtual space.
Which Segments in the Virtual Reality (VR) Social Platforms Market Offer the Most Profit Potential?
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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Which Firms Dominate the Virtual Reality (VR) Social Platforms Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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.
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