Press release
Virtual Reality (VR) Social Platforms Market on Track for Strong Growth, Estimated to Grow at 70.5% CAGR Through 2029
Virtual Reality (VR) Social Platforms Market
How Large Will the Virtual Reality (VR) Social Platforms Market Size By 2025?
The market size of social platforms for virtual reality (VR) has seen a massive expansion in the past few years. The market is projected to rise from $1.5 billion in 2024 to $2.66 billion in 2025 with a compound annual growth rate (CAGR) of 77.3%. Factors such as the impact of the gaming industry, user interaction, investment and financing, tools for creating content, and community development have contributed to the growth during the historic period.
How Big Is the Virtual Reality (VR) Social Platforms Market Size Expected to Grow by 2029?
The market for virtual reality (VR) social platforms is predicted to witness a substantial increase in the coming years, with a value projection of $22.47 billion by 2029, achieving a compound annual growth rate (CAGR) of 70.5%. The growth during the anticipated period can be credited to advancements in 5g and edge computing, development in the metaverse, enhancements in augmented reality, advancements in AI and personalization, as well as applications in healthcare and wellness. The anticipated period will see significant trends such as social engagement and interaction, compatibility across various platforms, virtual events and gatherings, monetization tactics, in addition to regulatory and ethical concerns.
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Which Key Market Drivers Powering Virtual Reality (VR) Social Platforms Market Expansion and Growth?
Progress in 5G network development is projected to accelerate the expansion of the virtual reality (VR) social platforms market in the future. 5G networks, the fifth generation of cellular technology, provide faster speeds, reduced latency, and boosted capacity for mobile communication and data transmission. The enhancement in 5G networks development has been motivated by a transition towards advanced connectivity, allowing for quicker data speeds, lower latency, and fostering the expansion of emerging tech such as IoT and autonomous vehicles. These 5G networks facilitate VR social platforms by delivering quick, low-latency connections, augmenting the immersive experience, and facilitating real-time user interaction within virtual settings. As an illustrative example, in November 2023, Telefonaktiebolaget LM Ericsson, a Swedish networking and telecommunications firm, reported additional 5G subscriptions of 163 million in the third quarter of 2023, totalling 1.4 billion. Further projections suggest that global 5G subscriptions will exceed 5.3 billion by 2029, making up 58% of all mobile subscriptions. Consequently, the accelerating development of 5G networks is fuelling the expansion of the VR social platforms market.
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Which Fast-Growing Trends Are Poised to Disrupt the Virtual Reality (VR) Social Platforms Market?
Companies at the forefront of the virtual reality (VR) social platforms market are concentrating on the creation of metaverse infrastructure systems. They aim to cater to the surging appetite for immersive, interconnected virtual encounters. These infrastructure systems provide essential technologies and structures that bolster interconnected virtual spaces, facilitating smooth operations and experiences across a range of platforms and equipment. For example, Dentsu Group Inc., a Japanese advertising firm, introduced Xambr in September 2023. This innovative virtual experience platform enhances entertainment and engagement in the metaverse, ensuring compatibility with multiple devices and delivering an immersive journey suitable for both personal and commercial use. With top-notch graphics and sophisticated data analysis abilities, Dentsu is able to transform brand experiences and services in the virtual domain.
What Are the Emerging Segments in the Virtual Reality (VR) Social Platforms Market?
The virtual reality (vr) social platformsmarket 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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Who Are the Global Leaders in the Virtual Reality (VR) Social Platforms Market?
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 are the Top Profitable Regional Markets for the Virtual Reality (VR) Social Platforms Industry?
North America was the largest region in the virtual reality (VR) social platforms market in 2024. 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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