Virtual reality market size worth USD 227.34 billion by 2029

The global virtual reality market size was valued at USD 11.64 billion in 2021. The market is projected to grow from USD 16.67 billion in 2022 to USD 227.34 billion by 2029, exhibiting a CAGR of 45.2% during the forecast period. Increasing Application of Virtual Technology Across Numerous Sectors to Boost Growth. This information is provided by Fortune Business Insights, in its report, titled “Virtual Reality Market Forecast, 2023-2029.”

Key industry development:
Nvidia Corporation declared merger with more cloud service suppliers for high-quality VR streaming. With cloud-based streaming, the users can have admission to virtual, augmented, and extended reality from any position.

Key takeaways

• Growing demand for live virtual entertainment to drive the market growth.
• Capacity to Offer Immersive Environment to Fuel Head Mounted Display Demand
• Virtual Reality Market Size in North America was USD 3.58 Billion in 2021
• Asia Pacific shows rapid growth during the forecast period due to the increasing demand for immersive technologies in emerging economies.

Rising live virtual entertainment to bolster virtual reality market growth

• The notion of live virtual entertainment is budding globally. At present, people are choosing home entertainment by embracing the technology to access the live events or shows.
• The technology provides an immersive and real-world environment to the users, its demand for live music concerts, live events or sports is surging substantially.
• The concept of live virtual entertainment is budding across the world.
• However, the technology calls for robust hardware components and great computing power for the appropriate operation of devices.
• Nevertheless, the majority of present desktop accessories are not aligned with applications.

Globe Newswire