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In a significant projection for the tech world, the global virtual reality market is poised to reach an astounding value of $435.36 billion by 2030. This remarkable growth is forecasted to be driven by a compound annual growth rate (CAGR) of 27.5%, starting from 2023 up to 2030.
The surge in adoption of immersive technology across various industries, including education, industrial training, and healthcare, is anticipated to be a prime driver of this growth. A notable factor contributing to this trend is the rapid expansion of high-speed 5G networks, enabling seamless and low-latency internet connections that facilitate the integration of VR technology.
Industries like education, aerospace & defense, and automotive are embracing virtual reality to meet training and research needs. Notably, Meta Platforms, Inc. made a pivotal move in October 2022 with the Meta Quest Pro VR headset launch, equipped with the Snapdragon Qualcomm XR2+ chipset. This innovation targeted professionals and creators seeking high-end VR experiences.
Virtual reality has revolutionized e-commerce by allowing users to shop in virtual environments, enhancing the overall shopping experience. Additionally, the education sector is experiencing a surge in demand for VR applications, allowing educators to conduct interactive sessions on VR-based online platforms, fostering collaborative learning.
North America is positioned to be a key player in this growth story, attributed to its dominance in the technology sector. The region’s robust technology infrastructure and the introduction of new VR products are set to propel its growth. Furthermore, the emergence of startups specializing in virtual reality is expected to provide additional avenues for market expansion.
Forecast Period: 2022 – 2030
Market Value (USD) in 2022: $59.96 billion
Forecasted Market Value (USD) by 2030: $435.36 billion
Compound Annual Growth Rate: 27.5%
Regions Covered: Global
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As the virtual reality market expands, it presents a promising landscape for technological advancements and innovative applications across various sectors. With robust growth projected over the next decade, stakeholders and consumers alike eagerly anticipate the transformative experiences that VR technology is set to deliver.