Virtual reality has evolved from a futuristic sci-fi concept to an everyday technology in recent years. Only recently have very few heard of “Virtual Reality”. By 2022, the virtual reality market was estimated at approximately $37 billion. Experts predict this will grow to $114.5 billion at a CAGR of 25.3% by 2027.
As digital transformation continues and companies look for new ways to engage their employees, improve collaboration, improve idea generation and transform the customer experience, virtual reality has taken the spotlight. Today, countless new companies are emerging, producing increasingly impressive virtual reality headsets and software experiences.
The latest virtual reality stats show that the marketplace has incredible potential. VR has moved beyond the world of gaming and entertainment and has become a core technology in countless business and enterprise processes. Let’s take a look at the facts.
The evolution of VR: VR statistics in 2023
The demand for virtual reality has increased as manufacturers have discovered new ways to create more ergonomic, impactful devices and software solutions have become more accessible.
According to some studies, the number of VR users worldwide will increase to around 171 million in 2021. In addition, many experts believe that countless future jobs and processes will depend on VR in the future. A McKinsey study of technology trends beyond 2022 found that around 63% of organizations are now using immersive technology for training purposes. McKinsey also believes that unemployed workers, who make up about 80% of the workforce, will be the biggest adopters of AR/VR technology in the years to come.
Let’s take a look at some of the best VR stats for this year.
88% of people believe VR technologies can improve education: According to a report, 88% of Americans believe VR can help improve education. 66% say they believe immersive technology can help combat social isolation. Additionally, 77% of users say they would use VR to see places they have never seen before. (Source: ARRIS Composites) The VR software market is projected to grow to US$25.32 billion by 2026: Between 2021 and 2022, the VR software market worldwide grew from a value of US$7.8 billion to US$9.98 billion -dollars, at a CAGR of 27.9%. Going forward, this rapid growth is set to continue, with experts predicting that the software space will be worth $25.32 billion by 2026. (Source: The Business Research Company) The VR headset market will ship 30 million units by 2026: AR/VR headset shipments are expected to increase significantly. IDC expects more than 31 million VR units to ship in 2026. This is an increase from just 10 million units shipped to consumers and businesses in 2022. (Source: IDC) The VR gaming market will be worth $53.44 billion by 2028: Although demand has evolved beyond the gaming sector as VR, this landscape is still one of the most exciting areas for the technology. By 2028, VR is projected to be worth $53.44 billion in the gaming market, at a CAGR of 31.4%. (Source: Fortune Business Insights) 79% of Americans say they’re interested in VR: A report by ARRIS Composites found that 79% of Americans say they’re interested in AR, 19% already own a headset, and 29% plan to buy it one next year. 1 in 4 people who own a headset already use it 3 hours a week. (Source: ARRIS Composites) Other key virtual reality statistics
The possibilities for the virtual reality landscape are increasing. As interest in the technology has increased, more and more organizations have sprung up around the world producing their own unique VR experiences. According to Mordor Intelligence, there are already more than 950 VR startups in the US alone.
Economic impact of VR/AR could reach around $1.5 trillion by 2030: PWC estimates that the economic impact of AR and VR technologies could be around $1.5 trillion by 2030 . AR and other immersive devices have the potential to increase revenue through increased productivity. collaboration and customer service. (Source: PWC) The AR and VR market will reach a CAGR of 37.8% by 2030: A comprehensive research report by Market Research Future found that hardware in the AR and VR landscape will have a predicted value of around 3.89. 066.4 million by the end of 2030. This corresponds to a CAGR of 37.8% over the projected period. (Source: MRFR) The semi and fully immersive market has the largest market share in the VR landscape: According to Grandview Research, the semi and fully immersive segment of the VR industry currently holds the largest share at around 80% market share. (Source: Grandview Research). VR Learning Improves Focus Fourfold: According to a PWC study, VR training results in a 40 percent improvement in learner confidence and a 35 percent improvement in students’ ability to implement what they have learned. VR learners were also four times more focused during training, completed their training four times faster than classroom learners, and were 3.75 times more emotionally connected to the content. (Source: PWC) The market for VR in healthcare is projected to grow to $6.2 billion by 2029: Outside of the gaming and training landscape, healthcare may offer the greatest potential for VR innovators. Global VR in the healthcare market is projected to grow to $6.2 billion by 2029, at a CAGR of 38.7%. (Source: Fortune Business Insights) In 2024, the commercial VR/AR use case expected to receive the most investment is training: Statista found that the areas likely to see the most investment in the commercial Landscape for AR/VR can be achieved, training and industrial maintenance are available. Both areas are expected to invest $4.1 billion (Source: Statista) 35% of respondents say they would be willing to spend up to $1,000 on VR gear: According to one report, 35% of the Respondents indicated that they would be happy to spend up to $1,000 on advanced VR equipment such as B. haptic gloves or a haptic body suit. However, only 4% say they would spend more than $1.5k for the same technology. (Source: Tidio)
