Virtual Reality market to reach $87 billion by 2030

The global virtual reality market size is expected to reach USD 87.0 billion by 2030, growing at an annual rate of 13.8% from 2023 to 2030, according to a new study by Grand View Research.

The increasing adoption of user immersion technology in industries such as education, industrial training, and healthcare, is expected to drive the growth.

Additionally, internet penetration in the form of high-speed 5G networks has positively impacted the adoption of VR technology due to fast and low-latency internet connections.

Based on device, the gesture tracking device (GTD) is expected to grow at the highest CAGR of around 15% over the forecast period due to the trend of gesture tracing for enhanced immersion.

Based on technology, the semi & fully immersive segment recorded the largest revenue share of over 80% due to the realistic experience provided by the technology that closely simulates real-world scenarios.

Based on component, the software segment is expected to grow at the highest CAGR of over 15% during the forecast period, attributed to the growing demand for VR applications in gaming and entertainment.

Asia Pacific accounted for the largest revenue share of around 40.0% in 2022 due to the presence of leading VR equipment manufacturers and encouraging initiatives by the governments for use of advanced technologies.

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