Since its debut, virtual reality (VR) has advanced significantly. This rapidly growing sector is set to transform how we encounter digital content. Despite VR’s astonishingly realistic sensory experience, let’s dive into the stats.
VR Market Highlights and Insights
- In 2025, the global VR market is expected to reach more than 22 billion U.S. dollars.
- Investors have invested around $8.07 billion in VR businesses over the past five years, with over a third ($3.6 billion) coming in 2021 and 2022.
- From 2018 to 2021, the number of patents relating to immersive reality more than doubled (277%).
- Approximately $1.2 trillion will be spent on immersive technologies by 2035.
- VR spending is expected to reach $227.34 billion by 2029, up from $16.67 billion in 2022.
- VR is expected to be used by 65.9 million people in 2023.
- Oculus Quest 2 was the best-selling VR headset in 2020, selling over a million units.
- Google searches depict strong interest from females, with searches reaching 100 in 2023
Virtual Reality (VR) Software B2C Market Revenue Worldwide From 2017 to 2027 by Segment (in billion U.S. dollars)
The graph shows that in 2027 VR gaming surged to $4.6bn, and VR video increased its market share by 99.99%
Information source Statista
Virtual Reality (VR) Growth Projections
Exponential growth is projected through 2023/2024 and beyond as VR headsets storm the marketplace. VR gaming was worth $400 mn in 2012, increasing to 2.4 bn, a staggering 199.99% increase.
Why is VR taking off? It’s easy. The development of the animation and video game industries, the expansion of internet connectivity, and the expansion of the mobile gaming sector are the primary drivers of the global augmented and virtual reality market.
Additionally, the increased use of consumer electronics is anticipated to fuel industry expansion.
Information source Zippia
Is Supply Ramping up to Meet Demand?
Production of VR headsets have jumped 424% from 2019 to 2023 to meet the demand in the marketplace. Significant increases in shipments of VR and AR headsets ready to meet the uptick in demand for the products.
North America still dominates the VR and AR market. Still, the Asia-Pacific region will see the biggest growth, with China, India, Japan, and South Korea seeing the strongest demand for head-mounted gaming device displays.
Information source Software Testing help
Head Mounted Devices
A virtual reality (VR) headset comes to mind first when thinking of virtual reality. That explains why in 2021, head-mounted display (HMD) devices accounted for the bulk (60%) of VR revenue globally.
The gesture-tracking device (GTD) market share is another noteworthy VR market share. Up until 2030, this market is expected to develop at the fastest CAGR of 17.4%.
Information source Virtual Reality Pop
Searches for Virtual Reality
Searches for Virtual Reality have a 44% decrease in searches over a 5 year period, with peaks in December around Christmas.
Here are the facts
Males make up 57% of VR or AR gadget owners, while females make up 43%. Only 31% of those planning to buy an AR or VR device are female, while 69% of those wanting to do so are men.
Information source Google Trends g2
Age Demographic For Virtual Reality
Baby Boomers
These people were born between around 1946 and 1964, making them between 59 and 77 years old in 2023.
Generation X
These people were born between around 1965 and 1980, making them between 43 and 58 years old in 2023.
Generation Y
Born between 1981 and 1996, (often referred to as Millennials) will be between 26 and 41 years old in 2023.
Generation Z
Born between around 1997 and 2012, will be between the ages of 10 and 25 in 2023.
Information source Zippia
Virtual Reality Delivering Jobs
By 2030, the combined effects of augmented reality (AR) and virtual reality (VR) might enhance the world economy by £1.4 trillion. That is the key finding of an economic impact analysis performed by economists at PwC UK. By 2030, VR and AR in the US will help the economy grow by £484.2 billion, or 2.83% more than today.
The subsequent highest increase will be seen in the major Asian economies of China (£165.3 billion) and Japan (£129.1 billion), which will witness GDP gains of 2.09% and 2.00%, respectively.
The largest percentage increases in GDP by 2030 are anticipated to occur in the European economies of Finland ($7 billion), Germany ($93.4 billion), and the United Kingdom ($62.5 billion), with contributions of $2.64%, $2.46%, and $2.44%, respectively.
Information source PwC
360 Video and VR
360 video searches have decreased over the past 5 years by 39% from February 2018 to February 2023.
This is influencing creators on YouTube are utilizing the platform to produce genuinely immersive experiences in the areas of sports, news, education, and fashion.
Google placed a significant wager on 360-degree video on YouTube very early on. Users can view the video from any aspect without a headset by just swiping or sliding the phone or tablet around.
360-degree video uploads have doubled over the last three months and are still growing.
Brands lead the way by employing 360-degree video to shoot significant events or develop innovative advertising. A 360-degree automobile race advertisement from BMW took advantage of this technology.
Information source Think With Google Google Trends
Conclusion
Given that more than 171 million VR users worldwide and more than 50 million in the United States alone. The number of AR users in the U.S., at 83.7 million, is considerably higher. Additionally, 47% of Americans think they are at least familiar with virtual reality as a concept, and this number is steadily rising.
Since the VR gaming market is worth $1.1 billion, it seems sensible that when most people think of AR, they think of gaming. The total value of the worldwide VR market is currently $7.72 billion and is anticipated to grow to $26.9 billion by 2027.
