Global Virtual Reality (VR) Social Platforms Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Virtual reality (VR) social platforms are online environments where users can interact with others in a simulated digital world. These platforms typically utilize VR technology to create immersive experiences that allow users to communicate, socialize, and engage in various activities as if they were physically present with each other. VR social platforms offer a unique way to connect, socialize, and explore virtual worlds, blurring the lines between physical and digital interaction.

Sizing and Forecast

The virtual reality (VR) social platforms market size has grown exponentially in recent years. It will grow from $0.84 billion in 2023 to $1.50 billion in 2024 at a compound annual growth rate (CAGR) of 77.5%. The growth in the historic period can be attributed to gaming industry influence, user engagement, investment and funding, content creation tools, and community building.

The virtual reality (VR) social platforms market size is expected to see exponential growth in the next few years. It will grow to $15.03 billion in 2028 at a compound annual growth rate (CAGR) of 78.0%. The growth in the forecast period can be attributed to 5g and edge computing, metaverse development, augmented reality integration, AI and personalization, and healthcare and wellness applications. Major trends in the forecast period include social presence and interaction, cross-platform compatibility, virtual events and gatherings, monetization strategies, and regulatory and ethical considerations.

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Segmentation & Regional Insights

The virtual reality (VR) social platforms market covered in this report is segmented –

1) By Type: On-Premise, Cloud-Based
2) By Platform: Desktop, Mobile, Web, Console
3) By Pricing Model: Subscription, Pay-Per-Use, Freemium
4) By Application: Individual , Enterprise , Educational , Government , Other Applications

North America was the largest region in the virtual reality (VR) social platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual reality (VR) social platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising development of 5G networks is expected to propel the growth of the virtual reality (VR) social platforms market going forward. 5G networks refer to the fifth generation of cellular network technology, offering faster speeds, lower latency, and increased mobile communication and data transmission capacity. The rising development of 5G networks is due to a shift towards enhanced connectivity, enabling faster data speeds and lower latency, and facilitating the growth of emerging technologies such as IoT and autonomous vehicles. 5G networks enable VR social platforms by providing high-speed, low-latency connections, enhancing the immersive experience, and enabling real-time interactions between users in virtual environments. For instance, in November 2023, according to the report published by Telefonaktiebolaget LM Ericsson, a Sweden-based networking and telecommunications company, in the third quarter of 2023, an additional 5G subscriptions were 163 million, with a total of 1.4 billion. Further, global 5G subscriptions will surpass 5.3 billion by 2029, constituting 58% of all mobile subscriptions. Therefore, the rising development of 5G networks is driving the growth of the VR social platforms market.

Key Industry Players

Major companies operating in the virtual reality (VR) social platforms market are Meta Platforms Inc., Mozilla Corporation, Sony Interactive Entertainment LLC, Oculus VR LLC, Rec Room Inc., Microsoft Corporation, Immersive VR Education Ltd., High Fidelity Inc., Doghead Simulations LLC, Cluster Inc., LiveLike VR Inc., Spatial Systems Inc., Glue Collaboration AS, Bigscreen Inc., Somnium Space Limited, VRChat Inc., MeetinVR ApS, VTime Holdings Ltd., Social Spaces VR Ltd., JanusVR Inc.

The virtual reality (vr) social platforms market report table of contents includes:

1. Executive Summary

2. Virtual Reality (VR) Social Platforms Market Characteristics

3. Virtual Reality (VR) Social Platforms Market Trends And Strategies

4. Virtual Reality (VR) Social Platforms Market – Macro Economic Scenario

5. Global Virtual Reality (VR) Social Platforms Market Size and Growth

….

32. Global Virtual Reality (VR) Social Platforms Market Competitive Benchmarking

33. Global Virtual Reality (VR) Social Platforms Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Virtual Reality (VR) Social Platforms Market

35. Virtual Reality (VR) Social Platforms Market Future Outlook and Potential Analysis

36. Appendix

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