Virtual Reality Services Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Virtual reality (VR) is an artificial environment created with software that is presented to the user in such a way that the user stops believing and accepting it as a real environment.

Sizing and Forecast

The virtual reality services market size has grown rapidly in recent years. It will grow from $10.02 billion in 2023 to $11.22 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to increasing demand in gaming and entertainment, corporate adoption and training, reduced costs and accessibility, content creation and industry investment, cinematic and media experiences.

The virtual reality services market size is expected to see rapid growth in the next few years. It will grow to $18.54 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to 5g technology integration, enterprise and industrial applications, healthcare and therapeutic use, immersive social experiences, augmented reality integration. Major trends in the forecast period include vr in e-commerce and retail, location-based entertainment, travel and tourism experiences, cross-industry collaboration, virtual social spaces.

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Segmentation & Regional Insights

The virtual reality services market covered in this report is segmented –

1) By Type: Hardware, Software

2) By Basis of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance

3) By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Other Applications

Asia-Pacific was the largest region in the virtual reality services market in 2023. North America was the second largest region in the virtual reality services market. The regions covered in the virtual reality services 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 virtual reality services in telehealth is a key factor driving the growth of the virtual reality services market. To support COVID-19 patients, thousands of doctors and nurses will require advanced skills, which will be supported by VR-powered tools to cope in a simulated world with an anticipated influx of COVID-19 patients. Training services by virtual reality designed particularly for coronavirus pathology scenarios are highly beneficial and realistic in today’s situation and enable medical students, doctors, and nurses to quickly apply studied principles and procedures to the real world. For instance, the XRHealth application allows the hospitals to treat incoming coronavirus victims who are in hospital quarantine and it allows the physicians to monitor them when they return home. Therefore, the increasing necessity of virtual reality services in telehealth is expected to drive the significant virtual reality services market growth.

Key Industry Players

Major companies operating in the virtual reality services market include Skywell Software LLC, LittlStar’s, Creative Solutions, Gramercy Tech LLC, HQSoftware LLC, Program-Ace LLC, Groove Jones LLC, Xicom Technologies Ltd., Zco Corporation, The Intellify, Quy Technology Pvt. Ltd., Fluper Ltd., JPLoft Solution, Credencys Solutions Inc., HorizonCore Infosoft Pvt. Ltd., Quytech Company, Hedgehog lab Ltd., IndiaNIC Infotech Limited, Chetu Inc., Vakoms LLC, Delta Reality, Dyfuzja Software Development Co., Cortex Inc., Chocolate Milk & Donuts LLC, NARSUN Studios, Setapp Inc., Oodles Technologies Pvt. Ltd., Infotrum LLC, Sumeru Inc., NewGenApps, HTC Corporation, Sony Group Corporation, Oculus VR LLC, Google LLC, Samsung Electronics Co. Ltd., Lenovo Group Ltd., Meta Platforms Inc., NVIDIA Corporation, Apple Inc., Amazon Inc., Unity Technologies Inc., Unreal Engine 3D, Autodesk Inc., Eon Reality Inc., 3D Systems Corporation, Dassault Systèmes SE, Pico Interactive Inc., StarVR Corporation, FOVE Inc.

The virtual reality services market report table of contents includes: