Latest News- Consumer Virtual Reality Market: Hardware is expected to lead the Component segment during 2024-2028

The Consumer Virtual Reality Market is being driven by Increasing demand for VR technology

The Consumer Virtual Reality Market is expected to grow at a CAGR of 137.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 494242.7 million. The global consumer virtual reality market is experiencing significant growth due to the increasing adoption of VR headsets and immersive technologies, particularly in the retail sector. Retailers are capitalizing on this trend by offering VR-aided home shopping experiences, enabling customers to interactively and personally explore and try on products in a 3D environment. This innovative approach is gaining popularity in markets such as China, India, and Qatar, where consumers value technological advancements in shopping. Notable companies, including Hugo Boss and IKEA, are spearheading this transformation by providing virtual try-on services and augmented reality apps. The COVID-19 pandemic has further fueled this shift, as consumers increasingly seek immersive and realistic shopping experiences from the convenience of their homes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • UK
    • France
    • Italy
    • Spain
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for VR technology
• Growing adoption of head-mounted display (HMD) in gaming sector
• Rising product launches of consumer virtual reality

However, the market also witnesses some limitations, which are as follows:

• High development cost of consumer virtual reality solution
• Rising competition from augmented reality (AR) products
• Technology complexity associated with virtual reality

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Market Scope in Consumer Virtual Reality Market Research Report

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Research Analysis Overview

The Consumer Virtual Reality (VR) market is witnessing significant advancements, with technologies such as head tracking, voice recognition, and gesture recognition enhancing user experience. Cloud computing and edge computing enable seamless data processing, while network infrastructure and 5G connectivity ensure fast data transfer. High-definition displays, OLED and LED, provide immersive visuals, and high-fidelity audio heightens the sensory experience. Spatial computing, blockchain technology, and virtual reality therapy offer new applications. VR therapy, art, fitness, social platforms, collaboration, remote learning, immersive storytelling, interactive storytelling, 3D modeling, animation, game engines, physics, VR development tools, software platforms, and hardware platforms are driving market growth.

Market Research Overview

The Consumer Virtual Reality (VR) market encompasses companies specializing in the development and production of head-mounted displays (HMDs), VR headsets, haptic feedback, motion tracking, 3D audio, and associated technologies. Notable players in this sector include Oculus Rift, HTC Vive, and PlayStation VR. These firms operate within the broader application software market, focusing on creating immersive experiences for the consumer market. According to Technavio, the global Consumer VR market size is determined by the combined revenue generated by these companies, contributing to the overall growth of the application software industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/