The global VR market is expected to grow significantly, increasing from $11 billion in 2023 to $57 billion by 2030, with a compound annual growth rate (CAGR) of 26 percent.
VR software’s share of the market is projected to decline slightly from 61 percent in 2023 to 59 percent by 2030, while hardware’s share will increase from 39 percent to 41 percent, according to report from GlobalData.
The growth in VR adoption will be fueled by advancements in content creation, more immersive experiences, and decreasing hardware costs, making VR headsets more accessible.
Companies like HTC, Meta, and Pico are shifting from pure VR to mixed reality technologies, which combine virtual objects with the real world. Apple’s Vision Pro is seen as a key player in this transition.
Mixed reality technology is gaining traction in various sectors, including design, education, and healthcare, due to its potential to integrate digital elements with real-world environments.
Key obstacles include high costs of VR headsets (ranging from $200 to $1,000), the need for powerful devices for tethered headsets, health concerns like eye strain and motion sickness, and the challenge of creating compelling VR content.
The lack of a vibrant VR content ecosystem poses a risk to the technology’s widespread adoption, as creating engaging and valuable VR experiences remains a challenge.
