The consumer virtual reality market, divided into hardware and software segments, is forecast to reach 2.6 billion U.S. dollars in size in 2020. The market is set to grow further in the following years, rising to beyond five billion U.S. dollars by 2023.
Virtual reality
Virtual reality (VR) technology makes use of sensory devices to immerse users in a simulated environment. Specially designed headsets and glasses can be used for visual immersion, while handhelds and wearables offer tactile immersion. Optical devices such those developed by Facebook’s Oculus and Sony have shipped millions of units as consumers look to explore the possibilities offered by virtual environments. The element of complete immersion means that VR devices can be used as tools for education, tourism, entertainment, and even professional tasks such as architecture design.
Augmented reality
Augmented reality (AR) is a technology closely related to VR that uses devices to change the visual environment of users. Rather than completely immerse the user in a simulated environment like VR, AR superimposes computer generated elements on top of the user’s real-world environment, allowing for applications such as head-up displays and first-person GPS navigation. As part of the wider extended reality (XR) industry, the global AR market size is expected to grow considerably in the coming years.
Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023
(in billion U.S. dollars)
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SuperData Research. (April 27, 2020). Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 05, 2024, from https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/
SuperData Research. "Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023 (in billion U.S. dollars)." Chart. April 27, 2020. Statista. Accessed December 05, 2024. https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/
SuperData Research. (2020). Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 05, 2024. https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/
SuperData Research. "Consumer Virtual Reality (Vr) Hardware and Software Market Revenue Worldwide from 2016 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 27 Apr 2020, https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/
SuperData Research, Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/ (last visited December 05, 2024)
Consumer virtual reality (VR) hardware and software market revenue worldwide from 2016 to 2023 (in billion U.S. dollars) [Graph], SuperData Research, April 27, 2020. [Online]. Available: https://www.statista.com/statistics/528779/virtual-reality-market-size-worldwide/