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Virtual Reality (VR) Headset Market Size & Share to Surpass $5.88 Billion by 2030 | Vantage Market Research
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WASHINGTON, May 24, 2023 (GLOBE NEWSWIRE) — The Global Virtual Reality Headset Market is valued at USD 4.1 Billion in 2022 and is projected to reach a value of USD 5.88 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.3% over the forecast period 2023-2030.
Market Overview
The widespread use of virtual reality technology in the manufacturing and retail industries promotes market expansion. Another aspect boosting industry growth is the rising demand for gaming consoles. The use of virtual reality technology in various fields, including education, medical training, and industrial prototyping, has enormous promise. Over the projected period, organizations and consumers are expected to increase their investments in this technology. The new trends in virtual reality technology directly impact the advances in the Virtual Reality Headset market.
We forecast that the high-end device category in Virtual Reality Headset Market sales will account for more than 52% by 2030. The advantages of these gadgets, including their cheaper costs and highly immersive experiences, can be credited with this growth. The entry-level equipment is reasonably priced and available to regular individuals who merely want to try out the most basic VR technology.
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Market Dynamics
Demand for Improved Quality Pictures to Support Market Expansion
Virtual reality technology has advanced as a result of the rising demand for effective and high-quality images. The market for Virtual Reality Headsets is anticipated to develop as a result of rising smartphone penetration globally and rising tech awareness. On the other hand, a significant aspect that can restrain market expansion is the worry about the quality of the visual effects produced by the VR headset. Furthermore, the cost and length of time required to develop VR headset devices is an issue that could limit the market’s expansion. The inclusion of AI and machine learning in VR is probably going to increase demand for the technology. The major firms in the sector are consistently spending money on R&D to create cutting-edge devices.
Increased Adoption of VR Across Virtual Events in Virtual Reality Headset Market Industry to Drive Market Growth
Following Covid-19, corporations have turned to internet channels to go on with their business operations. The industry is also expanding as a result of the rising use of VR technology in virtual events, which enables companies to connect with potential customers where they are most comfortable by providing a lifelike experience of their goods and services. The demand for VR head-mounted devices is rising as a result of the expanding product usage in the gaming and entertainment sectors (HMDs). Businesses are constantly releasing cutting-edge gadgets to provide immersive entertainment experiences and an unmatched level of realism in VR gaming. To improve their product offerings and acquire a competitive edge, the major industry players are acquiring gaming businesses.
Top Players in the Global Virtual Reality Headset Market
- Carl Zeiss AG (Germany)
- Facebook Technologies LLC (California, U.S.)
- Google LLC (U.S.)
- HTC Corporation (Taiwan)
- LG Electronics Inc. (South Korea)
- Microsoft Corporation (U.S.)
- Razer Inc. (U.S.)
- FOVE Inc. (Japan)
- Valve Corporation (U.S.)
- HP Inc. (U.S.)
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Top Trends in Global Virtual Reality Headset Market
- One trend that Vantage Market Research (VMR) expects to see in the Virtual Reality Headset industry is the rising prevalence of AI technology. The expanding prevalence of AI technology in VR applications also increases the intelligence of virtual characters, creating a rich, immersive experience. Any standalone headset now has 6DoF controller tracking due to Google’s machine learning techniques. In parallel, LG employs AI to reduce motion sickness in VR users, and Facebook’s DeepFocus framework uses AI to produce focus effects in VR. The top two tech companies in China, Baidu and Tencent, are also focusing on incorporating AI and VR into video games and mobile applications.
- Another trend that VMR predicts will continue in the Virtual Reality Headset industry is its growing adoption across educational fields. Teachers are increasingly utilising virtual reality technology to deliver a higher calibre of teaching in a variety of educational settings. For instance, the introduction of VR in education has given students the opportunity to immerse themselves in the realm of VR technology. Furthermore, the technology offers pupils a more visually appealing and engaging education that may be delivered for less money.
Top Report Findings
- The High-End Device category controls most of the Virtual Reality Headset market’s revenue based on Application. The development of this market is anticipated to be fuelled by the sophisticated characteristics of these devices, including superior visual effects, self-tracking, and high performance. Large firms mostly use high-end equipment to give their clients and staff higher-quality services. The viewers’ experience is enhanced, and the resolution is great thanks to these gadgets’ extensive use of cutting-edge technology. Throughout the upcoming years, their demand is projected to increase due to ongoing investments in high-end devices by major firms including HP Inc., Facebook Technologies, LLC (Oculus), and Google LLC.
- Based on the Product Type, most of the Virtual Reality Headset market’s revenue is controlled by Standalone Device. A Standalone Device provides an excellent experience at a reasonable cost. Its primary characteristic is the incorporation of diverse methods, such as hardware and processor control, into a single system. The segment’s growth is being fueled by the leading companies’ availability of a range of application-oriented devices with varying features and pricing points.
- Based on Application, most of the Virtual Reality Headset market’s revenue is controlled by Gaming. Additionally, gaming VR headsets come with cutting-edge technologies that can even track eye movements and communicate them to the game for an improved experience. In turn, this is anticipated to fuel segment expansion throughout the course of the forecast year. Compared to customers who are not gamers, gamers spend more money on average to upgrade their gaming consoles or desktops. This has prompted businesses to market VR headset games at competitive prices for players.
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Recent Developments in the Global Virtual Reality Headset Market
- January 2023: Facebook Technologies, LLC (Oculus) has expanded their cooperation as the NBA and WNBA’s official {{keyword}} partner. This collaboration is expected to provide a professional basketball experience in virtual reality.
- January 2022: Microsoft Corp. announced the acquisition of Activision Blizzard Inc., a game developer and interactive entertainment content publisher based in the United States, for USD 68.7 billion. Similarly, HW Holdco, LLC, a housing market solution provider based in the United States, announced the acquisition of Alpha Vision. The target company is a technology company based in Canada that provides interactive floor plans, digital site maps, 3D and virtual reality home renderings, and sales interaction tools to the home building and real estate industries.
- In 2022: Shanghai-based DPVR, a manufacturer of virtual reality devices, has introduced the DPVR 4G/5G for its all-in-one VR headsets. The new module, according to the business, is intended to make it possible for sectors including training, healthcare, education, and conferences to incorporate VR headsets in circumstances that call for mobile usage or remote working. The new DPVR is compatible with 2G, 3G, 4G, and 5G frequency bands globally.
Gaming Category of the Application Segment of the Global Virtual Reality Headset Market Expected to Generate a Considerable Amount of the Total Segment Revenue
For better understanding, based on the Application, the Virtual Reality Headset Market is divided into Gaming, Healthcare, Media & Entertainment, Manufacturing, Retail, Education, Telecommunications, and Other Applications.
The Gaming category is anticipated to dominate the market over the forecast period. Growth of the segment is because VR technology has achieved significant acceptance and awareness. New businesses have emerged in this industry as a result of recent technical developments. This market is seeing the emergence of many companies that are trying to steer it towards widespread adoption in the gaming industry. By 2025, 216 million people are anticipated to play AR and VR games globally, according to NewGenApps.
The Education segment is predicted to have the fastest growth. The increased product deployment in educational facilities and medical schools is to blame for this. Furthermore, the development of virtual reality technology in the healthcare industry and supportive government rules for facility enhancement are fostering the segment’s growth. Further boosting the expansion of the healthcare sector is the expanded usage of these headsets for training medical students and supporting doctors and surgeons with patient care, robotic surgeries, mental health and psychological therapies, and pain management and physical therapies.
Asia Pacific Region of the Global Virtual Reality Headset Market Anticipated to Generate a Good Amount of the Total Global Revenue
Due to rising digitalization and advancements in virtual reality technology, notably in the gaming and entertainment industry, Asia Pacific is predicted to have the greatest CAGR. China gained the greatest revenue share in the local market. This is linked to the introduction of 5G and legislative backing for advancements in virtual reality from the Chinese government. Virtual reality technology is being widely used by the major businesses in the area for a variety of purposes, which is helping the expansion of the local market. For instance, China unveiled its virtual reality strategy in November 2022, outlining its plans to export over 25 million VR devices worth over USD 45 million by the end of 2026.
Due to the high levels of disposable income and declining costs of VR headsets with displays and processors in the region, North America accounted for a sizeable portion of global sales. Due to the presence of major players like Microsoft Corporation, Google LLC, and Facebook Technologies, LLC (Oculus), as well as their significant investments in VR technology, the U.S. is a significant contributor to the regional market’s growth.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Virtual Reality Headset Market Forecast Report (2023-2030).
Global Virtual Reality Headset market segmentation
By End-device
- Low-end Device
- Mid-range Device
- High-end Device
By Product Type
- Standalone
- Smartphone-enabled
- Standalone PC-connected
By Application
- Gaming
- Healthcare
- Media & Entertainment
- Manufacturing
- Retail
- Education
- Telecommunications
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 4.1 Billion |
| Revenue Forecast by 2030 | USD 5.88 Billion |
| CAGR | 5.3% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Carl Zeiss AG, Facebook Technologies LLC, Google LLC, HTC Corporation, LG Electronics Inc., Microsoft Corporation, Razer Inc., FOVE Inc., Valve Corporation, HP Inc. |
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LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.
On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
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Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
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Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
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Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space
SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.
Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
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