Global VR market size estimated to grow by $65 through 2028

This should be good news for the Apple Vision Pro: the global virtual reality (VR) market size is estimated to grow by US$64.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a compound annual growth rate (CAGR) of 28.3% during the forecast period, notes the research group.

Technavio says the VR market is experiencing significant growth through the integration of artificial intelligence (AI) and machine learning (ML). This fusion of technologies is revolutionizing industries, including healthcare, education, gaming, and simulation, according to the research group. 

In healthcare, AI and ML algorithms analyze medical data for accurate diagnoses and treatment plans, while VR simulations offer immersive training for complex procedures. The commercial, hardware, and software segments, as well as the automotive, entertainment, and architecture sectors, are also benefiting from VR technology’s advancements, according to Technavio. However, the research group says these are the market challenges:

• The global virtual reality (VR) market has faced substantial hindrances due to the high cost of immersive hardware. This financial barrier has impeded accessibility and utilization across various industries, including healthcare, gaming, automotive, entertainment, and organizations. Consumers and enterprises have been challenged by the substantial investment required for high-quality VR experiences.
• The VR hardware segment, including VR headsets, glasses, gloves, and bodysuits, has significantly impacted the market’s expansion and adoption in the commercial, non-immersive, and planning sectors. The pandemic crisis has further highlighted the need for virtual platforms in sectors like education, mental health, and virtual theme parks, emphasizing the importance of addressing the affordability issue in the VR market.