Virtual reality, the overarching term for a variety of computer-generated experiences taking place within a simulated environment, has been a topic of interest among tech enthusiasts (and sci-fi fans) for years. On the AR side of things, the biggest hindrances are user experience (32%), content offerings (18%), business and consumer reluctance (15%), regulation and legal risks (14%), financing and investment (11%), and cost to consumers (7%) (Perkins Coie, 2020). 
The number of VR users worldwide is expected to reach 111 million by 2025. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. The global virtual reality in education market is expected to increase from $6.37 billion in 2021 to $8.66 billion in 2022 at a compound annual growth rate (CAGR) of 36%. Other major sectors seeing investment are education, health care, and real estate. Through focused research and development efforts, direct investment, and building of human capital, Chinese firms, along with the Chinese government, have launched a concerted campaign to become the leader in VR technology. A report by Greenlight Insights predicted global AR and VR revenues totaling $209 billion in 2021. As far as VR/AR and other immersive technologies going mainstream is concerned, 37% of businesses think it will happen in two to five years, 25% within 2 years, 17% in the next 5-8 years, 15% in less than 2 years, and 6% in 8-10 years (Perkins Coie, 2020). The sectors with the biggest VR/AR spending growth from 2020 until 2024 are banking (126.7% CAGR), securities and investments services (106.1% CAGR), and central/federal government (102.5% CAGR) (IDC, 2020). Feb. 27, 2023, https://www.zippia.com/advice/virtual-reality-statistics/. Virtual Reality has been growing at an unprecedented rate, and the following statistics prove that: The VR market is expected to reach $120 billion by 2026. Heres a summary of the Virtual Reality statistics you need to know in 2022: Is there anything else youd like to know about Virtual Reality statistics and wish was included in this article? Statista. Please note, that FinancesOnline lists all vendors, were not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions. Besides, the company projected that the 5-year ROI of a single VR-based course could reach 300%. and lower prices. The next most popular brand is Sony with its PlayStation VR. The same source stated that the largest VR spending was in the consumer sector, amounting to 53%. Uses of Virtual and Augmented Reality by Industrial Companies. Accessed on February 1, 2022. Christo knows very well how tech has revolutionized the way we live, communicate, and create value. In 2017, there have been only 6700 VR While were still far from seeing a virtual reality headset become as common in peoples homes as a laptop or a TV set, the number of VR users is growing every year. Virtual reality statistics, calculated from the number of units shipped, reveal that the number of people interacting with VR is nearing 200 million. However, all is not gloom and doom, and businesses should endeavor to break the barriers of VR adoption to keep pace with consumer interests. This is a remarkable improvement from just 45% in 2015. Copyright 2023 FinancesOnline. It accounts for 17.7% and 28.1% of the total US population. France is the European leader in this regard. Feature papers represent the most advanced research with significant potential for high impact in the field. by different review sites shows that these brands dominate the list with their products. 
For example, there is a need to imbue VR technology with control and convenience, implement sound user experience design, and counter the rising smartphone competition. Statista. VR gaming revenue is valued at $1.1 billion and will grow to $1.6 billion in 2022, $1.9 billion in 2023, and $2.4 billion in 2024 (PwC, 2020). It is followed by the distribution and services sector with 15.8%, and the manufacturing and resources sector at 13.8%. From growth figures to virtual reality future predictions on the global economy, weve got you covered. on the technology in 2020 (Statista, 2019). The operational benefits of AR and VR include increased efficiency, productivity, and safety. 
The growing market size only goes to show just how popular the technology is expected to become over the next few years. Given the advantages of VR in gaming, it should come as no surprise then that more and more gaming companies will be adopting the technology as demand for it grows. This does not come as a surprise because VR found a home in gaming long before its use in other sectors was conceptualized. Actually, after years of intense hype and empty promises, things have taken a turn for the better. 
There are 171 million people across the globe using virtual reality. 6. links. A significant reason for the dip in the sales of devices is the decreasing interest among people for smartphone-based VR devices. (Grand View Research, 2021). More recently, he's been quoted on USA Today, BusinessInsider, and CNBC. WebVirtual Reality (VR) is a technological interface that allows users to experience computer-generated environments within a controlled setting. Thanks to a number of factorsmore affordable hardware, faster internet speeds, and a receptive audiencethe growth figures have been striking over the last 4-5 years. That said, since its inception, the technology has created a digital imprint that has had a lasting impression on the consumer. 
It also experienced a 28-point increase in sales and a 7.9-point rise in brand awareness. As of January 2021, there are 61 VR games on Steam (Steam, 2021). (PYMNTS, 2019; Virtual Perceptions), In addition, the use of VR technology to build online virtual change rooms can help retailers improve conversion rates by more than 6.4%, increase order value by 1.6%, reduce fulfillment costs by 5%, and lower returns by 5.2%. Similar virtual reality statistics include: (Source: Finances Online, ARtillery Intelligence). By 2025, experts estimate that 43.87 million devices will be shipped worldwide. China and the US are the two leading investors in VR and are expected to spend $5.8 billion and $5.1 billion on the technology this year (Statista, 2019). 42.9 million Americans will use VR at least once per month. It is expected to reach $32.94 billion by 2026 at a compound annual growth rate of 39.7%. "According to some studies, the number of VR users worldwide grew VR is also particularly popular in the education sector, which includes the use of it to train doctors and aircraft pilots. Altering reality. (Perkins Coie, 2020). Virtual reality data clearly shows that early achievers are witnessing, on average, a 57% increase in efficiency as compared to 23% for other companies. Although the COVID-19 pandemic harmed the VR market worldwide, it is expected to make a good recovery this year. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. However, as statistics have shown, the barriers are breakable, and someday, the envisioned future of VR will be at your doorstep. (LightReading, 2017), Lastly, Homegrown, a fast-casual restaurant chain based in Philadelphia, reported that within 30 days of using VR employee onboarding the number of certified members on training and culture rose from 50% to 77%. (Tech Trends). Compared to other industries, the virtual reality gaming space has won a notable market size. Virtual Reality (VR) has donned a reputation of being an unfulfilled promise for years now. 
The VR industry market size is $7.72 billion. This practice will All B2B Directory Rights Reserved. A recent analysis by leading consulting services firm PricewaterhouseCoopers purports that the tech is capable of injecting approximately $1.83 billion into the world economy by the end of this decade. VR will reach 25% (70.2 million) of internet users in the US by 2023 (ARtillery Intelligence, 2020). In one of its projects dubbed Corporate Training with Virtual Reality, the tech giant found that 94% of traineeS asked for more VR-based courses to be availed. The global virtual reality 
The clickthrough rate went up by 53%. 25- to 34-year-olds account for 23% of VR/AR device users. 27. The benefits of VR/AR are just about limitless. Given the positive response of consumers to AR, 53% of them feel that retailers are failing to take advantage of the technology (ZDNet, 2021). With increasing familiarity and more content, there seems to be the possibility of a noticeable increase in VR use in the coming months. VR stats for 2022 show that the VR gaming revenue sits at $1.1 billion. In terms of AR/VR spending in 2020 by region, China leads the world with $5.8 billion, followed by the US ($5.1 billion), Western Europe ($3.3 billion), and Japan ($1.8 billion). Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development. Let's start with some general facts about the market. The latest forecasts show that the sale of standalone devices will grow from nearly zero in 2017 to more than half of the total AR and VR devices market in 2022 (29 million units). Global spending by the manufacturing and resources sector on AR/VR technology in 2020 amounted to $1.66 billion (IDC, 2020). VR sets have traditionally been complicated, with multiple wires and controllers, or time-consuming to set up, and the variety of content has also not grown as fast as it has with other devices. The global virtual reality software and hardware market size was valued at $2.6 billion in 2020, which will jump to $3.7 billion in 2021, $4.6 billion in 2022, and 5.1 billion by 2023 (SuperData, 2020). bulky hardware and technical glitches) is an obstacle to the mass adoption of VR. WebGood to know Virtual Reality Statistics To Know In 2023 What are your thoughts on the Hardware and or Software Site? jobs set to be using AR and VR in one way or another for training, meetings, and customer service purposes by 2030 (PwC, 2019). In particular, the use of VR in training workers like mechanics, pilots, and technicians is set to increase. If youre looking for answers to these questions and more, youve come to the right place. From 2021 to 2028, the compound annual growth rate of the virtual reality market is 18 percent (Grand View Research, 2021). Also, VR can sometimes form a part of our real memory, due to excessive play. Experts predict that it will be worth almost $27 billion by 2027, which would be a CAGR of about 19% from 2021 to 2027. 39% say they use VR sets once a week, 19% once a month, 8% once every six months, and 6% just about once a year. There are 171 million active VR users in the world. In 2020, outside of gaming, the sectors that were anticipated to have the most immersive technology (including AR/VR) disruptions are healthcare devices (38%), education (28%), workforce development (24%), manufacturing (21%), automotive (19%), marketing and advertising (16%), logistics/transportation (16%), retail (15%), military (13%), and commercial real estate (13%) (Perkins Coie, 2020). Its only the beginning, but the real-world usefulness of VR has prompted an increasing user base. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. So much is already here and so much is coming. Retail is seen to deliver the biggest commercial investment in AR/VR technology in 2024 at $7.3 billion (IDC, 2020). The reality of VR technology has failed to live up to the hoopla around it for many consumers. WebThe global virtual reality in manufacturing industry stood at USD 924.7 million in 2018 and is projected to reach USD 14,887.0 million by 2026, exhibiting a CAGR of 39.2% during the forecast period We are in process of revamping virtual reality (VR) in manufacturing industry with respect to COVID-19 Impact. If you have an advertising format where 1 in 5 customers are already in your favor for just using that format, its your battle to lose. 6. ET Do VR benefits outweigh the risks? Larger economies, including the US, UK, Germany, and China, are expected to be the most impacted. Almost two-thirds of users in the virtual reality survey believed that gaming is the area that will benefit the most from VR technology. Be the first to rate this post. Interestingly, 90% of all participants lauded the platform for helping them improve efficiency and work better. Leading brands are catching up to the potential of VR. 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