Daniel Slotta
Research expert covering Greater China
Virtual reality (VR) - statistics & facts
Virtual reality (VR) is a term used to describe a simulated experience, with this experience either mimicking the real world or presenting a new world entirely. VR aims to create a sensory experience for the user, sometimes including sight, touch, hearing, smell, or even taste. The industry is growing at a fast pace, with the consumer VR market projected to increase from less than 16 billion U.S. dollars in 2024 to more than 18 billion U.S. dollars by the end of 2025. The continued development of the VR gaming industry is expected to contribute to growth across both the consumer and enterprise segments of the market, while businesses will further look to VR to streamline processes such as customer experience, remote collaboration, and training.
More VR headsets hit the market
Currently, standard VR systems use VR headsets or multi-projected environments to generate realistic sensations that simulate a user's physical presence in a virtual environment. The effect is commonly created by VR headsets consisting of a head-mounted display, a wraparound headset that does not allow light or images from the real world to interfere with the virtual one. Notable VR headset suppliers include Pico, Sony, and, of course, Meta. In 2024, Meta announced the next iteration of its device lineup with the release of Quest 3S, a more affordable version of its highly popular Quest 3 headset.VR adoption set to rise as use cases develop
Analysts suggest that improvements to VR hardware, such as the introduction of smaller and more fashionable devices, will support the increased adoption of VR by consumers and across industries. Healthcare, workforce development, and manufacturing are expected to be among the sectors most disrupted by VR technology. Examples of VR in use include training simulations for surgeons and production operatives, and immersive teaching experiences within the classroom. As a result, the economic benefits of VR are expected to be felt worldwide, growing considerably as use cases widen and develop.
