January 18, 2023

Virtual Reality Statistics to Know in 2023

Today’s immersive hardware customers have ever-increasing access to sleeker, more engaging virtual Reality (VR) experiences and marketplace statistics reflect that interest.

Over the last couple of years, VR has grown so dramatically users see the technology in all areas of life. Thanks to increasing consumer and enterprise brands, the immersive market is growing with use cases that cover retail, tourism, training, and much more.

According to a report by Emerged Research, VR technology will propel the extended reality (XR) market to roughly $1,246.57 billion by 2025. Moreover, the report forecasts the XR marketplace’s CAGR will jump to 24.2 percent in the same year.

VR opportunities are now more extensive and more exciting than ever. VR already has a chance to enhance consumer interactions, strengthen collaboration, and build new ideas.

Building a Business Case for Virtual Reality

VR isn’t just a sci-fi concept or a strategy for gaming hardware anymore. A significant portion of the virtual reality market still belongs to the consumer space. But demand for this content is growing. Research suggests that around 171 million people are using VR worldwide.

The unique promises of VR technology make it an inspiring option for many reasons. The immersive industry is continuing to experiment with the idea of being able to interact with colleagues in new and exciting ways digitally. Now, AI technology, 5G, and visual screens are more impressive than ever. Computing on edge and faster connections mean that VR innovators can deliver high-quality immersive experiences.

It’s not just the rapid technological increase contributing to the VR revolution. The number of VR start-ups has increased by more than 14% in less than a year, with further growth incoming.

Temporarily disruptive immersive industry events such as social media stock crashes, Meta’s reshuffling, and Bytedance’s FTC investigation led to roadblocks. However, clients are still adopting VR technology as a more accessible and safer way to bring teams. Immersive collaboration services can enhance creative innovation and business development.

Top 10 Need-to-Know Facts about Virtual Reality

Virtual reality is currently among the most exciting disruptive technology options today. The global shipments of consumer unit VR headsets in 2022 amounted to around 15.49 million, even with the global economic downfall taking full effect.

Here are some of the crucial facts covering VR’s potential:

Top Statistics to Support Business Use Cases

Virtually all vertical markets can leverage the benefits of enterprise-grade VR solutions.

According to Emerged Research, industrial and retail XR solutions will drive the immersive marketplace. Traditionally the gaming space fueled VR innovation. Although immersive technology is creeping into new use cases. Now, VR gaming is not the only sector pushing the industry forward.

Opportunities are emerging in other landscapes too. Here are some VR statistics to support business use cases.