The virtual reality (VR) market encompasses two primary components: hardware and software. Hardware includes devices such as head-mounted displays (HMDs), which provide immersive experiences by covering the user's field of vision, projectors and display walls for large-scale VR environments, and gesture-tracking devices that allow users to interact with virtual worlds through hand and body movements. The software component involves the applications, content, and simulations that create the virtual environments, while the choice of device type caters to varying levels of immersion and use cases in the VR landscape.
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Data Bridge Market Research analyses that the Europe Virtual Reality Market value was valued at USD 6,095.33 million in 2021 and is expected to reach the value of USD 1,36,563.21million by 2029, at a CAGR of 47.5% during the forecast period 2022-2029. The utilization of virtual reality (VR) in military training and simulations is a significant driver in the VR market. It offers a safe and immersive environment for military personnel to practice and enhance their skills, ultimately improving readiness and effectiveness.
Key Findings of the Study
Real estate is expected to drive the market's growth rate
Virtual property tours powered by virtual reality (VR) are a driving force in the VR market. These tours provide an immersive and interactive way for potential buyers and investors to explore properties remotely, saving time and resources. The realistic experience allows users to better understand a property's layout, design, and overall appeal, thereby increasing engagement and driving interest in the real estate market. VR technology has become a game-changer in the industry, offering a unique competitive advantage.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware and Software), Device Type (Head-Mounted Displays, Projectors and Display Walls, and Gesture-Tracking Devices), Technology (Fully Immersive, Non-Immersive, and Semi Immersive), Vertical (Entertainment and Media, Healthcare, Industrial, Commercial, Aerospace and Defense, Automotive, Education and Others)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
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Market Players Covered
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Sony Corporation (Japan), Lenovo (China), Autodesk Inc. (U.S.), Nintendo (Japan), LG Electronics (South Korea), HTC Corporation (Taiwan), Ultraleap (U.K.), Google (U.S.), Qualcomm Technologies, Inc. (U.S.), Barco (Belgium), PSICO SMART APPS, S.L. (Spain), HP Development Company, L.P. (U.S.), Microsoft (U.S.), SAMSUNG ELECTRONICS CO., LTD. (South Korea)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The Europe virtual reality market is segmented based on component, device type, technology, and vertical.
- On the basis of component, the Europe virtual reality market is segmented into hardware and software.
- On the basis of device type, the Europe virtual reality market is segmented into head-mounted displays, projectors and display walls, and gesture-tracking devices.
- On the basis of technology, the Europe virtual reality market is segmented into fully immersive, semi immersive, and non-immersive.
- On the basis of vertical, the Europe virtual reality market is segmented into automotive, aerospace and defense, entertainment and media, healthcare, education, industrial, commercial, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the Europe virtual reality market players in Europe virtual reality market are Sony Corporation (Japan), Lenovo (China), Autodesk Inc. (U.S.), Nintendo (Japan), LG Electronics (South Korea), HTC Corporation (Taiwan), Ultraleap (U.K.), Google (U.S.).
Market Developments
- In March 2022, Liquid Avtar Technologies Inc, a fintech solutions firm, introduced the inaugural loyalty program and payment card designed exclusively for the metaverse. This physical card utilizes OptimizeFT's Engage360 payment card and digital banking solutions platform, and it is accessible to customers in the United States. This innovative offering aims to facilitate financial transactions and incentivize user engagement within the rapidly expanding metaverse environment.
- In October 2021, Capcom announced the launch of Resident Evil 4 in VR, exclusively for Oculus Quest 2. Collaborating with Oculus Studios and Armature Studio, the game offers a first-person perspective unique to VR. Whether standing or seated, players can enjoy various comfort options. It supports teleportation and room-scale movement, allowing players to explore the game world according to their preferences, and enhancing the immersive VR experience.
- In April 2021, Microsoft revealed its USD 21.88 billion contract with the U.S. military, focusing on augmented reality headgear for soldiers. This HoloLens initiative aims to provide soldiers with improved visibility, next-gen night vision and enhanced situational awareness in warfare scenarios. It signifies Microsoft's advancement in the AR domain, breaking conventional limitations of time and space and expanding its AR product portfolio in the market.
Regional Analysis
Geographically, the countries covered in the Europe virtual reality market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
As per Data Bridge Market Research analysis:
U.K. is the dominant region in the Europe virtual reality market during the forecast period 2022-2029
The U.K. dominates the European virtual reality market as a proactive adopter of cutting-edge technologies such as mobile devices, cloud computing, and the Internet of Things (IoT) in enterprise settings. This robust tech adoption has driven market growth by fostering an environment where virtual reality applications find increasing relevance and demand. The U.K.'s receptiveness to innovative solutions positions it as a key player in the evolving European virtual reality landscape.
Germany is expected to dominate the Europe virtual reality market in the forecast period 2022-2029
Germany is expected to dominate the European virtual reality market due to the country's growing digital workplace and mobile workforce trends. As more businesses in Germany embrace digital technologies and remote work, the demand for virtual reality solutions is rising. These technologies enhance collaboration, training, and remote interaction, positioning Germany at the forefront of VR adoption and innovation within the European region.
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