Virtual Reality Statistics to Know in 2023

These are the top VR stats for deploying VR strategies and solutions

Virtual Reality Statistics to Know in 2021
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Published: February 28, 2023

Demond Cureton

Current immersive hardware clients have increased access to more engaging virtual reality (VR) experiences, with a growing number of market statistics reflecting this.

Over the last few years, VR has become more widely adopted due to increasing consumer and enterprise demand, growing use cases, and a booming ecosystem.

An Emerged Research report predicts VR markets will reach around $1.25 billion USD by 2025. The document expects the XR market’s compound annual growth rate (CAGR) to jump to 24.2 percent by the same year.

Additionally, VR opportunities have become more extensive and exciting, leading to enhanced customer experiences, strengthened collaboration, and new tech ecosystems.

Building a Business Case for Virtual Reality

No longer a concept, significant shares of the VR market still belong to consumers. However, demand for content is growing as around 171 million people use VR worldwide, eMarketer research shows.

VR also inspires industry verticals by experimenting with remote collaboration in fresh and innovative ways. XR firms such as Morpheus, ENGAGE XR, Meta Platforms, ByteDance, and others are building future remote collaboration platforms for the enterprise.

VR technologies also offer related solutions such as artificial intelligence (AI), 5G, and microLED displays, edge and cloud and other solutions. Additionally, VR startups are leveraging these tools, leading to a 14 percent increase in small and medium enterprises (SMEs), significantly contributing to the global economy.

Despite the challenges from 2022, which has seen tech stock crashes, scores of layoffs across the sector, and regulatory crackdowns on big tech firms, XR remains resilient.

Clients are still adopting VR technologies to safely and accessibly train and collaborate among teammates. Furthermore, XR has vastly empowered training and onboarding solutions for enterprises.

Temporarily disruptions such as social media stock crashes, Meta’s reshuffle, and Bytedance’s FTC investigation led to industry-wide 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

VR innovations have led to greater numbers of headset shipments. Consumer unit VR headsets last year totalled 15.49 million, even amid the global economic downturn..

Here are some of the numbers on VR:

  • Between 2021 and 2028, the market’s CAGR will reach around 31.4 percent overall. During these seven years, experts expect VR to accelerate across all industries, from retail to healthcare.
  • In 2020, roughly 57.4 people owned a VR headset in the United States. This figure rose to 37.7 million in 2022. Experts believe demand for VR headsets will continue to gain steam due to increased adoption rates.
  • Reports also found that nearly 78 percent of US citizens are already familiar with VR technologies. Thanks to tech-savvy millennials and Gen Z users, onboarding processes and training will streamline.
  • Experts also believe that XR adoption will create new economic opportunities globally. XR currently hosts roughly 80,000 jobs and a further 2.3 million roles by 2030.
  • Analysts expect demand for VR devices to jump 16 times current values by 2023.

Top Statistics to Support Business Use Cases

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

Accoridng to Emerged Research, industrial and retail XR solutions will drive immersive marketplaces traditionally dominated by gaming. Despite previous areas of focus for the industry, verticals across sectors are proliferating.

Here are some of the top areas where XR solutions are building enterprise use cases:

  • Aside from gaming, workforce development, manufacturing, automotive, and marketing and advertising are the sectors with the most growth at 24 percent, 21 percent, 19 percent, and 16 percent, respectively.
  • Users report that VR offers crucial support for maintaining student attention in the classroom. Reports show that VR education solutions provide a fourfold increase in learner retention.
  • Some studies show that engineers will benefit the most from VR due to reductions in time to market of 10 percent and a seven percent dip in construction times.
  • According to Swagsoft, VR can increase eCommerce conversion rates from just 2 percent to 17 percent. The number cements XR’s popularity as a marketing tool. Smartphone applications with integrated AR feature also allow buyers to interact with brands through games, filters, and digital goods.
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