5G Virtual Reality (Vr) Market Size, Share, Opportunities, And Trends By Component (Hardware, Software, Services), By Device Type (Head Mounted Display, Gesture Control Device, Projector, Others), By Technology (Non-immersive, Semi-immersive, Fully Immersive), By End User (Consumer, Commercial, Industrial), And By Geography - Forecasts From 2023 To 2028

The 5G virtual reality (Vr) market is expected to grow at a CAGR of 88.86%, from US$2.184 billion in 2022 to US$99.119 billion in 2028.

GROWTH DRIVERS

• RISING GAMING CONTROL ACCESSORIES SALES, GERMANY, IN MILLION EUROS

The VR gaming industry relies on gaming control accessories, which allow gamers to move, view, and interact with game objects. Also, 5G can support VR gaming on mobile devices, which can lower the dependence on hardware and enhance the user experience. The gaming control accessories segment can enhance the user experience and add more value and differentiation for 5G in VR, as they can provide more immersion, customization, personalization, and socialization for gamers. The growth of this segment can increase the demand for 5G VR, which needs high-speed, bandwidth, and low-latency connectivity for VR gaming.

For instance, as per the German Games Industry Association, the sales revenue of gaming control accessories which included VR headsets, gamepads, and steering wheels, were valued at 222 million euros in 2019, 275 million euros in 2020, and 306 million euros in 2021. The sales revenues of this segment represent that, it has grown steadily in the past few years, which can have a positive impact on the 5G in VR market.

In another instance, 5G technologies have also enabled the development of the mobile-based VR gaming market. As per the press release, in May 2020, XRSPACE has unveiled the first social VR platform for mass market users, along with the first 5G VR headset that can connect to mobile networks, offering a true social VR experience for everyone. The XRSPACE MANOVA headset uses advanced optical sensors and proprietary scanning technology to turn hand gestures into VR interactions, and to scan real physical locations and recreate them in VR. 

EMERGING OPPORTUNITIES FOR 5G IN VR MARKET

• COMMERCIAL AND CONSUMER

The 5G in VR market is driven by the increasing popularity of AR and VR devices, the technological innovations in 5G technology, the rising demand for virtual training across industries, the growing investments in virtual technology by major companies, and the rising disposable income and population in emerging economies.

By end-user, the 5g in VR market is segmented into commercial, consumer, and industrial. These segments of the 5G in VR market are witnessing various innovations and collaborations from different players in the industry. The commercial and consumer segments are anticipated to grow significantly in the future due to the increase of innovations in this sector.

For instance,

• In June 2023, Apple announced in a press statement, that it has unveiled its “Vision Pro” AR/VR headset at the World-Wide Developers Conference (WWDC) in Cupertino, California, where it also unveiled updates for many of its current hardware and software. Users who are using the headset can browse by gesturing with their hands or by gazing. 
• In May 2020, Archiact announced that, it has partnered with Migu, a subsidiary of China Mobile, to offer VR games to their 5G cloud gaming platform. According to press release, Archiact believes, its collaboration with Migu would enable the development of the 5G VR cloud gaming ecosystem and further increase the accessibility of VR.
• In February 2019, Qualcomm Technologies, Inc. announced that, by announcing full support for its Snapdragon 855 mobile processor in the XR ecosystem, Qualcomm is getting ready for the arrival of 5G in the augmented and virtual reality domains. It’s merging AR and VR devices into one category of XR viewer, which covers both virtual reality headsets that replace your vision and augmented reality glasses that enhance your vision.

GEOGRAPHICAL PRESENCE

The global 5G in VR market consists of some major countries that have been undertaking various measures to secure their 5G network across their respective nations. China is expected to have a higher CAGR during the forecasted period. In addition to it, a few of the major countries include the USA, Japan, South Korea, United Kingdom, and Germany. The nations have undertaken various measures, which have complemented the overall market growth. For instance,

• In August 2022, in United States, T Mobile announced that, three new firms have entered T-Mobile's Accelerator program. The new participants will collaborate with other developers and business owners to create immersive experiences for Augmented Reality (AR) smart glasses using T-Mobile 5G, and the Snapdragon SpacesTM XR developer platform, with the goal of transforming industries like gaming, shopping, and retail. 
• In May 2019, in China, NetDragon Websoft Holdings Limited grows its VR business by taking advantage of new 5G-enabled opportunities. It was announced by NetDragon that it had co-sponsored and taken part in the "5G+VR/AR Innovation and Application Summit and Hefei VR Town Conference" in Hefei, Anhui. The Hefei Feidong People's Government served as the event's host, with the subject "New 5G Vision, New VR Impetus". Additionally, a project co-developed by NetDragon, Hefei VR Town, was unveiled at the conference.

MAJOR PLAYERS IN THE MARKET

Some of the leading players in the market include Qualcomm Technologies, Inc., LG Uplus Corp, and NVIDIA Corporation among others. The product offerings of the major corporation include the following:

5G Virtual Reality (VR) Market Scope:

SEGMENTATION 

The 5G VR market has been analyzed through the following segments:

• By Component
  • Hardware
  • Software
  • Services
• By Device Type
  • Head Mounted Display
  • Gesture Control Device
  • Projector
  • Others
• By Technology
  • Non-immersive
  • Semi-immersive
  • Fully immersive
• By End User
  • Consumer
  • Commercial
  • Industrial
• By Geography
  • • Americas
    • USA
    • Others
  • EMEA
    • Germany
    • UK
    • Others
  • APAC
    • China
    • Japan
    • South Korea
    • Others