US Virtual Reality Market Size (2020–2025)
As a relatively new technology, virtual reality (VR) has so far mostly been used within the gaming and entertainment industries.
However, as its benefits and value become clearer and more consumers begin to demand it and engage with it, its speed of adoption across other sectors (including ecommerce) is set to increase.
Virtual Reality Market Growth
In fact, analysts are forecasting rapid virtual reality market growth in the US over the next few years.
As it is, the virtual reality market size has been increasing. In 2020, there were 50.7 million users in the US consuming virtual reality content every month. This number includes non-VR-headset experiences, which can mean anything from experiencing VR with cardboard headsets and viewing 360-degree tours in museums to using Google street view.
Just a year later, the number of VR users in the US rose 21.3% to 61.5 million, before rising another 8.6% to 66.8 million in 2022. This year, growth is expected, but at a slower rate. The number of VR users in the US is projected to increase by 6% in 2023 to a total of 70.8 million users.
Virtual Reality Market Forecast
According to experts’ virtual reality market forecast, there will be 73.7 million monthly users in 2024. This marks a 4.1% annual increase, slower than the growth rates of the previous years.
Market experts had revised their virtual reality market forecast estimates upwards as a result of the coronavirus pandemic. As the population was forced to stay home, many people started to use virtual reality as a substitute for in-person encounters.
Analysts say this will lead to an increase in the virtual reality market size as users’ growing demand spurs supply. This is so much so that the number of monthly VR users is expected to continue increasing—albeit with a slight slowdown in rate—through to at least 2025.
Industry analysts’ virtual reality market forecast for the number of VR users in 2025 is 75.4 million, a 2.3% annual increase. From 2020 to 2025, the number of VR users is set to increase by 24.7 million—or 48.7% overall.
The virtual reality market growth is attributed to technological advancements such as 5G connectivity and developments in artificial intelligence. Both of these factors are likely to make it less costly for suppliers to offer users a smooth and fun VR experience.