74 Virtual Reality Statistics You Must Know in 2024: Adoption, Usage & Market Share

Virtual Reality (VR) has donned a reputation of being an unfulfilled promise for years now. While it has not lived up to its profound potential, virtual reality statistics show that the technology is making massive leaps and bounds, and its near future is mesmerizing to behold.

After years of wandering, this fantastic technology has now entered the wider business sphere. With its innovative experience now a reality, businesses are keenly embracing the opportunities it presents. So how well prepared are you for the future when VR becomes a fixture of daily life? Was it affected by the global COVID-19 pandemic?

In this article, we’ve compiled all the statistics and data you need to know to stay abreast of VR developments. From its use in the fashion industry to its role in some of the best LMS software, these statistics will open your eyes to massive possibilities.

Virtual Reality Adoption Statistics

The clunky VR simulations of the early days opened the doors to unique VR options. The revolutionary technology tantalized, everyone fell in love, but the much-hyped transformative effect never quite arrived. In fact, since its inception, virtual reality has been a slow burner, and the one-dimensional progressed offered no reassurance.

Today, the speed of growth has not changed, but the expanding VR use cases point to a rapid paradigm shift. Besides, there are massive adoption campaigns aimed at encouraging the consumer and enterprise markets to embrace this technology. No breakthrough has been reached yet, but with global brands like IKEA, Audi, DHL, and Airbus adopting the VR experience, the future looks bright.

Virtual Reality Hardware/Software Statistics

• The global shipments of virtual and augmented reality headset shipments in 2020 amounted to 5.5 million units and it is projected to reach 11 million in 2021 and 43.5 million by 2025 (Statista, 2020).
• The market size of virtual reality HMDs was $5.5 billion in 2019 with a CAGR of 22.3%, projected to reach $18.6 billion by 2026 (Valuates, 2020).
• As of the second quarter of 2020, the market leaders of virtual reality headsets are Facebook (38.7%), Sony (21.9%), Pico (9.2%), DPVR (8.9%), and HTC (4.9%) (IDC, 2020).
• The standalone VR HMD owns the largest share of the AR/VR headset market in 2020 at 43.76%, followed by the tethered VR HMD (40.88%), standalone AR HMD (5.82%), VR screenless viewer (5.55%), and the tethered AR HMD (3.49%) (IDC, 2020).
• The global virtual reality software and hardware market size was valued at $2.6 billion in 2020, which will jump to $3.7 billion in 2021, $4.6 billion in 2022, and 5.1 billion by 2023 (SuperData, 2020).
• As of 2020, 26 million VR headsets are owned by consumers globally (CNBC, 2020).

Virtual Reality Market Statistics

• The combined augmented reality and virtual reality markets were worth $12 billion in 2020 with a massive annual growth rate of 54%, resulting in a projected valuation of $72.8 billion by 2024 (IDC, 2020).
• Meanwhile, another report from Research and Markets appraised the virtual reality market at $6.1 billion in 2020 with an annual growth rate of 27.9%, projected to reach $20.9 billion by 2025 (Research and Markets, 2020).
• In the same research, the augmented reality market was valued at $15.3 billion in 2020 with an annual growth rate of 38.1%. It is projected to reach $77 billion by 2025 (Research and Markets, 2020).
• In terms of VR spending by sector, consumer spending leads the way at 53%, followed by distribution and services (15.8%), manufacturing and resources (13.8%), public sector (12.7%), and infrastructure (3.2%) (IDC, 2020).
• In terms of AR/VR spending in 2020 by region, China leads the world with $5.8 billion, followed by the US ($5.1 billion), Western Europe ($3.3 billion), and Japan ($1.8 billion). Meanwhile, the rest of the world spent $2.8 billion on AR/VR (IDC, 2019).
• China accounted for 38.3% of the global AR/VR share in 2020. It will increase to 56% in 2021 (China Internet Watch, 2021).
• However, the IDC sees China’s share decline to around 36% by 2024 while the US and Europe close in with CAGRs of 75.1% and 72.8% through 2024, respectively (IDC, 2020).
• Meanwhile, the commercial use cases that are foreseen to obtain the biggest investments in 2024 are training ($4.1 billion), industrial maintenance ($4.1 billion), and retail showcasing ($2.7 billion) (IDC, 2020).

Factors Hindering Adoption Statistics

• When it comes to factors hindering VR adoption, content offerings (27%) is the top obstacle, followed by user experience (19%), business and consumer reluctance (19%), regulation and legal risks (12%), the cost to consumers (11%), and financing and investment (9%). (Perkins Coie, 2020).
• On the AR side of things, the biggest hindrances are user experience (32%), content offerings (18%), business and consumer reluctance (15%), regulation and legal risks (14%), financing and investment (11%), and cost to consumers (7%) (Perkins Coie, 2020).
• The biggest concerns for investors in VR startups include the lack of an established market for technology (46%), untested technology (38%), slow business adoption (38%), slow consumer adoption (32%), and lack of trusted teams and technologies to invest in (13%) (Perkins Coie, 2020).

Other Notable VR Adoption Statistics

• As far as VR/AR and other immersive technologies going mainstream is concerned, 37% of businesses think it will happen in two to five years, 25% within 2 years, 17% in the next 5-8 years, 15% in less than 2 years, and 6% in 8-10 years (Perkins Coie, 2020).
• COVID-19 helped accelerate the CAGRs of AR and VR to 38.1 and 27.9%, respectively (Yahoo Finance, 2020).
• AR accounts for $4.2 billion in revenue in 2021 while VR rakes in $3.5 billion, making AR a bigger avenue for innovation (Business Insider, 2021).

Takeaway

Has VR reached maturity? The short answer is no.

Although there is no evidence that this immersive technology has gone mainstream, the statistics above point to a changing landscape. Currently, some businesses are at the fore of VR experimentation, but many are still hesitant to commit fully.

However, all is not gloom and doom, and businesses should endeavor to break the barriers of VR adoption to keep pace with consumer interests. For example, there is a need to imbue VR technology with control and convenience, implement sound user experience design, and counter the rising smartphone competition. Until then, leveraging the massive opportunities of this technology will remain elusive.

Virtual Reality User Statistics

As mentioned earlier, when VR technology first came, some overhyped it. On the other hand, many underestimated the emerging technology, and it’s no surprise, then, that VR growth stalled. That said, since its inception, the technology has created a digital imprint that has had a lasting impression on the consumer.

Until recently, consumers were dying with the hope that the technology will soon change the way they shop in-store and do things online. Finally, the dawn seems to be at hand, and the roller coaster-like hype series has giving birth to real VR experiences. It’s only the beginning, but the real-world usefulness of VR has prompted an increasing user base.

General User Statistics

• According to eMarketer, the number of VR users in the US is 57.4 million while the number of AR users is 90.9 million (eMarketer, 2020).
• By 2022, the number of AR users in the US will jump to 95.1 million (Business Insider, 2021).
• The number of augmented reality users on social media in the US is around 46.9 million and will rise to 48.3 million in 2022 (eMarketer, 2020).
• 19% of adults in the US have tried virtual reality (AR Insider, 2020).
• As of January 2021, the official YouTube Virtual Reality channel has more than 3.4 million subscribers (YouTube, 2021).
• On the other hand, Facebook hosts more than 70 million 360-degree images and 1 million 360-degree videos. The 360-degree videos hosted on Facebook have generated over 580 million views. (Tech Trends)
• 30% of mobile AR users are open to the idea of making in-app purchases (ARtillery Intelligence, 2020).
• 55% of VR users found the experience to be extremely or moderately satisfying (AR Insider, 2020).
• Every month, over 600 million people use Spark AR on Facebook and Instagram (SocialMediaToday, 2020).
• There are over 400,000 AR effects creators from more than 190 countries on Facebook and Instagram, publishing a total of 1.2 million effects across both platforms (SocialMediaToday, 2020).
• VR will reach 25% (70.2 million) of internet users in the US by 2023 (ARtillery Intelligence, 2020).
• From 2018 to 2022, the number of monthly users of VR will have increased by 75.7% (Oberlo, 2020).

Virtual Reality Revenue Statistics

• Investments in AR and VR were estimated to be $915 million in 2020 (Superdata, 2020).
• Advertising is the leading segment for AR revenues, raking in $1.4 billion in 2020 (ARtillery Intelligence, 2020).

Takeaway

Virtual reality has taken off from the novelty phase, and it’s starting to show strong signs of going mainstream. However, this immersive technology has a long way to go before its transformative power can effectively bridge the gap between online and in-store shopping, as many anticipated. As it stands, there is evidence of the use of VR for furniture and room design shopping.

Do VR benefits outweigh the risks? It’s still early to speculate.

However, it’s time businesses trashed the fear they have about implementing this technology. It’s true that, for a long time, consumers have been hesitant about embracing VR technology. But that seems to be changing, and fast. Do not wait to jump the bandwagon when VR goes mainstream. Do it now. IKEA, Wayfair, and Lowe’s have implemented the VR experience, and the benefits are there for everyone to see.

Virtual Reality Usage Statistics

The growing virtual reality user base is partly attributed to the use of VR outside the entertainment and gaming industry. The technology is beginning to catch on in both the enterprise and commercial environments. The statistics below affirm its growing influence.

General Usage Statistics

• In 2020, outside of gaming, the sectors that were anticipated to have the most immersive technology (including AR/VR) disruptions are healthcare devices (38%), education (28%), workforce development (24%), manufacturing (21%), automotive (19%), marketing and advertising (16%), logistics/transportation (16%), retail (15%), military (13%), and commercial real estate (13%) (Perkins Coie, 2020).
• 91% of business organizations are already leveraging or planning to adopt VR or AR technology (TechRepublic, 2020).
• The sectors with the biggest VR/AR spending growth from 2020 until 2024 are banking (126.7% CAGR), securities and investments services (106.1% CAGR), and central/federal government (102.5% CAGR) (IDC, 2020).
• The enterprise sector is expected to generate more than 70% of AR/VR revenue through the end of 2022 (Superdata, 2020).

Training

Today, employees in high-risk fields and heavy industries like oil and gas, construction, and manufacturing are getting the opportunity to test the waters of the virtual world. VR, together with learning management software delivers multiple benefits and is, without a doubt, helpful in training.

• 26% of businesses are using VR/AR to train employees (TechRepublic, 2020).
• 70% of professionals believe that organizations will focus on adopting VR/AR in training and development in 2021 Perkins Coie, 2020).
• VR training reduces the occurrence of workplace injuries by 43% (Chaos Theory Games, 2020).
• VR training has a retention rate of 75%, beating out lectures (5%), reading (10%), and audio-visual learning (20%) (FrontCore, 2020).
• In the healthcare sector, 68% of professionals believe that AR/VR training simulations will be the primary focus of new solutions and applications through 2022 (Perkins Coie, 2020).
• 39% of big organizations leverage VR/AR technology to facilitate training in simulated environments (Chaos Theory Games, 2020).
• Police officers who received virtual training are 2.7 times more likely to participate in successful missions (SURVIVR, 2020).
• Leading the way in implementation is DHL Express, which collaborated with Immerse to build a VR training platform to boost efficiency in Unit Load Device (ULD) stacking and safety. Interestingly, 90% of all participants lauded the platform for helping them improve efficiency and work better. (Virtualspeech, 2019)
• Intel also recognizes the potential of VR for enterprises. In one of its projects dubbed “Corporate Training with Virtual Reality,” the tech giant found that 94% of traineeS asked for more VR-based courses to be availed. Besides, the company projected that the 5-year ROI of a single VR-based course could reach 300%. (Intel)
• Furthermore, Boeing is a prime example of how heavy industry can implement VR in trainING. The global giant cut training time by 75% by implementing VR technology. (LightReading, 2017)
• Lastly, Homegrown, a fast-casual restaurant chain based in Philadelphia, reported that within 30 days of using VR employee onboarding the number of certified members on training and culture rose from 50% to 77%. (Entrepreneur, 2017)

Most Popular LMS software

1. TalentLMS is a cloud-based LMS software that provides a training platform for your employees, partners, and customers. It has an easy-to-use and simple interface that allows you to create winning courses and deliver a straightforward learner experience.
2. SAP Litmos is an award-winning training platform for customer-focused enterprises. It comes with content-rich catalogs, an online course builder, and content management features that you can use for your corporate training programs.
3. Docebo is an AI-powered LMS software that elevates learner experience through personalized and automated learning management. It has a Docebo Content 700-course library that you can access directly on the platform.
4. iSpring Learn LMS provides an intuitive LMS platform with industry-leading and integrated authoring tools. By developing interactive courses, quizzes, and branching scenarios, the software streamlines training and helps you boost employee performance.
5. LearnUpon offers a powerful and scalable LMS solution to help you manage and achieve your learning objectives. It allows you to meet specific learning needs and deliver an accessible and impactful training program.

Retail

The online retail space has been crippled by the inability to try on new technologies like VR.

On the other hand, as online retail grapples with the skepticism, the brick-and-mortar retailers, especially those in the fashion and apparel industries, have gone all out to implement the VR experience. Mainly, in-store retailers are determined to use VR technology to repress the home-try-on effect, which has been a vexing problem. The use of VR, coupled with a robust apparel management software, has been a revelation for retailers in this space.

• Retail is seen to deliver the biggest commercial investment in AR/VR technology in 2024 at $7.3 billion (IDC, 2020).
• 61% of customers prefer online shops that offer AR experiences (BigCommerce, 2020).
• 40% of consumers would spend more on products that can be customized in AR (Threekit, 2020).
• 70% of shoppers would be more loyal to brands that provide AR experiences (ZDNet, 2021).
• According to pymnts.com, VR will change the way consumers shop online. It’s anticipating that the implementation of virtual stores will eliminate the home try-on effect by as much as 25% in the apparel industry. (PYMNTS, 2019; Virtual Perceptions)
• In addition, the use of VR technology to build online virtual change rooms can help retailers improve conversion rates by more than 6.4%, increase order value by 1.6%, reduce fulfillment costs by 5%, and lower returns by 5.2%. (Virtual Perceptions)
• Given the positive response of consumers to AR, 53% of them feel that retailers are failing to take advantage of the technology (ZDNet, 2021).
• Cosmetics brand We Make Up, upon creating an AR filter on Facebook, increased its clickthrough rate by 53%, a 28-point rise in sales, and a 7.9-point increase in brand awareness (BigCommerce, 2020; Facebook, nd).
• At the height of the COVID-19 pandemic, retailers who leveraged AR experienced a 19% increase in customer engagement as well as a 90% spike in customer conversions (Retail Customer Experience, 2020).
• Product pages that offered AR and 3D experiences drove a 13% increase in the average size of orders and a 21% spike in revenues per visit (Retail Customer Experience, 2020).

Manufacturing

While the use of VR is not as advanced as the use of AR in manufacturing, it’s still supporting numerous use cases. Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development.

Here are some intriguing VR manufacturing statistics:

• The discrete manufacturing sector is expected to receive commercial VR investments amounting to $5.9 billion in 2024 while process manufacturing will have 5.1 billion (IDC, 2020).
• 53% of organizations use VR/AR technology for product engineering and virtual design (TechRepublic, 2020).
• Airbus uses VR to optimize maintenance via simulated protocols. The use of VR technology has enabled Airbus to reduce the duration of maintenance processes by 25% (Airbus, 2019).
• Global spending by the manufacturing and resources sector on AR/VR technology in 2020 amounted to $1.66 billion (IDC, 2020).
• Applying AR and VR in service and product development potentially influences a GDP boost of $360 billion by 2030 (PwC, 2019).

Takeaway

Currently, VR is no longer limited to gaming. This immersive technology is shaking things up across different industries, including retail and manufacturing. However, the technology seems to be very expensive for small and medium businesses. Large enterprises have taken their best foot forward, and the growing influence of VR within the enterprise environment is projected to cause prices to drop. The price drop will enable small businesses to implement VR to remain competitive in the dynamic markets.

Aside from retail, manufacturing, and training, VR is slowly creeping into the data visualization industry. The technology may soon become a permanent fixture in big data analytics. Who knows?

Maybe VR is the next big thing in magnifying learning from each customer experience for ecommerce businesses.

Virtual Reality Gaming Statistics

Compared to other industries, the virtual reality gaming space has won a notable market size. The VR gaming industry has also recorded an accelerated growth rate, and the penetration has been encouraging. This does not come as a surprise because VR found a home in gaming long before its use in other sectors was conceptualized.

General Virtual Reality Gaming Statistics

• Gaming has the lion’s share of VR content revenue, accounting for $1.2 billion in 2020 and is projected to rise to 1.4 billion by the end of 2021 (PwC, 2020).
• Social media content is seen as the medium with the highest VR/AR usage rate at 47%, followed by videogames (40%), live streaming (32%), film and entertainment (31%), advertising (28%), and music (28%) (Perkins Coie, 2020).
• As of January 2021, 25.92% of gamers on Steam have Facebook’s Oculus Rift S headset, followed by Oculus Quest (16.48%), HTC Vive (16.27%), Valve Index HMD (16.13%), and Oculus Rift (9.31%) (Steam, 2021).
• VR gaming revenue is valued at $1.1 billion and will grow to $1.6 billion in 2022, $1.9 billion in 2023, and $2.4 billion in 2024 (PwC, 2020).
• Valued at $11.56 billion in 2019 by Grand View Research, the global VR gaming market size is anticipated to reach $92.3 billion by 2027 with a CAGR of 30.2% (Grand View Research, 2020; Grand View Research, 2020).
• AR game Pokemon Go is the market leader in location-based gaming with a revenue of $1.2 billion in 2020 and year-over-year growth of 33% (ARtillery Intelligence, 2020).
• Furthermore, Pokemon Go’s lifetime revenue is $4.2 billion (ARtillery Intelligence, 2020).
• As of January 2021, there are 61 VR games on Steam (Steam, 2021).

Mobile and PC Gaming

• PC VR gaming revenue in 2020 was valued at $189 million with a CAGR of 119% (Superdata, 2020).
• Consumer spending on mobile AR amounted to $1.3 billion in 2020, a vast majority of which coming from in-app purchases. It is projected to reach $4.1 billion by 2024 (ARtillery Intelligence, 2020).

What Do These Statistics and Data Mean?

There you have it a compilation of the most intriguing virtual reality statistics. The truth of the matter is: VR has the potential to push the boundaries of ordinary life. Actually, after years of intense hype and empty promises, things have taken a turn for the better. This immersive technology continues to make impressive progress, exhibiting its massive potential to upend multiple industries.

The statistics above have shown that VR is still widely considered an entertainment or gamer technology. However, there are flashes of its outsized potential to streamline operations in retail, ecommerce, nongaming entertainment, employee development, manufacturing, and medical training. While it has not metamorphosed into a ubiquitous technology, we hope it will. There are reasons to believe a bright future is burgeoning for VR. And surprisingly, the COVID-19 pandemic has helped further its growth.

There are barriers to virtual reality entry. However, as statistics have shown, the barriers are breakable, and someday, the envisioned future of VR will be at your doorstep. Soon, the interactive and immersive experiences of the tech will be brought to your customers as artificial intelligence redefined customer service. What will virtual reality do? The signs are encouraging, and when all hurdles are cleared, VR’s transformative power will take full effect.

Key Insights

• Growing Adoption and Market Size:
  • Global VR and AR headset shipments reached 5.5 million units in 2020, projected to hit 43.5 million by 2025.
  • The VR market, valued at $6.1 billion in 2020, is expected to grow to $20.9 billion by 2025.
  • Consumer spending leads VR investments at 53%, with significant contributions from manufacturing, retail, and public sectors.
• COVID-19 Impact:
  • The pandemic accelerated VR adoption, pushing growth rates to 27.9% for VR and 38.1% for AR.
  • VR training has proven effective, reducing workplace injuries by 43% and showing a retention rate of 75%.
• Sector-Specific Trends:
  • Retail: VR is transforming in-store and online shopping experiences, increasing customer engagement and reducing the home-try-on effect by 25%.
  • Manufacturing: VR is used for product development and equipment design, with Airbus cutting maintenance process times by 25% using VR.
  • Training: 26% of businesses use VR for training, with VR training increasing participation and reducing training times.
• Gaming Dominance:
  • Gaming remains the largest segment for VR content revenue, valued at $1.2 billion in 2020.
  • Steam’s VR user base shows significant adoption of Oculus and HTC headsets.
• User Base and Satisfaction:
  • 57.4 million VR users in the US, projected to reach 70.2 million by 2023.
  • 55% of VR users report high satisfaction with their experiences.
• Challenges to Adoption:
  • Major barriers include lack of content (27%), user experience issues (19%), and cost (11%).
  • Despite these barriers, 91% of businesses are planning to leverage VR technology.

FAQ

1. How has the COVID-19 pandemic affected VR adoption? The COVID-19 pandemic has accelerated VR adoption, with significant growth rates in both VR (27.9%) and AR (38.1%). It has also increased the use of VR for remote training, customer engagement, and virtual shopping experiences.
2. What are the leading sectors investing in VR technology? Leading sectors include retail, manufacturing, training, and healthcare. Retail is expected to invest $7.3 billion in VR by 2024, while manufacturing uses VR for product development and workplace layout optimization.
3. What are the current barriers to VR adoption? Major barriers to VR adoption include lack of content offerings (27%), unsatisfactory user experience (19%), business and consumer reluctance (19%), regulation and legal risks (12%), and cost to consumers (11%).
4. How is VR transforming the retail industry? VR is enhancing both in-store and online shopping experiences by allowing customers to visualize products in virtual environments. This has led to increased customer engagement, higher conversion rates, and reduced return rates.
5. What impact does VR have on training and development? VR training significantly improves training outcomes by providing immersive and interactive learning experiences. It has been shown to reduce workplace injuries by 43% and improve retention rates to 75%.
6. Which VR headsets are most popular among users? As of January 2021, Facebook’s Oculus Rift S, Oculus Quest, HTC Vive, and Valve Index are among the most popular VR headsets used on Steam.
7. What is the current market size of the VR industry? The VR market was valued at $6.1 billion in 2020 and is projected to grow to $20.9 billion by 2025. The combined VR and AR markets are expected to reach $72.8 billion by 2024.
8. How is VR being used in the manufacturing sector? VR is used in manufacturing for workplace layout and design, equipment design, and product development. Companies like Airbus use VR to optimize maintenance protocols, reducing process times by 25%.
9. What are the revenue projections for VR gaming? VR gaming revenue was valued at $1.1 billion in 2020 and is expected to grow to $2.4 billion by 2024. Gaming continues to be the largest segment for VR content revenue.
10. How satisfied are users with their VR experiences? According to surveys, 55% of VR users report being extremely or moderately satisfied with their VR experiences, indicating a positive reception to the technology.

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By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.