US Virtual Reality Market Size (2019–2027)
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: 2019–2023
In fact, analysts are forecasting virtual reality market growth in the US over the next few years.
As it is, the virtual reality market size has been increasing. In 2019, there were 43.4 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.
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Just a year later, the number of VR users in the US rose by 16.8%, to 50.7 million, before rising another 21.3% to 61.5 million in 2021. Last year, the number of VR users in the US grew at a significantly slower rate of 5.7%, to 65 million.
According to the virtual reality market forecast figures, an annual increase of 6% is expected in 2023, which will take the total number to 68.9 million.
From 2019 to 2023, the number of VR users in the US grew by 58.8% overall and at an average annual growth rate of 12.5%.
Virtual reality market forecast: 2024–2027
According to experts’ virtual reality market forecast, there will be 72.2 million monthly users in 2024. This will mark a 4.8% annual increase, slower than the growth rates of the previous years.
The number of monthly VR users is expected to continue increasing—albeit with a slight slowdown in rate—through to at least 2027.
Industry analysts’ virtual reality market forecast for the number of VR users in 2025 is 74.7 million, a 3.5% annual increase. From 2024 to 2027, the number of VR users is set to increase by 6.3 million—or 8.7% 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.