Virtual Reality (VR) Social Platforms Global Market Report 2024

The virtual reality (VR) social platforms market size has grown exponentially in recent years. It will grow from $0.84 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 77.5%. The growth observed during the historic period can be attributed to several factors, including the influence of the gaming industry, user engagement, investment and funding, the availability of content creation tools, and community building efforts.

The virtual reality (VR) social platforms market size is expected to see exponential growth in the next few years. It will grow to $15.03 billion in 2028 at a compound annual growth rate (CAGR) of 78%. The anticipated growth in the forecast period can be attributed to several factors, including advancements in 5G and edge computing technologies, the development of the metaverse, integration of augmented reality, the implementation of AI and personalization features, and the increasing adoption of healthcare and wellness applications. Major trends expected during the forecast period include enhanced social presence and interaction, cross-platform compatibility, virtual events and gatherings, strategies for monetization, and considerations regarding regulatory and ethical aspects.

The growth of the virtual reality (VR) social platforms market is anticipated to be propelled by the increasing development of 5G networks. 5G networks, the fifth generation of cellular network technology, offer enhanced speeds, reduced latency, and greater capacity for mobile communication and data transmission. This development is driven by the growing demand for improved connectivity, enabling faster data speeds and lower latency, and facilitating the advancement of emerging technologies such as IoT and autonomous vehicles. By providing high-speed, low-latency connections, 5G networks enable VR social platforms to deliver enhanced immersive experiences and real-time interactions among users in virtual environments. For example, Telefonaktiebolaget LM Ericsson reported in November 2023 that there were 163 million additional 5G subscriptions in the third quarter of 2023, reaching a total of 1.4 billion. The report also projected that global 5G subscriptions would exceed 5.3 billion by 2029, constituting 58% of all mobile subscriptions. Thus, the increasing development of 5G networks is fueling the growth of the VR social platforms market.

Leading companies in the VR social platforms market are concentrating on developing metaverse infrastructure systems to meet the growing demand for immersive and interconnected virtual experiences. Metaverse infrastructure systems encompass foundational technologies and frameworks supporting interconnected virtual environments, facilitating seamless interactions and experiences across various platforms and devices. For instance, Dentsu Group Inc. introduced Xambr in September 2023, a new virtual experience platform designed to enhance entertainment and interaction within the metaverse. Xambr ensures accessibility across multiple devices and offers immersive experiences suitable for personal and business purposes, leveraging high-quality graphics and advanced data analytics capabilities to elevate brand experiences and services in the virtual realm.

In June 2021, Facebook Inc. acquired BigBox VR, underscoring its commitment to investing in content that enhances social interactions within the VR community. This acquisition involved integrating BigBox VR's team into Oculus Studios, a division of Facebook. BigBox VR, a US-based company, specializes in developing platform-defining virtual reality games.

Major companies operating in the virtual reality (VR) social platforms market are Meta Platforms Inc., Mozilla Corporation, Sony Interactive Entertainment LLC, Oculus VR LLC, Rec Room Inc., Microsoft Corporation, Immersive VR Education Ltd., High Fidelity Inc., Doghead Simulations LLC, Cluster Inc., LiveLike VR Inc., Spatial Systems Inc., Glue Collaboration AS, Bigscreen Inc., Somnium Space Limited, VRChat Inc., MeetinVR ApS, VTime Holdings Ltd., Social Spaces VR Ltd., JanusVR Inc.

North America was the largest region in the virtual reality (VR) social platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual reality (VR) social platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the virtual reality (VR) social platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Virtual reality (VR) social platforms are online environments where users can interact with others in a simulated digital world. These platforms leverage VR technology to create immersive experiences, enabling users to communicate, socialize, and engage in various activities as if they were physically present with each other. VR social platforms provide a unique avenue for connection, socializing, and exploring virtual worlds, blurring the lines between physical and digital interaction.

The primary types of virtual reality (VR) social platforms include on-premise and cloud-based solutions. An on-premise VR social platform typically refers to a virtual reality environment hosted and managed within a physical location or facility, as opposed to being cloud-based or accessible remotely. These platforms encompass desktop, mobile, web, and console applications, offering pricing models such as subscription, pay-per-use, and freemium, catering to applications across individual, enterprise, educational, governmental, and other sectors.

The virtual reality (VR) social platforms research report is one of a series of new reports that provides virtual reality (VR) social platforms market statistics, including the virtual reality (VR) social platforms industry's global market size, regional shares, competitors with a virtual reality (VR) social platforms market share, detailed virtual reality (VR) social platforms market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality (VR) social platforms industry. This virtual reality (VR) social platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual reality (VR) social platforms market includes revenues earned by entities by avatar creation, social spaces, real-time communication, cross-platform compatibility, and multiplayer games and activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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