The North America Immersive Virtual Reality Market would witness market growth of 25.0% CAGR during the forecast period (2024-2031).
The US market dominated the North America Immersive Virtual Reality Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $24,997.4 million by 2031. The Canada market is experiencing a CAGR of 27.6% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 26.6% during (2024 - 2031).
Immersive virtual reality has many applications beyond the gaming and entertainment sectors. VR enables engineers and designers to create and test virtual prototypes of products before physical production. This reduces costs and time associated with traditional prototyping, allowing for rapid iteration and refinement of designs in a virtual environment.
Additionally, teams across different locations can collaborate on design projects in a shared virtual space. This facilitates real-time feedback and adjustments, streamlining the design process and improving efficiency. VR allows potential buyers to explore and interact with virtual representations of properties.
Increased funding in Canada’s aerospace sector is leading to the development of advanced VR training programs for pilots. VR simulates flight scenarios and provides immersive training experiences, improving pilot skills and safety. As per the Government of Canada, with a total budget of $250 million over the coming years, the Aerospace Regional Recovery Initiative (ARRI) was delivered by Canada’s regional development agencies (RDAs).
Free Valuable Insights: The Immersive Virtual Reality Market is Predict to reach USD 88.3 Billion by 2031, at a CAGR of 25.6%
Based on Component, the market is segmented into Hardware, Software, and Services. Based on Device, the market is segmented into Head Mounted Display, Gesture Tracking Device, and Projectors & Display Wall. Based on Technology, the market is segmented into Semi & Fully Immersive, and Non-Immersive. Based on End-use, the market is segmented into Gaming, Media & Entertainment, Healthcare, Education, Automotive, Manufacturing, Retail & E-commerce, and Aerospace, Defense & others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Device
By Technology
By End-use
By Country
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