Global VR Industry to Reach $7.2 Billion in Revenues in 2017, Report Predicts

A new report was released today detailing the forecasts for global hardware, software and services revenue over the course of 2017. The verdict for the growth of the virtual reality industry within the report looked very positive.

The report was published by Greenlight Insights and is forecasting that the global virtual reality (VR) industry will be receiving $7.2 Billion (USD) in revenues by the end of 2017.

The report further predicts that VR market growth will begin modestly, but expects it to grow into a major global marketplace by 2021 and reaching a massive $74.8 billion in global revenues.

“We saw mixed results in the global VR industry in 2016— initial sales volume by some high-end manufacturers didn’t quite live up to the hype, while PlayStation VR, Samsung Gear VR, and low-cost headsets continued to gain traction,” said Clifton Dawson, CEO of Greenlight Insights. “There are turbulent times ahead, but our analysis points to VR achieving critical mass in many markets by 2019, building to a considerable global marketplace five years from now.”

Greenlight Insights’ report went into some details about trends within VR to watch for in 2017. Such as:

  • New VR headsets powered by Microsoft’s Windows 10 operating system will spark demand by enterprise firms for VR-related hardware, software and services.
  • The introduction of new hardware platforms from top PC manufacturers in late 2017 will accelerate the availability of affordable headsets and VR-ready computers.
  • Greenlight Insights notes rising utilization rates and forecasts LBE (Location Based Entertainment) centers to become a $1.2 billion segment in 2021.

“Before spending hundreds or thousands of dollars on equipment, new users are turning to LBE centers to experience VR inexpensively and more immersively than they could with an in-home system,” said Eddie Lou, China Market Analyst, Greenlight Insights. “Niche accessories such as full haptic suits, sensory simulators, and specialized controllers will find a home in LBE centers as consumers will be less inclined to purchase expensive hardware. This represents a distinct market opportunity for VR content studios and hardware vendors.”

VRFocus will continue to bring you the latest reports on the health of the VR market.