A new report issued by SuperData Research highlights the projected growth of virtual reality (VR) and what is driving the expansion in the VR sector, such as hardware sales and peripherals.
The report estimates that over the course of 2017, the VR market will grow to a projected $4.9 billion USD, estimated to reach $37.7 billion by 2020, which would be an increase of 20 times what the market was worth in 2016. The growth is mostly being driven by the increase in the amount of hardware and software available for consumer purchase.
It also indicates that in 2016 supply constraints of hardware such as the Oculus Rift and PlayStation VR had largely held back revenue, but that this issue has largely been resolved. The report predicts that the greater availability of hardware will drive consumers to spend more in the VR sector.
Another report by CCS Insight shows that the Mobile VR section of the VR market is still dominant, with research suggesting that 14 million smartphone headsets will be sold in 2017, rising to 25 million in 2018. Ben Wood, Chief of Research at CCS Insight had this to say: “Headsets designed for smartphones are the entry point for most consumers when it comes to virtual reality. Google’s Cardboard devices and Samsung’s Gear VR headsets have been the early market makers in this area.”
CCS Insight’s global forecast for VR and augmented reality (AR) shows the slow beginnings of the market, but emphasises that the VR industry is still in its early days and still shows great potential for healthy growth over the next five years.
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