VR is forecasted to BOOM in 2018 and over the next 5 years, with amazing steady growth. There are multiple reports, but it doesn’t really matter which forecast you choose to believe – the numbers may differ, but all of them pretty much say the same thing – VR is King.
IDC: VR and AR Headsets – 68.9 Million Units in 2022
The International Data Corporation (IDC) Worldwide Quarterly Augmented and Virtual Reality Headset Tracker released a forecast predicting that “Worldwide shipments for augmented reality (AR) and virtual reality (VR) headsets will grow to 68.9 million units in 2022”. It expects headset sales to reach 12.4 million units by the end of 2018, meaning a year-over-year increase of 48.5%.
IDC sees a surge in the market, driven by large companies such as Google and Facebook, who are molding the technology to be more user-friendly to consumers. Also, the surge of new devices such as Facebook’s Oculus Go, HTC’s Vive Pro, and Lenovo’s Mirage Solo will be a sales booster.
IDC foresees that head-mounted AR displays will grow over the coming 5 years, with standalone and tethered devices will capture 97% of the market in the year 2022.
Zion Market Research: Worldwide VR Market – $26.89 Billion by 2022
Zion Market Research forecasts that the worldwide Virtual Reality Market Size will reach $26.89 Billion by 2022. The worldwide virtual reality (VR) market was valued at USD 2.02 billion in 2016, so this means a 54.01% growth in 5 years.
One of the factors of growth, according to the research, is that VR functionalities and applications have been built into many devices – mobile, tablets – and VR has entered many industries – retail, healthcare, ecommerce and automotive.
Head mounted displays are the product that will occupy the greatest market share and seem like the device with the highest potential to boost the market.
According to the report, North America is the major market for VR, owing to the strong R&D and VR companies located in this region. Examples include Facebook’s cutting $200 from the Oculus Rift goggles to hike up sales and Apple’s heavy investments in VR and AR.
Orbit Research: VR Market – $49.7 Billion by 2023
According to the study “Global Virtual Reality Market Size 2018: Growth Analysis, Technology Trends, Key Features, Statistics, Types, Applications and Outlook 2023”, the VR market was valued at $3.13 billion in 2017 and is expected to reach $49.7 billion by 2023, at a CAGR (compound annual growth rate) of 58.54% over these 5 years (2018-2023).
The study says that the intensity of the VR experience, increasing the sense of presence and immersion, and the fall in the prices of VR, which are both underway, will drive increased adoption of VR. The key VR applications mentioned include information visualization for education, simulations for defense training, aviation and mobile. HTC Vive, Oculus Rift, PlayStation VR, and Immersion VR are the headsets that are expected to gain the largest market share.