Global VR Industry Expected to top $33bn by 2024

Despite facing opposition from all sides, the VR industry is still set to undergo major growth. It is expected the industry will top the $33bn mark by 2024. Achieving that growth will be quite challenging, as a lot of developments in recent months seem to oppose such a trend.

VR Industry Growth Is Still on Track

It is always difficult to predict how any industry will evolve in the years to come. For the virtual reality industry, expectations remain at an all-time high. With an expected market growth to $33bn by 2024, there is still a lot of work to be done in this regard. On a global scale, virtual reality seems to be growing, despite facing some big setbacks and roadblocks along the way.

Identifying the key driving factors for this industry remains a big challenge. The gaming industry has seen its initial successes where VR is concerned. However, it is pertinent to make inroads across other industries as well. In the entertainment industry, things seem to be progressing nicely. This is despite porn content remaining off-limits to owners of most major mainstream VR headsets.

On the other side of the medallion, virtual reality is a worthwhile tool in terms of training and scientific research. The healthcare sector has seen numerous breakthroughs which are all facilitated by virtual reality technology. Furthermore, dozens of companies now performing dedicating training sessions in virtual reality, to provide a more hands-on approach.

Despite these successes, key limiting factors remain in place. The technology has not reached its full potential yet, although advancements are coming in the next few years. These changes will help the VR industry grow on a global scale. Whether or not the industry will reach the $33bn threshold by 2024, is a different matter altogether.

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By JP Buntinx

JP Buntinx is a FinTech, VR, and Bitcoin enthusiast living in Belgium.