Global VR Industry to Become a $26.8bn Market by 2020

Various industry experts expect big things to happen to the VR industry in the coming years. Back in 2016, this market was valued at $2.02bn. Ever since that time, the market has grown quite a bit and will turn into a $26.89bn by 2022. That in itself would be a rather impressive achievement, although it is not entirely impossible to reach that goal either. It will mainly depend on how the new generation of VR headsets is perceived by the general public.

Can the VR Industry Continue to Grow?

After nearly three years of virtual reality industry trends, it has become apparent things are finally improving as we speak. The overall VR headset sales are on the rise, more content is being added on a weekly basis, and the rise of VR arcades helps expose more consumers to this new technology in a friendly setting. There is also some big progress when it comes to educational efforts revolving around virtual reality, as well as some scientific breakthroughs facilitated by this technology.

A new study conducted by Zion Market Research shows this is only the beginning of major industry growth. More specifically, they expect the VR industry to be valued at over $26.8bn by 2022. Considering how this will need to be achieved in the next four years, it will be interesting to see if this is not an overestimation. After all, many consumers still view VR as a fad and a temporary trend that will eventually go away again. Only time will tell if that is the case, though.

For now, it seems we can see even more increases in the number of VR headset sales in the coming years. Especially the entertainment and gaming sectors will attribute to rapid increases in VR headset sales over the next few years. Even so, it will be interesting to see how much the sales figures will increase in the future. Prices for VR headset components are effectively coming down, which should lead to more affordable products in the future.

Additionally, there is the growth in VR-capable devices in general. Smartphones, tablets, and even regular mobile phones are slowly receiving VR technology functionality as we speak. It all comes down to creating new user-friendly experiences in the near future, as it is still somewhat difficult to get acquainted with this new technology for the first time. It seems the interest in VR will continue to boom across the US, Europe, Asia-Pacific, and the Middle East. How all of this will play out, has yet to be determined, though.

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