• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
The VR Soldier
  • Featured
  • News
  • Education
  • Reviews
  • Press Releases
  • Featured
  • News
  • Education
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier

VR Industry is set to Become a $33bn Industry by 2020, Report Claims

JP Buntinx by JP Buntinx
July 30, 2018
in News
Reading Time: 3 mins read
2
TheVRBase Wealth Management Virtual Reality
Share on TwitterShare on Facebook

It is evident the virtual reality industry has come at a major crossroads. Although there are some high expectations, current sales figures do not bode well for the foreseeable future. A new report claims the VR market will grow into a $33bn industry by 2022. Achieving that growth will require major efforts by industry leaders, as well as new ways to improve consumer adoption.

Matching the Predicted VR Market Growth

For all intents and purposes, virtual reality is still a small niche market. Despite advancements on both the hardware and software side of the spectrum, there is still a long way to go prior to consumers flocking to this technology en masse. The rise in popularity of location-based VR, as well as VR arcades, shows there is room for potential growth. A new report by Market Research Engine claims the VR industry will grow into a $33bn industry in the next four years.

According to this report, key industry players will need to step up their efforts accordingly. Despite big developments on the hardware side over the past year, the average price of VR hardware remains relatively steep. Software-wise, there has been an increased focus on bringing more content to VR headsets, including sports and other types of experiences.

Even so, there is still plenty of work to be done. Display latency and power consumption are still two big concerns for consumers looking to enter the VR market. There are also a lot of unanswered questions regarding the impact on users’ health. At the same time, VR sees a big uptake in terms of training exercises, defense imitation programs, and so forth. Finding the right balance to address those issues and improve upon the segments which see major adoption will be a critical challenge.

If the VR industry is set to grow to $33bn, a lot of things will need to fall into place over the coming years. It seems a lot of the VR customer adoption efforts focus on the US and Asia, whereas Europe is still a bit behind. Africa is almost a non-factor in this regard, and that situation will need to be addressed sooner rather than later. The VR industry is far from dead, but there is still a lot of work ahead.

If you liked this article make sure to follow us on twitter @thevrsoldier and subscribe to our newsletter to stay up to date with the latest VR trends and news.

Tags: Virtual RealityVR Industry
Previous Post

Popular VR Game ‘Moss’ is Now Compatible With Windows Mixed Reality Headsets

Next Post

Creator of PlayStation VR, Richard Marks, Officially Joins Google’s Console Division

Next Post
Creator of PlayStation VR, Richard Marks, Officially Joins Google’s Console Division

Creator of PlayStation VR, Richard Marks, Officially Joins Google’s Console Division

Web Stories

WLUNA Contract Bridge Spells Trouble for the Terra Luna Community
Top 3 Metaverse Projects to Buy Virtual Real Estate in
Top 3 Pokemon-inspired Metaverse Crypto Coins
Top 5 Metaverse Crypto Coins to Buy in January 2022

Upcoming Crypto Conferences

Jul 29
10:00 am - 3:00 pm

Web3 Delight Lagos

Dec 1
December 1 - December 2

MetaVentures Bangkok

Jan 13
January 13, 2023 - January 15, 2023

World Crypto Conference 2022 for the First Time Held in Zurich, Switzerland

View Calendar

Press Releases

Web3 Delight Lagos – Breaking Barriers to Pave the Way for the Digital Future
Press Releases

Web3 Delight Lagos – Breaking Barriers to Pave the Way for the Digital Future

by Null Transaction PR
June 28, 2022

Lagos, Nigeria - SwiftMotion Media, a fully capitalized micro-VC, an investment arm of the UAE-based management consultancy Agile Dynamics, presents...

Read more
Will Cryptocurrencies Ever Stabilize? The Theory Behind Emerging Markets, With Amazon, Ethereum And BoostX

Will Cryptocurrencies Ever Stabilize? The Theory Behind Emerging Markets, With Amazon, Ethereum And BoostX

June 28, 2022
Buy The Dip Meme: CashFi (CFI), Dogecoin (DOGE) And Floki Inu (FLOKI) Are Three Cryptocurrencies You Want To Consider Before Your Next Investment

Buy The Dip Meme: CashFi (CFI), Dogecoin (DOGE) And Floki Inu (FLOKI) Are Three Cryptocurrencies You Want To Consider Before Your Next Investment

June 17, 2022
Mushe (XMU), Basic Attention Token (BAT) and Curve DAO Token (CRV) Can Be New Sources of Income

Mushe (XMU), Basic Attention Token (BAT) and Curve DAO Token (CRV) Can Be New Sources of Income

June 17, 2022
Is Blockchain Crypto Art “Real Art?” A Look Into NFTs

Is Blockchain Crypto Art “Real Art?” A Look Into NFTs

June 16, 2022
  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2022 The VR Soldier

No Result
View All Result
  • Featured
  • News
  • Education
  • Reviews
  • Press Releases

© 2022 The VR Soldier

WLUNA Contract Bridge Spells Trouble for the Terra Luna Community Top 3 Metaverse Projects to Buy Virtual Real Estate in Top 3 Pokemon-inspired Metaverse Crypto Coins Top 5 Metaverse Crypto Coins to Buy in January 2022