VR Industry to Grow to $26.89bn by 2022, Report Claims

The expectations are still high when it comes to the VR industry. Although virtual reality still hasn’t made the big mainstream impact, things are progressing slowly. Zion market Research claims the VR industry will grow to $26.89bn by 2022. It seems a rather uneventful outlook, although significant growth will occur in the years to come.

The VR Industry is Growing

Back in 2016, the VR industry was valued at $2.02bn. It is not the highest number, especially not when considering which companies are involved in this industry as of right now. Even so, the technology has not made the impact most people had hoped for. It is evident something needs to change in the future, although it remains to be seen if and how that will be enforced exactly. Even so, things are still looking pretty good, according to Zion Market Research.

More specifically, their new report predicts the VR market will grow to a valuation of $26.89bn by 2020. That is a thirteen-fold increase compared to 2016. While some people may consider such a goal to be unrealistic, it is not impossible by any means. The overall appeal of VR is becoming more apparent, even though there is still a lot of room for future improvements in the near future.

According to the research, more devices supporting VR technology is one the main catalysts. Making the technology more accessible to consumers and corporations alike can eventually lead to higher adoption rates. Even so, the overall costs associated with this particular technology remain rather steep as of right now. Until the price comes down – without sacrificing overall features and technological advancements, there will not be any major growth to speak of.

Even so, the report does paint a positive future for VR technology. North America remains the largest market for virtual reality, although Asia is also making its mark. Europe is still behind the curve in this regard, but it seems a massive VR boom is on the horizon at this stage. Most of the companies exploring VR technology are also located in North America as of right now.  The future looks interesting for virtual reality, but nothing has been set in stone just yet.

Header image courtesy of Shutterstock

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By Mark Arguinbaev

Mark is a 28 year old internet entrepreneur. He is a bitcoin enthusiast and a technology addict. He loves writing and educating readers about the newest tech trends.