The research company MarketsAndMarkets’ latest study into the future of virtual reality puts the sector’s value at US$44.7bn by 2024.
The market is expected to grow to this figure from $7.9bn in 2018 at a CAGR of 33.47 per cent during the forecast period. Factors such as penetration of head mounted displays in the gaming and entertainment sector, huge investments in the VR market, advancement of technology and growing digitisation, as well as the availability of affordable VR devices, “will propel the virtual reality market during this time.”
This study is more optimistic than one conducted by Report Linker, earlier this year, which had VR’s value at US$38.7bn by the same year, at a CAGR of 41 per cent over that period.
The report explores trends, opportunities and forecasts in the VR headset market to 2024, concentrating on headset types. These include standalone, smartphone enabled and PC-connected setups. They are also assessed by application, including military, education, entertainment and media and by specific regions, exploring North America, Europe, Asia Pacific and the rest of the world.
It identifies emerging trends that have a direct impact on the dynamics of the VR headset industry and include the introduction of attractive, sleek and convenient VR headsets and the development of artificial intelligence incorporated VR headsets.
