Virtual Reality (VR) is a technology that emulates the real world by employing virtual environments to give users an experience that is almost real. What has long since been considered a sort of “pipe dream” by many has finally made the leap to functionality and is set to drastically transform it’s market in the coming five years. Advances in VR devices, computing capabilities and the Internet have made it possible for this technology to finally flourish and become what every science fiction inclined person knew it could be.
Currently, the devices and software exist to create an astounding user experience but not a favourable price point. This price point is expected to drop significantly as the technology and manufacturing processes advance, meaning that the VR market will see unprecedented growth as a by product.
According to OrbisResearch.com, “Global VR active users will grow by 147% CAGR during the forecasted period. The VR market is poised to experience a massive transformation over the next five years driven by advances in devices, apps, components, content and broadband communication.”
This forecast is composed of the following VR Market assessments:
The role of value chain partners in the VR ecosystem
VR patents and intellectual property that have been filed for
Price metrics analysis for devices, content and apps
SWOT analysis assessments of leading VR companies
Emerging business and VR monetization model analysis
Detailed analysis of factors that drive VR growth
Selected Findings in the Report:
VR will become a technology that is fully immersive by the year 2025
The VR market will be dominated by entertainment and gaming
In the next five years, the number of active VR users will grown by 147% CAGR
Global revenue overall will grow at 39.1%
Many markets will be affected by the success of the VR industry. These include realty, travel, tourism, education and the pornography industry. Mike Hartman of VRSmash has seen his business take off since the VR launch and had this to say, “Virtual reality is going to have such a broad reach that we don’t even know where it will end. I’ve seen the massive flash of growth that has taken over the pornography industry due to the ability to provide x-rated entertainment in VR. I can only imagine that this same type of effect is happening or is going to happen to many other industries, especially those that deal with video.”
It is an exciting time in the field of technology as having a viable and useable virtual reality capability will have very far reaching effects. This technology has the ability to change how people do things and how people integrate the technology around them in a big way. OrbisResearch.com will remain heavily involved in monitoring the VR market and will provide reports as new or additional information becomes available.
Orbis Research (orbisresearch.com) is a market research company that hosts a large database of reports compiled from leading authors and publishers worldwide. Customers can order customized reports that include only certified accurate information, facts and figures so clients receive market research studies that are relevant and helpful to their goals.
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