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BizReport : Advertising archives : April 11, 2017

Forecast: VR to hit $7b

This year, look for significant growth in the global virtual reality world - significant to the tune of $7.2 billion. That according to GreenlightVR; their experts suggest head-mounted displays will account for more than half ($4.7 billion) of that total.

by Kristina Knight

According to the Virtual Reality Industry Report: Spring 2017, the release of Microsoft Windows 10, which will power many new VR headsets, will increase the interest in VR capabilities and options.

"We saw mixed results in the global VR industry in 2016-- initial sales volume by some high-end manufacturers didn't quite live up to the hype, while PlayStation VR, Samsung Gear VR, and low-cost headsets continued to gain traction," said Clifton Dawson, CEO of Greenlight Insights. "There are turbulent times ahead, but our analysis points to VR achieving critical mass in many markets by 2019, building to a considerable global marketplace five years from now."

Other interesting findings from the forecast include:

• The increase in LBE centers is expected to push more consumer interest
• LBE centers are expected to bring in about $1.2 billion by 2021
• New hardware offerings this year will also spark interest

"Before spending hundreds or thousands of dollars on equipment, new users are turning to LBE centers to experience VR inexpensively and more immersively than they could with an in-home system," said Eddie Lou, China Market Analyst, Greenlight Insights. "Niche accessories such as full haptic suits, sensory simulators, and specialized controllers will find a home in LBE centers as consumers will be less inclined to purchase expensive hardware. This represents a distinct market opportunity for VR content studios and hardware vendors."

Tags: advertising forecast, Greenlight Insights, virtual reality, virtual reality forecast, VR trends

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