Spending on virtual reality to hit $28 billion by 2030
Global spending on virtual reality is expected to reach $28 billion by 2030 from $7 billion in 2018, according to GlobalData.
The company’s latest report highlights that the VR market will grow at a compound annual growth rate of 13% over the forecast period, from 2018 to 2030, driven by developments such as custom chips, untethered headsets, robust business models, new content and, notably, enterprise applications.
VR software accounted for two-thirds of total market revenue in 2018, with the remainder coming from hardware sales. Games account for the largest share of software revenue (68% in 2018), with enterprise software contributing a further 30% and non-gaming consumer software about 2%.