VR market feeling growing pains as enterprise excitement meets with consumer lethargy
ABI Research expects the virtual reality (VR) market to hit an inflection point within the next two years, driven by new incremental advances in technology and hardware (including lower prices), increased traction in the enterprise/commercial markets, and healthy interest in the new standalone HMDs. Despite this expected growth, reaching nearly $22 billion in total market revenue by 2024, VR will remain outside the collective mainstream audience for some time.
To date, the VR market has had some notable successes (e.g., Sony’s PSVR, Oculus Go, HTC Vive and location-based VR, and developments in enterprise applications), but the weaker reception has caused some early advocates to lessen their presence in VR, at least in the public eye (i.e., Samsung and Google). Although Augmented Reality (AR) mobile, in particular, has garnered more attention at major mobile press events, VR advancements continue, albeit with less fanfare, than just a few years ago.
These findings are from ABI Research’s 360 Video and Virtual Reality Devices and Services market data report.