Despite it being a fairly new technology, the use of virtual realities across companies, organizations, and even governments worldwide has been widespread as their benefits become clearer with each new development.
But what is virtual technology, what benefits does it provide, which industries are driving its growth, and how popular is virtual technology? If you want to know the answers to these and more, you’ve found the right place.
Without further ado, let’s get started.
How Popular is Virtual Reality?
According to a survey by ABI Research, nearly one-third (32%) of U.S. consumers currently own an augmented reality (AR) or virtual reality (VR) headset, and another 15% plan to purchase one within the next year.
What Is VR?
Virtual realities are basically simulations that place people in a different world. They allow people to immerse themselves in a different world.
These virtual worlds are explored using special devices such as headsets and goggles, allowing users to experience them and their elements.
Let’s now look at how popular VR has become and some of the reasons for its popularity.
Augmented Reality (AR) and Virtual Reality (VR) Market Size
Let’s start by looking at the size of the market for digital marketing agencies.
According to recent virtual reality statistics, the global market for AR and VR is expected to reach $296.9 billion by 2024. This represents an increase of almost 10x from the $30.7Bn recorded just one year ago.
With the current forecast, the market for AI/ML is projected to grow at an annual rate of 92% from 2019 through 2024.
Despite the fact that AR and VR devices haven’t yet become as popular as smartphones or smartwatches (yet), their increasing popularity is an indicator of their potential. Many technology companies, including Microsoft, Intel, and Samsung, have invested large sums of money into researching and advancing these technologies.
We’ll see in the next section that this growing interest in VR will last at least another few years.
Virtual Reality Growth
Looking ahead, all indications point to a surge in virtual realities.
By 2021, the global virtual reality market is projected to reach $100 billion. In other words, by 2021, the global virtual reality market is projected to grow at an average annual growth of 18% for the next seven years.
According to analysts, the oil and gas and manufacturing industries are projected to be the main drivers of this growth. In particular, the use of VR for training purposes like mechanicship, piloting, and technicianship is set to increase.
Incorporating VR into eCommerce has become increasingly popular among companies and organizations.
An example of this would be UK online retailer ASOS using virtual reality (VR) to fit its fashion items onto real people.
By doing so, they were able to ensure that their customers could safely shop from home without having to visit physical stores. They were also able to effectively market their product to their customers during the COVID-19 crisis.
Virtual Reality Facts: Popularity Increase
The US market isn’t an exception to this global trend toward virtual reality.
According to AR Insights, nearly 19 percent of Americans have tried virtual reality (VR), an increase of 3 percentage points since last year. Most people who’ve tried VR say they’re either extremely or at least somewhat satisfied with their experiences.
Because of its ability to encourage repeat use, this is good news in terms of the VR market.
There are some challenges to using VR technology. Some consumers don’t want to give it a try because they think it’s too difficult to learn or discover.
Virtual Reality Usage in the US
With more and more people purchasing VR headsets, the use of these devices is likely to rise.
According to recent virtual reality statistics, 52.1 million Americans will be using VR at least once every month by 2020.
It’s estimated that there will be 44.7 million VR headsets sold by 2021, up from 39.8 million last year.
By 2022, there will be an estimated 57.4 million people who use VR every month. If these projections prove accurate, then by 2022, the number of monthly users of VR will have increased 75.6% compared to 2017.
Virtual Reality: Future Predictions on Economy and Employment
Experts also predict that virtual reality will bring about economic benefits.
According to a recent study by leading consultancy service PricewaterhouseCoopers, artificial intelligence (AI) could inject up to $1.8 billion into the global economy by the year 2020.
The study also predicts that VR will create new jobs for people who want to develop their skills in computer programming.
At present, there are less than 500,000 jobs worldwide that are affected by VR and/or AI. By 2030, however, as many as 2.3 million jobs could be affected by these technologies.
As economies grow larger, they tend to become more affected by climate change.
Sectors Driving Virtual Reality Growth
So, what are some of the key factors driving such impressive user acquisition rates?
As far as sectors go, there has been an increase in the number of companies adopting virtual reality technology.
With no need for any additional equipment besides a headset, it’s easy and convenient for gamers who want to experience VR games to simply put on their headsets and go into another world.
Entertainment companies have also implemented the technology. They include using VR hologram technology in theme parks at London Thorpe Parke and launching Mario Kart VR by a gaming company.
Virtual Reality (VR) is also particularly popular in educational settings, including training doctors and aircraft pilots. As these professions involve making potentially life-or-death decisions, the safety afforded by VR means they can safely learn without risking their own lives.
Virtual Reality Growth in the Gaming Market
It shouldn’t be surprising that more and more game developers will adopt virtual reality (VR) as their primary medium of choice as demand for it increases.
The global virtual reality in the game industry is expected to see rapid growth over the next few years.
By 2027, the global virtual reality industry will be worth $92.31 billion annually, marking a CAGR of 30.2% during the next seven years.
The biggest driver of the market is going to be millennials, who are increasingly demanding technology-enhanced games.
Key Players in the Virtual Reality Market
There are only a few major companies currently offering VR products.
These companies include
- Samsung Electronics
- Oculus (which was acquired by Facebook)
- Eon Reality
- and a few others.
Looking at the top 10 VR headsets for 2020 from different review websites, we see that these brands dominate the market with their own devices.
Although Apple hasn’t released any details about these headsets yet, we do know that they’ll be wireless and powered by Google’s Daydream platform. They’ll also feature built-in microphones, so users won’t have to worry about carrying around an extra pair of headphones.
That’s it for our most important virtual reality statistics for 2022. We hope you’ve learned something new and that you’re excited about where VR is heading.
It’s probably safe to say virtual reality has advanced so far that it’s only a question of time until it becomes part of our everyday life.
We hope this article was helpful to you. If you have any questions, feel free to reach out to us in the comments below.