Market Research Report
Virtual Reality - Thematic Research
|Published by||GlobalData||Product code||915771|
|Published||Content info||43 Pages
Delivery time: 1-2 business days
|Virtual Reality - Thematic Research|
|Published: October 30, 2019||Content info: 43 Pages||
Virtual reality (VR) has been around, in one form or another, since the mid-1950s. At several points over the last sixty-plus years, it has been touted as the next big thing in consumer technology, without ever fulfilling its potential. Facebook's $2bn acquisition of Oculus in 2014 prompted another wave of interest, with adherents, eager to forget VR's chequered past, dubbing the new generation of devices that followed in the wake of this deal VR 1.0.
Devices from Oculus, Sony, Samsung, Google, and HTC (among others) gained a foothold in the market, but VR 1.0 remained a niche concern, popular primarily with affluent early adopters and hampered, like previous iterations of VR, by technical drawbacks and unrealistic expectations. Consequently, the industry finds itself in transition once again, moving between VR 1.0 and a second generation which holds the potential for more mainstream adoption.
Aided by custom silicon, untethered headsets, robust business models, new content, and enterprise applications, the nascent VR 2.0 already appears more dynamic and results-oriented than the previous generation. The integration of artificial intelligence (AI), cloud services, motion tracking, eye tracking, 3D audio, and haptics should enable second-generation VR devices to deliver truly immersive experiences. GlobalData expects the VR market, worth nearly $7bn in 2018, to become a $28bn industry by 2030, having grown at a compound annual growth rate (CAGR) of 13% over that period.