Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges. Besides, the global VR gaming market size will reach $22.9 billion by 2020. On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. More people will use VR and AR in the US in 2020. According to the latest virtual reality statistics, by 2027, its market size is forecast to reach $92.31 billion, which marks a compound annual growth rate of 30.2 percent in the seven-year period between 2020 and 2027 (Grand View Research, 2020). Oberlo uses cookies to provide necessary site functionality and improve your experience. 51% Of The U.S. Population Is Aware Of Virtual Reality Devices American awareness of virtual reality and augmented reality devices nearly doubled between 2016 and 2017. In fact, according to PYMNTS research, virtual reality will generate some $1.8 billion via retail and marketing in 2022. From its use in the fashion industry to its role in some of the best LMS software, these statistics will open your eyes to massive possibilities. In fact, the global virtual reality in the gaming market is forecast to grow rapidly over the next few years. Report. 4. To kick things off, let’s take a look at the sector’s market size. The report also predicts that VR will lead to a growing number of employment opportunities. Experts also expect virtual reality to bring about economic advantages. The truth is, the role of virtual reality is hard to define but healthcare is one of the major adopters of this technology which can help with skills training, treatment for phobia and even surgery simulation. It offers an exciting level of practicality as through the technology, they are able to provide a 1:1 scale model of their design to clients for a more immersive and visual experience. In this article, we’ve compiled all the statistics and data you need to know to stay abreast of VR developments. Since content encourages repeat use, which is one of the biggest factors of success, this is good news for the VR market. See All. It is a digitally created, three-dimensional environment generated using advanced computer technology. In 2017, a technician training survey found that 85% of trainees preferred VR training to traditional methods. Sectors Driving Virtual Reality Growth, 8. Until then, leveraging the massive opportunities of this technology will remain elusive. More and more US residents are also expected to start using VR more frequently. In other words, in this seven-year period, the VR sector is expected to grow at an average of 21.6 percent every year. AR revenues will surpass VR revenues in 2020. It might not … Augmented reality users fall into the 16-34 age group. Oliver Skinner September 3, 2020 Subscribe to blog digest. Architect firms around the world are also starting to adopt VR for ideas presentation. Virtual Reality in 2020: How Life Went Virtual During the Pandemic . When it comes to factors hindering VR adoption, user experience (41%) is the top obstacle, followed by cost (22%), content offerings (17%), reluctance by business and consumers to embrace VR (9%), financing and investment (4%), and regulation and legal risks (1%). Start a business and design the life you want – all in one place. Forecasts. The US is the second-largest investor and is forecast to spend $5.1 billion on virtual reality technology. As we’ll see in the next statistic, this growing popularity of VR is likely to continue at least for another few more years. Charts. The incorporation of VR for commerce has been particularly popular among businesses and organizations. By using our website, you agree to our privacy policy. It is good to note that 63% of US gamers are aware of VR or AR gaming devices. Best to make all of your virtual reality applications and content very mobile friendly. However, all is not gloom and doom, and business should endeavor to break the barriers of VR adoption to keep pace with consumer interests. This marks a 20.9 percent increase from 2019’s 43.1 million. Maybe VR is the next big thing in magnifying learning from each customer experience for ecommerce businesses. According to recent data, the virtual reality market was worth $5.12 billion in 2017, and by 2023, the market will reach $34.08 billion. Now let’s jump into how popular VR has become and some of the driving factors behind its growth. Because of the nature of such jobs and the high costs of mistakes, the simulation permitted by virtual reality makes it a practical solution as it allows them to practice in a safe environment. Virtual & Augmented Reality Users, US. View Trends, Analysis and Statistics. This is followed by the entire Western Europe bloc with $3.3 billion and Japan with $1.8 billion. Related. The North American retail and marketing VR space will be worth approximately $455 million, by 2022. This represents 15.7% and 25.0% of the population, respectively. Augmented Reality (AR) and Virtual Reality (VR) Market Size, 3. (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development. Do it now. by different review sites shows that these brands dominate the list with their products. China and the US are the two leading investors in VR and are expected to spend $5.8 billion and $5.1 billion on the technology this year (Statista, 2019). Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. As that happens, the number of … If you’re looking for answers to these questions and more, you’ve come to the right place. of these devices are currently owned by private consumers. EU Office: Grojecka 70/13 Warsaw, 02-359 Poland, US Office: 120 St James Ave Floor 6, Boston, MA 02116. That’s not all: this number is expected to double to 11 million just one year later, and further soar to 43.5 million in 2025. Sectors that have seen widespread adoption of and increased demand for VR include gaming and entertainment (Grand View Research, 2019). On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. 1. The biggest driver of this is expected to come from millennials, whose demand for tech-advanced games will push game developers to rely more on VR to meet rising standards. However, you can expect big names to enter the playing field very soon. This is a significant amount. 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