Virtual reality is expected to reach to more than quarter a billion users by 2022

Aug. 19, 2017, 10:01 a.m. By: Pranjal Kumar

Virtual reality

Virtual Reality is known as the next big thing in the technology world. The popularity can be judged from the fact that all the big companies are focusing on adapting VR technology. According to recently, conducted researcher by ABI Research, the rate of using VR technology will continue to increase over the next few years. The total number of VR users will increase to 256 million users worldwide by 2022. This growth will push the total revenues by VR technology to over $60 billion.

The report also indicates that user base will be made up of consumers who will also be accounting for most of the revenue generated, through enterprise and commercial use are expected to expand its market share from 26% (in 2015) to 40% (in 2022).

Michael Inouye, Principal Analyst at ABI Research said,” The biggest challenge in the popularity of VR technology was the content availability. But healthy strides were made in the past year, especially in Asia-Pacific and China with location-based VR. The launch of newer products will accelerate the adoption of immersive content. It will also expand the use of VR as a tool for training, design, preparatory work. The use of VR will not only be limited to the gaming industry. We have already seen the vast use of VR in sectors like Healthcare, Automotive, Education and much more.

The report also suggests that the rise of standalone VR and mobile VR will help narrow the large gap between high-end and expensive location-based VR experiences and mobile head-mounted displays (which include Google Daydream, and Gear VR). At present, we see clear delineations between AR and VR today and into the near future. But, these lines of demarcation to begin fading as the technologies increasingly reach maturity and saturation.