A report from research firm SuperData shows the global virtual reality (VR) market will be worth $38 billion within three years, twenty times what it was in 2016. This year it will grow to almost $5 billion, up 168 percent from last year’s $1.8 billion.
The greater availability of both hardware and software could help the emerging VR market grow in 2017, the research company said.
It added the VR market is already solidifying as consumers become increasingly aware of and comfortable with the devices, such as Google Daydream mobile VR device. Sales of the premium headsets are expected to reach 21 million in 2017 with Google’s VR device leading the field with 6.8 million devices sold. According to the report, this year revenue from VR software are expected to increase by $1 billion from 2016’s $300 million. North America will be the fastest-growing market, expanding from $97 million in 2016 to $403 million this year. Asia will be the top VR software market at $430 million in 2017. The VR industry is growing at a fast pace, with revenues from virtual reality products (both hardware and software) projected to increase from 90 million U.S. dollars in 2014 to 5.2 billion U.S. dollars in 2018. The number of active VR users is forecast to reach 171 million by 2018. According to recent forecasts, revenue from virtual reality head-mounted displays is expected to grow from 685 million U.S. dollars in 2015 to 3.89 billion U.S. dollars in 2018.
Goldman Sachs predicted the virtual and augmented reality market could become an $80 billion industry by 2025, outpacing the TV market in annual revenue. It said the industry could pull in $45 billion in hardware revenue and $35 billion in software by then.
As the hardware sales increase then geometrical huge need for software to meet the needs of the buyers will make IP products appealing and available to meet the demand.
According to previous IP comments we are less than 2 months from release of VR products to the market. Today's news of deal with Ohmore Media Inc assures a steady stream of product will be developed to take advantage of the growth of Virtual Reality.
