GlobalData: VR industry market size is expected to reach US$51 billion in 2030

The statistics platform GlobalData released its latest VR market report today (November 9). The platform predicts that the VR market will grow to $51 billion by 2030 based on data. Although there seems to be a lot of room for growth, GlobalData also admits that the current VR market is far below the forecast level. It is currently estimated that the global market size in 2020 will be about $5 billion.

“VR has been around for more than six years in various forms, but it is still not a mainstream technology,” said Rupantar Guha, associate project manager at GlobalData.

“Both VR hardware and software have advanced significantly in recent years, but issues such as latency, high prices, privacy concerns and a lack of engaging content have been hindering wider adoption.”

“While technologies such as 5G, cloud services, and motion tracking can be used to address latency issues, improving content and developing effective data privacy protections will be critical to VR’s success.”

GlobalData attributes VR's expected growth in the coming years to enterprise applications, rather than consumer VR, which has struggled to find the "fabled 'killer software'" to bring new users to the technology.

“We expect enterprise to become the leading market for VR within the next three years, surpassing the consumer sector,” Guha said.

"VR is already being used in the retail, defense, aviation, oil and gas, and healthcare industries—primarily for training purposes. However, the pandemic-induced shift to remote work has boosted enterprise adoption of VR not only for training, but also for collaboration, data visualization, and customer experience."

From 3dmgame