The market size of AR and VR is forecast to hit $18.8 billion in 2020 (Statista, 2019). At Visualise, we’ve worked with some of the biggest names in the medical & pharmaceutical industries to create a range of VR experiences. It’s a technology that’s here to stay. The latest virtual reality statistics show that. Hire yourself and start calling the shots. According to virtual reality headset sales statistics, by 2025, the shipment of home mounted displays ((HMD) for enterprise VR use cases will reach 41 million devices. Oberlo uses cookies to provide necessary site functionality and improve your experience. The incorporation of VR for commerce has been particularly popular among businesses and organizations. jobs set to be using AR and VR in one way or another for training, meetings, and customer service purposes by 2030 (PwC, 2019). , which marks a compound annual growth rate of 30.2 percent in the seven-year period between 2020 and 2027 (Grand View Research, 2020). Augmented Reality (AR) and Virtual Reality (VR) Market Size, 3. This does not come as a surprise because VR found a home in gaming long before its use in other sectors was conceptualized. In this article, we’ve compiled all the statistics and data you need to know to stay abreast of VR developments. After years of wandering, this fantastic technology has now entered the wider business sphere. He argues that ‘virtual reality’ isn’t even the phrase we’ll use to describe the medium in 2020 because it will be so much bigger than that. On the other hand, many underestimated the emerging technology, and it’s no surprise, then, that VR growth stalled. See All. In fact, according to PYMNTS research, virtual reality will generate some $1.8 billion via retail and marketing in 2022. What are you expecting from VR in 2020? We’ve seen a huge increase in the use of VR in the healthcare sector and continue to be fascinated & impressed by the different applications our clients are requesting. In addition, 46% of businesses anticipate VR to become mainstream within the next 3 years, whereas 53% believe that VR will become mainstream after the next 3 years. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. The latest virtual reality statistics show that 52.1 million people in the US will use the technology at least once per month in 2020 (eMarketer, 2020). Besides, VR is finding more use in aerospace, with leading industry players such as and Boeing, using the immersive technology to streamline design and test new features. Architect firms around the world are also starting to adopt VR for ideas presentation. How many people in the US will use virtual and augmented reality in 2020? (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). As that happens, the number of … In terms of global implementation, China leads the way at 51%, followed closely by France (43%), US (42%), UK (33%, and Germany (23%). The North American retail and marketing VR space will be worth approximately $455 million, by 2022. Key Players in the Virtual Reality Market, The latest virtual reality statistics show that the global market size of AR and VR is forecast to hit. This accounts for 15.7% and 25% of the total US population. on the technology in 2020 (Statista, 2019). These statistics show the average costs of event attendees, the hosting platforms used by the industry, and the ideal timings for virtual events.. 31.6% of B2B marketers use Intrado as their virtual event hosting platform for large conferences. 67% of media planners and buyers want AR/VR ads in digital marketing campaigns. Besides, the company projected that the 5-year ROI of a single VR-based course could reach 300%. In fact, its spending projection makes up 30.8 percent of the total amount ($18.8 billion) that’s expected to be spent on VR globally. Even more, the biggest concerns for investors in VR startups include slow adoption (71%), lack of renowned market for VR (67%), untested technology (18%), and competition (13%). Let’s start with some statistics related to the preparation phase of virtual events. Aside from retail, manufacturing, and training, VR is slowly creeping into the data visualization industry. Currently, some businesses are at the fore of VR experimentation, but many are still hesitant to commit fully. Here are some intriguing VR manufacturing statistics: Currently, VR is no longer limited to gaming. If you’re looking for answers to these questions and more, you’ve come to the right place. document.getElementById("comment").setAttribute( "id", "aa83a8896d29c38a7742ba6988ac3cd3" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. However, its time businesses trashed the fear they have about implementing this technology. By 2020, the global virtual reality industry is predicted to generate $21.5 billion in revenue, a huge jump of over 4x in just four years. By 2025, the number of VR users will be as follows: Video games (216 million), Live events (95 million), video entertainment (79 million), retail (31.5 million), education (15 million), healthcare (3.4 million), engineering (3.2 million), and real estate (0.3 million). As contact is cut off from the rest of the world, many companies are adopting virtual reality tech for distance training, meetings, and even to provide customer service. Given the advantages of VR in gaming, it should come as no surprise then that more and more gaming companies will be adopting the technology as demand for it grows. Overall, the virtual reality market size (software + hardware) will reach $16.3 billion by 2022. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. The immersive technology is shaking things up across different industries, including retail and manufacturing. Besides, the global VR gaming market size will reach $22.9 billion by 2020. VR allows us to immerse ourselves in video gamesas if we were one of the characters, learn how to perform heart surgery or improve the quality of sports training to maximise … This means the VR market will grow at a CAGR of 33.47% between 2018 and 2024. Until then, leveraging the massive opportunities of this technology will remain elusive. Going forward, all signs point to a surge in the virtual reality market. Before we jump into the statistics, let’s very quickly cover what virtual reality is. As of a recent study, standalone head mounted displays (HMDs) made up 49.8 percent of total virtual reality (VR) headset shipments worldwide in the first quarter of 2020. Maybe VR is the next big thing in magnifying learning from each customer experience for ecommerce businesses. Between 2020 and 2027, the compound annual growth rate of the market is expected to come in at 21.6 percent (Grand View Research, 2020). However, you can expect big names to enter the playing field very soon. 90%. Virtual Reality Growth in the Gaming Market, 10. Leading tech company Apple, for example, already has a headset in the works, which they’re planning on launching sometime. Global Augmented Realty and Virtual Reality in Healthcare Market report spotlights major statistics of the current industry state and is a beneficial source of developments and opportunities for individuals and firms interested in the Augmented Realty and Virtual Reality in Healthcare industry. According to the latest estimates, as many as. Of these HMDs, 22.7 million will be standalone HMDs, 15.9 million mobile HMDs, and 2.6 million PC-based HMDs. The company reports that the use of VR has reduced ergonomic issues by 90% and minimized employee injuries by 70%. What does this tell you? US Virtual and Augmented Reality Users 2020. By 2021, there will be 57.1 million VR users in the US. Report. by Nick Kolakowski March 25, 2020 6 min read. Q4 2020 Digital Video Trends. According to Statista projections, the VR market in the Middle East and North American region will reach $6 billion. Also, market research data show that in 2019, Oculus Quest will ship 1.3 million units. Virtual Reality Facts: Popularity Increase, 6. The VR gaming software is a lucrative market, estimated to be worth $68 billion. The 360-degree videos hosted on Facebook have generated over 580 million views. Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. This will all change this decade, with as many as. The report also predicts that VR will lead to a growing number of employment opportunities. Out of the businesses deploying VR, 36% are actually implementing the technology, whereas a whopping 64% are only experimenting with it. Related . Report. A smaller set of glasses is also expected to be up for sale the following year. IKEA, Wayfair, and Lowe’s have implemented the VR experience, and the benefits are there for everyone to see. But what is virtual reality, what benefits does it offer, and what sectors are driving its growth? This marks a 20.9 percent increase from 2019’s 43.1 million. Though VR investments are expected from a multitude of countries worldwide, there are a select few that will be leading the pack. A whopping 75% of largescale VR implementations derive over 10% in operational benefits. Moreover, in 2018, there were more than 130 million mobile VR users globally. In 2017, a technician training survey found that 85% of trainees preferred VR training to traditional methods. (eMarketer) That adds up to 13% of the total population. The forecast for 2020 is also a whopping 79 percent year-over-year increase, which goes to show just how popular the technology has grown to become in recent years. Mobile augmented reality hit a user base of 900 million in 2019 and is projected to surpass 3.5 billion by 2022. Related. Sectors driving the growth of virtual reality include gaming and entertainment (Grand View Research, 2019). Virtual Reality (VR) is a computer-generated environment with scenes and objects that appear to be real, making the user feel they are immersed in their surroundings. in 2020 (Statista, 2019). Because VR is still a relatively new technology, there are only a handful of major players in the current market. See All. The use of VR in business is set to snowball and outpace its use for leisure. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Augmented reality users fall into the 16-34 age group. Now let’s jump into how popular VR has become and some of the driving factors behind its growth. Start a business and design the life you want – all in one place. According to pymnts.com, VR will change the way consumers shop online. Of all those headsets sold worldwide, approximately 90% are mobile phone based. The latest virtual reality statistics show that the global market size of AR and VR is forecast to hit $18.8 billion in 2020 (Statista, 2019). Related. (Source: eMarketer) Virtual reality market statistics predict that 52.1 million and 82.1 million people in the United States will use VR and AR respectively at least once a month this year. According to the latest estimates, as many as 5.5 million units are set to be further shipped to customers worldwide in 2020 (Statista, 2020). The clunky VR simulations of the early days opened the doors to unique VR options. In 2018, the gaming space is expected to attract the most AR/VR-related investment at 59%, followed by education (26%), healthcare devices (26%), real estate (21%), marketing and advertising (20%), live events (19%), military (19%), movies and television (18%), retail (18%), and manufacturing (17%). Virtual Reality: Future Predictions on Economy and Employment, 7. The US is the second-largest investor and is forecast to spend $5.1 billion on virtual reality technology. At 10% Sony PlayStation VR is the device most gamers are likely to buy, followed by Samsung Gear VR (9%), Oculus Rift (8%), Google Cardboard (6%), and HTC Vive. Also, by the end of 2019, approximately 45.7% of VR users or 19.6 million people in the US will use VR headsets. It’s anticipating that the implementation of virtual stores will eliminate the home try-on effect by as much as 25% in the apparel industry. Such wide coverage definitely brings advantages both for consumers and businesses. Moreover, Intel recognizes the potential of VR for enterprises. Let us know in the comments below! Sam Machkovech - Feb 12, 2020 11:45 am UTC The technology may soon become a permanent fixture in big data analytics. Until recently, consumers were dying with the hope that the technology will soon change the way they shop instore and do things online. Experts also expect virtual reality to bring about economic advantages. 4. Besides, there are massive adoption campaigns aimed at encouraging the consumer and enterprise markets to embrace this technology. By using our website, you agree to our privacy policy. Virtual Reality in gaming: what’s in it for business? To illustrate, the segment generated $1.6 billion in 2016, $2.5 billion in 2017, and $3.8 in 2018. 2. The global VR in the healthcare market is projected to reach $30.40 billion by 2026, exhibiting a CAGR of 42.4% during 2019-2026. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. A quick look at the best VR headsets in 2020 by different review sites shows that these brands dominate the list with their products. For example, there is a need to imbue VR technology with control and convenience, implement sound user experience design, and counter the rising smartphone competition. In addition, the use of VR technology to build online virtual change rooms can help retailers improve conversion rates by more than 6.4%, increase order value by 1.6%, reduce fulfillment costs by 5%, and lower returns by 5.2%. It is a digitally created, three-dimensional environment generated using advanced computer technology. Sectors Driving Virtual Reality Growth, 8. The truth of the matter is: VR has the potential to push the boundaries of ordinary life. Large enterprises have taken their best foot forward, and the growing influence of VR within the enterprise environment is projected to cause prices to drop. This is more than three times the $6.1 billion market size registered as recently as 2016. Do VR benefits outweigh the risks? When it comes to the top legal risks when developing VR and AR technology, the following top the list: Data security (44%) is the biggest concern, health & safety/product liability issues (42%), intellectual property infringement (40%), compliance with platform’s specifications in publishing content (38%), Technology and IP licensing (30%), and export control issues (6%). Most interestingly, 53% of consumers are most likely to buy from brands that offer VR experiences. Augmented and Virtual Reality Market Outlook - 2025. In fact, the global virtual reality in the gaming market is forecast to grow rapidly over the next few years. Whether you’re looking to adopt the technology for your, or be a leading seller of its devices, it’s always better to get a jump on it sooner rather than later so why not get. We hope you now have a better idea of the direction this technology is headed towards and its potential. This is more than three times the $6.1 billion market size registered as recently as 2016. In 2018, US consumers spent $6.4 billion on VR/AR. Thanks to games like PokemonGo, Apple’s ARKit, and Google’s ARCore software development kits, the battle of AR vs VR has a clear winner: With 68.7 million projected users, augmented reality is still more widely used, according to our augmented re… As more and more people in the US purchase VR sets, usage can be expected to increase along with it. 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. No spam. 5.5 million units of AR and VR devices are set to be further shipped to customers worldwide in 2020 (Statista, 2020). Be nice. It’s only the beginning, but the real-world usefulness of VR has prompted an increasing user base. Nearly one in five (19 percent) US consumers will use VR in 2020 (AR Insider, 2020). 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