posted Aug 18, 2016, 11:35 AM by Virtual Augmented Reality
updated Aug 23, 2016, 3:40 PM
According to the IDC virtual reality and augmented reality will grow at least 181% compounded every year until 2020. Right now the VR and AR market is worth an estimated $5.2 Billion, by 2020 the VR and AR market will be worth an estimated $162 billion.
As virtual reality hardware gets cheaper and cheaper the general public will be able to access and own their own virtual reality headsets. The adoption of virtual reality by the public will be faster than the adoption of smartphones. While the adoption of headsets will provide a large portion of the revenue for the VR and AR market, software will be just as important for the driving of hardware sales and revenue of the VR/AR market.
The development of hardware is far ahead compared to the development of software in the VR market. Closing the gap between software and hardware will be the largest challenge of the VR and AR market. If there are no consumers in the market then there is no profit in developing software. Consumers won't come to the market until there is software. But the moment that there are enough consumers to justify spending a large budget on VR software the VR market should explode. As more and more pieces of software are released, more and more people will be inclined to invest in the VR market and purchase the software. When more people are willing to put money into the VR market the amount software available will grow.
This feedback loop will be responsible for the 181% of compounded growth in the VR and AR market within the next few years.
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