Wearable Virtual Reality Head Mounted Display (Head Mounted Display) headset shipments will approach 30 million globally by 2020, compared to just over three million in 2016.
Juniper Research observes that with technological advancements such as low latency and smarter graphics, coupled with the corresponding growth in interest from major players, VR is now in a position where the market can finally take off.
As a result, the technology is now poised to transform the entertainment industry, including gaming and video, over coming years whilst offering the potential to quickly expand into other markets such as industrial and healthcare.
2016 – A Watershed Year for VR
Juniper’s latest Insights research report, ‘Virtual Reality: Market Dynamics & Future Prospects 2015-2020’ identifies 2016 as the watershed year for virtual reality headsets, in terms of product launches and consumer roll outs.
Oculus, Sony, and HTC are amongst the leading players expected to launch key VR products over the next 12 months.
“The recent attention to and investment into virtual reality is helping to revitalise the industry and with major brand commercial launches imminent, there is huge potential for rapid market expansion,” says Joe Crabtree, report co-author, Juniper Research.
As a result, Juniper expects significant VR uptake over the forecast period as consumers benefit from a combination of improved VR technology allied to immersive applications, as well as reduced prices.
Challenges to the VR Market
In addition, the research notes that developments in user interaction with the virtual environment will have a major impact on the success of VR products.
While the current systems being developed will revolve around a stereophonic headset and a variety of controllers similar or identical to the current gaming devices, improving the immersive aspects of the experience will remain a challenge.