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Virtual Reality Market to Increase to $38B by 2020

Business December 6, 2016

With Snapchat or Facebook Messenger, you can apply bunny teeth, superhero masks, or any number of filters to give yourself a new look -- virtually, that is.

Why not try on clothes that same way? Or look at a new couch? What about a building tour.

The retail and entertainment industries have long talked about how virtual reality (VR) will eventually be an everyday custom. Only, those long talks may still continue as VR still isn't there yet -- yet.

The market for VR has been slow to take off for a number of reasons. However, it might not stay that way for much longer.

For the time being, gamers of all ages enjoy VR in the comfort of their homes. In the coming years, though, gamers might not be the only ones to take part in this alternate world.

Retailers, business and others might be able to find a way to harness these technologies as they become more prevalent on the market.

virtual-reality-micrographic

SuperData, a market intelligence company that provides insights on VR, reported its predictions. By 2020, the market is thought to account for $37.7 billion.

This year, alone, the company projects VR to bring in nearly $5 billion, a considerable recovery from its start.

In the beginning, VR didn’t see skyrocketing numbers because of supply constraints. That's changed. Now, VR hardware and software are ramping up in appeal and things are taking off.

“Greater availability of both headsets and compelling content will drive consumers to spend more this year,” SuperData said in a news release.

As VR was coming onto the market, hardware was the main driver. However, that's also expected to change.

Over the coming years, software is projected to outpace hardware in the VR market by as early as 2019. The software side of VR is projected to rake in $24.5 billion by 2020, while hardware follows at $15.9, respectively.

There will always be a place for impressive new hardware, gadgets and devices, though, and now more than ever. With new software and content coming onto the scene in creative ways, hardware will be needed to bridge the gap and give people a way to interact with the virtual world.

Despite the fact that VR technologies are not commonplace in clothing stores (yet), there has been a boom in other applications. They allow you to try on everything from your friends’ faces on to browsing furniture, and touring offices.

While these conveniences are nice, they're not the only way to use these technologies.

With the blending of entertainment and everyday life, businesses are limited only by where our collective imagination takes us. Prototypes and simulations will continue to become more accurate, more realistic and, yes, more fun.

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