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 (VR) is a simulated experience that can be similar to or completely different from the real world. Chart. Telepresence solutions. The truth of the matter is: VR has the potential to push the boundaries of ordinary life. Boeing is a prime example of how heavy industry can implement VR in trainING. More and more US residents are also expected to start using VR more frequently. Because VR is still a relatively new technology, there are only a handful of major players in the current market. This marks a 20.9 percent increase from 2019’s 43.1 million. Many tech companies such as Microsoft, Intel, and Sony have invested large amounts of money into developing and advancing VR. Q4 2020 Digital Video Trends. A smaller set of glasses is also expected to be up for sale the following year. The short answer is no. Virtual Reality in 2020: How Life Went Virtual During the Pandemic . Oliver Skinner September 3, 2020 Subscribe to blog digest. Most users are also happy with the experience, with 55 percent of them saying they’re either extremely or moderately satisfied. , which marks a compound annual growth rate of 30.2 percent in the seven-year period between 2020 and 2027 (Grand View Research, 2020). The IEEE Conference on Virtual Reality and 3D User Interfaces (IEEE VR) is the premier international event for the presentation of research results in the broad area of virtual reality (VR). 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. China and the US are the two leading investors in VR and are expected to spend $5.8 billion and $5.1 billion on the technology this year (Statista, 2019). Report. The online retail space has been crippled by the inability to try on new technologies like VR. However, there are flashes of its outsized potential to streamline operations in retail, ecommerce, nongaming entertainment, employee development, manufacturing, and medical training. units are set to be further shipped to customers worldwide in 2020 (Statista, 2020). 70% of consumers believe AR can bring them benefits. Virtual Reality Facts: Popularity Increase, 6. Virtual Event Statistics in the Preparation Phase. On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. Report. 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. This is more than three times the $6.1 billion market size registered as recently as 2016. Virtual reality has taken off from the novelty phase, and it’s starting to show strong signs of going mainstream. Though VR investments are expected from a multitude of countries worldwide, there are a select few that will be leading the pack. This does not come as a surprise because VR found a home in gaming long before its use in other sectors was conceptualized. Virtual Reality in gaming: what’s in it for business? Moreover, in 2018, there were more than 130 million mobile VR users globally. With its innovative experience now a reality, businesses are keenly embracing the opportunities it presents. According to Statista projections, the VR market in the Middle East and North American region will reach $6 billion. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions. EU Office: Grojecka 70/13 Warsaw, 02-359 Poland, US Office: 120 St James Ave Floor 6, Boston, MA 02116. Overall, the virtual reality market size (software + hardware) will reach $16.3 billion by 2022. In 2018, the share of global VR/AR use cases was as follows, consumer hardware (15.60%), VR games (6.6%), AR games (5.1%), online assembly and safety (3.1%), retail showcasing (2.9%, and others 66.6%). On the other hand, as online retail grapples with the scepticism, the brick-and-mortar retailers, especially those in the fashion and apparel industries, have gone all out to implement the VR experience. 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 marks a 20.9 percent increase from 2019’s 43.1 million. The user base will comprise of 30.6 million nonheadset VR users and 26.5 VR headset users. The price drop will enable small businesses to implement VR to remain competitive in the dynamic markets. Related. Hire yourself and start calling the shots. 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. Virtual Reality: Future Predictions on Economy and Employment, 7. 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. From 2020 to 2027, the compound annual growth rate of the virtual reality market is 21.6 percent (Grand View Research, 2020). 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. Similarly, Airbus uses VR to optimize maintenance via simulated protocols. What will virtual reality do? Along with the advances of its sister, virtual reality technology, AR is expected to have one billion users by 2020, mainly involving video. More importantly, 57% of early achievers have had a 10% increase in efficiency with VR/AR compared to 23% of other companies. 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 … The major players in the current VR market include Sony, Samsung Electronics, Google, Microsoft, HTC, and Oculus (MarketsandMarkets, 2020). See All. 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. 10 Key Digital Trends for 2021. Augmented reality users fall into the 16-34 age group. 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. 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. Also, 80% of Generation Z are more likely to shop from physical stores that offer VR experience. Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. Don’t wait for someone else to do it. With not much other than a headset needed to play a VR game, it makes it easy and convenient for gamers to just pop the device on, launch, and be taken to an entirely different world. Since 1993, IEEE VR has presented groundbreaking research and accomplishments by virtual reality pioneers: scientists, engineers, designers, and artists, paving the way for the future. Keep it clean. (Grand View Research, 2020). Also, market research data show that in 2019, Oculus Quest will ship 1.3 million units. Start a business and design the life you want – all in one place. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. This is more than three times the $6.1 billion market size registered as recently as 2016. Not only does this mean that we’ll see an increased number of companies operating within the niche, it means that companies outside of it will have to begin adapting. A recent analysis by leading consulting services firm PricewaterhouseCoopers purports that the tech is capable of injecting approximately $1.83 billion into the world economy by the end of this decade. Moreover, Intel recognizes the potential of VR for enterprises. In fact, since its inception, virtual reality has been a slow burner, and the one dimensional progressed offered no reassurance. by Nick Kolakowski March 25, 2020 6 min read. The use of VR, coupled with a robust apparel management software, has been a revelation for retailers in this space. Asian giant China is at the top of this list, with an expenditure forecast of $5.8 billion on the technology in 2020 (Statista, 2019). Actually, after years of intense hype and empty promises, things have taken a turn for the better. All B2B Directory Rights Reserved. Here’s a summary of the Virtual Reality statistics you need to know in 202q: Is there anything else you’d like to know about Virtual Reality statistics and wish was included in this article? Virtual reality is highly effective for learning because it writes to our brains like a real experience or memory. There are barriers to virtual reality entry. 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). In 2017, a technician training survey found that 85% of trainees preferred VR training to traditional methods. According to a recent virtual reality report, the top areas for the predicted VR revenue in 2025, include video games ($1.4 billion), NFL-related content ($1.23 billion), and adult content ($1 billion). Augmented Reality (AR) and Virtual Reality (VR) Market Size, 3. 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. While it has not lived up to its profound potential, virtual reality statistics show that the technology is making massive leaps and bounds, and its near future is mesmerizing to behold. As more and more people in the US purchase VR sets, usage can be expected to increase along with it. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. Compared to other industries, the virtual reality gaming space has won a notable market size. See All. Given its advancements over recent years, it’s probably safe to say that it’s only a matter of time before virtual reality takes over our lives. This is a significant amount. When it comes to experimentation the table turns, Germany (77%) has the highest number of implementers followed by UK (67%), US (58%), France (57%), and China (49%). Here are some intriguing VR manufacturing statistics: Currently, VR is no longer limited to gaming. Sectors driving the growth of virtual reality include gaming and entertainment (Grand View Research, 2019). Besides, the VR market will grow from $7.9 billion in 2018 to $44.7 billion by 2024. Larger economies, including the US, UK, Germany, and China, are expected to be the most impacted. On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. 51% Of The U.S. Population Is Aware Of Virtual Reality Devices American awareness of virtual reality and augmented reality devices nearly doubled between 2016 and 2017. By 2018, Virtual Reality has stepped out and expanded to marketing, retail, military, education, fitness, and healthcare. 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. Now let’s jump into how popular VR has become and some of the driving factors behind its growth. Most interestingly, 53% of consumers are most likely to buy from brands that offer VR experiences. The US is the second-largest investor and is forecast to spend $5.1 billion on virtual reality technology. But what is virtual reality, what benefits does it offer, and what sectors are driving its growth? Entertainment companies have also been eager to implement the technology. Stay on topic. There you have it a compilation of the most intriguing virtual reality statistics. Architect firms around the world are also starting to adopt VR for ideas presentation. Consumers who do not use the tech say they’re simply not interested in giving it a try or discovering it, which will prove to be a challenge for VR developers. VR PC gaming sales revenue has registered an upward trajectory since 2016. Statistic Brain claims there are expected to be 82 million virtual reality headsets in use by 2020. In this article, you’ll learn ten virtual reality statistics you need to know in 2021. Initially, VR HMDs were made for entertainment, with focus on games. The VR market size is forecast to reach $92.31 billion in 2027 (Grand View Research, 2020). That’s it for the most important virtual reality statistics of 2020. Report. The AR market is projected to be worth over $18 billion in 2023. Copyright © 2021 FinancesOnline. 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. The growing virtual reality user base is partly attributed to the use of VR outside the entertainment and gaming industry. The VR gaming software is a lucrative market, estimated to be worth $68 billion. By 2021, there will be 57.1 million VR users in the US. Maybe VR is the next big thing in magnifying learning from each customer experience for ecommerce businesses. It is good to note that 63% of US gamers are aware of VR or AR gaming devices. 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. Today, the speed of growth has not changed, but the expanding VR use cases point to a rapid paradigm shift. Interestingly, 90% of all participants lauded the platform for helping them improve efficiency and work better. Out of the businesses deploying VR, 36% are actually implementing the technology, whereas a whopping 64% are only experimenting with it. Similarly, the global virtual reality market share of two leading immersive technologies (VR+ AR) will reach more than $117 billion by 2024. The report also predicts that VR will lead to a growing number of employment opportunities. medical or military training).Other distinct types of VR-style technology include augmented reality and mixed reality, sometimes referred to as extended reality or XR. Mobile VR sales revenue will reach $8.2 billion by 2020, up from $0.7 billion in 2016. Such wide coverage definitely brings advantages both for consumers and businesses. How many people in the US will use virtual and augmented reality in 2020? Steam: Virtual reality’s biggest-ever jump in users happened last month We know, we know—VR is still a sliver, but that sliver sure is picking up pace. Rely on our Market Intelligence platform to get the latest trends on the Virtual Reality Industry and anticipate the future of the sector. (eMarketer) That adds up to 13% of the total population. Mobile augmented reality hit a user base of 900 million in 2019 and is projected to surpass 3.5 billion by 2022. In 2020, there are 1 billion augmented reality users. Interestingly, the annual global enterprise VR revenue (hardware + software) will increase from $1 billion in 2018 to $12.6 billion by 2025. Virtual & Augmented Reality Users, US. One example of this includes IKEA’s “kitchen experience” initiative, which allows customers to visit the store through a VR headset, doing without the need to commute and be physically present. With millions of people forced to work remotely due to the COVID-19 pandemic, the very nature of how companies do business is changing rapidly—the only question is whether these changes are permanent, or if we’ll all revert back to office life once the threat of the virus subsides. To illustrate, the segment generated $1.6 billion in 2016, $2.5 billion in 2017, and $3.8 in 2018. Additionally, by 2021, 46.4% of VR users or 7.9% of US consumers will use VR headsets. In other words, in this seven-year period, the VR sector is expected to grow at an average of 21.6 percent every year. Virtual and augmented reality technologies shouldn’t be going away anytime soon; as the above statistics highlight, they look to continue growing over the coming years. View Trends, Analysis and Statistics. Nearly one in five (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). This is followed by the entire Western Europe bloc with $3.3 billion and Japan with $1.8 billion. (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. 52.1 million people in the US will use virtual reality technology at least once per month in 2020 (eMarketer, 2020). According to Michael Boland, Founder & Chief Analyst at ARtillery Intelligence: “The advent of standalone VR headsets like Oculus Quest — along with Facebook's investment in the technology and price competition — will make high-end VR accessible to larger audiences. The statistics below affirm its growing influence. 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. That said, since its inception, the technology has created a digital imprint that has had a lasting impression on the consumer. According to the latest virtual reality statistics, by 2027, its market size is forecast to reach $92.31 billion, which marks a compound annual growth rate of 30.2 percent in the seven-year period between 2020 and 2027 (Grand View Research, 2020). Nearly one in five (19 percent) US consumers will use VR in 2020 (AR Insider, 2020). people in the US will use the technology at least once per month in 2020 (eMarketer, 2020). As it stands, there is evidence of the use of VR for furniture and room design shopping. Not all is fine and dandy, however. This environment is perceived through a device known as a Virtual Reality headset or helmet. From its use in the fashion industry to its role in some of the best LMS software, these statistics will open your eyes to massive possibilities. 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. Whether you’re looking to adopt the technology for your ecommerce store 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. For consumers, VR literally expands the edges of … 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. At Visualise, we’ve worked with some of the biggest names in the medical & pharmaceutical industries to create a range of VR experiences. Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development. Before we jump into the statistics, let’s very quickly cover what virtual reality is. In addition, virtual reality sales statistics had predicted revenue generated from VR products to hit $5 million by 2018. Given the potential and benefits of virtual reality technology, it should come as no surprise that the demand for AR and VR headsets is set to gain further traction in the near future. From growth figures to virtual reality future predictions on the global economy, we’ve got you covered. augmented reality Coronavirus COVID-19 virtual reality. More and more US residents are also expected to start using VR more frequently. About 45% of high-consequence industries players consider VR simulation, either critical or important, to realizing organization objectives over the next 18-24 months. Virtual reality is being used by Tyne and Wear Metro drivers to test a new fleet of trains in a Covid-secure way. Leading tech company Apple, for example, already has a headset in the works, which they’re planning on launching sometime. 67% of media planners and buyers want AR/VR ads in digital marketing campaigns. 1. It’s true that, for long, consumers have been hesitant about embracing VR technology. The signs are encouraging, and when all hurdles are cleared, VR’s transformative power will take full effect. This is a significant amount. 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. So how well prepared are you for the future when VR becomes a fixture of daily life? Because of the nature of such jobs and the high costs of mistakes, the simulation permitted by virtual reality makes it a practical solution as it allows them to practice in a safe environment. Most users are also happy with the experience, with 55 percent of them saying they’re either extremely or moderately satisfied. The clunky VR simulations of the early days opened the doors to unique VR options. Leading tech company Apple, for example, already has a headset in the works, which they’re planning on launching sometime in 2022. 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. Moreover, organizations have implemented AR (45%) more than VR (36%). 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