By 2030, 23 million jobs will be using AR and VR in one way or another (PwC, 2019). The technology may soon become a permanent fixture in big data analytics. 2. We hope you now have a better idea of the direction this technology is headed towards and its potential. 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. Mainly, instore retailers are determined to use VR technology to repress the home-try-on effect, which has been a vexing problem. Virtual Reality in gaming: what’s in it for business? Augmented reality users fall into the 16-34 age group. 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. Augmented and Virtual Reality Market Outlook - 2025. This will all change this decade, with as many as. Virtual reality is highly effective for learning because it writes to our brains like a real experience or memory. Most interestingly, 53% of consumers are most likely to buy from brands that offer VR experiences. In addition, virtual reality sales statistics had predicted revenue generated from VR products to hit $5 million by 2018. Many tech companies such as Microsoft, Intel, and Sony have invested large amounts of money into developing and advancing VR. of these devices are currently owned by private consumers. What are you expecting from VR in 2020? It’s a technology that’s here to stay. The global VR gaming market size will reach $22.9 billion by 2020. 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). Additionally, by 2021, 46.4% of VR users or 7.9% of US consumers will use VR headsets. And they’re not stopping at one. However, there are flashes of its outsized potential to streamline operations in retail, ecommerce, nongaming entertainment, employee development, manufacturing, and medical training. Virtual Event Statistics in the Preparation Phase. While the use of VR is not as advanced as the use of AR in manufacturing, it’s still supporting numerous use cases. by Nick Kolakowski March 25, 2020 6 min read. No spam. 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. Also, 80% of Generation Z are more likely to shop from physical stores that offer VR experience. by different review sites shows that these brands dominate the list with their products. 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. The use of VR in business is set to snowball and outpace its use for leisure. See All. The use of VR technology has enabled Airbus to reduce the duration of maintenance processes by 25%. However, this immersive technology has a long way to go before its transformative power can effectively bridge the gap between online and in-store shopping, as many anticipated. As mentioned earlier, when VR technology first came, some overhyped 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. By 2018, Virtual Reality has stepped out and expanded to marketing, retail, military, education, fitness, and healthcare. Experts also expect virtual reality to bring about economic advantages. Also, US gamers genre preference for digital console games: Action-adventure (67%), First-person shooters (61%), action (47%), RPG (41%), sports (35%), and fighting (34%). On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. Primarily, 16 million of these users considered themselves hardcore gamers. US Hispanics in a Time of Pandemic. On the other hand, Statista projected that the VR software market could be worth $25 billion by 2020. Also, market research data show that in 2019, Oculus Quest will ship 1.3 million units. Research on compelling transformative technologies revealed that virtual reality in retail and marketing segments would generate $1.8 billion in 2022. 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. Virtual Reality in 2020: How Life Went Virtual During the Pandemic . It’s true that, for long, consumers have been hesitant about embracing VR technology. There are barriers to virtual reality entry. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. More and more US residents are also expected to start using VR more frequently. 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. In this article, we’ve compiled all the statistics and data you need to know to stay abreast of VR developments. As it stands, 26 million of these devices are currently owned by private consumers. Sectors that have seen widespread adoption of and increased demand for VR include gaming and entertainment (Grand View Research, 2019). A smaller set of glasses is also expected to be up for sale the following year. 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. As we’ll see in the next statistic, this growing popularity of VR is likely to continue at least for another few more years. On the other hand, many underestimated the emerging technology, and it’s no surprise, then, that VR growth stalled. The VR gaming software is a lucrative market, estimated to be worth $68 billion. Gaming remains the highest revenue driver for VR, earning up to 43% of the total VR’s $1.2 billion of software revenue. 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. Virtual & Augmented Reality Users, US. Finally, the dawn seems to be at hand, and the roller coaster-like hype series has giving birth to real VR experiences. 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. Do VR benefits outweigh the risks? Entertainment companies have also been eager to implement the technology. Overall, the virtual reality market size (software + hardware) will reach $16.3 billion by 2022. Virtual Reality Growth in the Gaming Market, 10. PC (40%) gaming has the lion’s share, followed closely by Console (33%) and Mobile (27%). Architect firms around the world are also starting to adopt VR for ideas presentation. The biggest driver of this is expected to come from millennials, whose demand for tech-advanced games will push game developers to rely more on VR to meet rising standards. Sectors driving the growth of virtual reality include gaming and entertainment (Grand View Research, 2019). In addition, virtual reality sales statistics had predicted revenue generated from VR products to hit $5 million by 2018. (19 percent) of US consumers have used VR in 2020—a three percentage point increase from 16 percent in 2019 (AR Insider, 2020). The price drop will enable small businesses to implement VR to remain competitive in the dynamic markets. The short answer is no. Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. But what is virtual reality, what benefits does it offer, and what sectors are driving its growth? From 2020 to 2027, the compound annual growth rate of the virtual reality market is 21.6 percent (Grand View Research, 2020). And they’re not stopping at one. Similarly, Airbus uses VR to optimize maintenance via simulated protocols. 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. Until recently, consumers were dying with the hope that the technology will soon change the way they shop instore and do things online. Boeing is a prime example of how heavy industry can implement VR in trainING. 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. Together, the US and China will be responsible for 58 percent of the global investment into VR. 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. 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. Published by Statista Research Department, Nov 24, 2020 The statistic shows the number of the virtual reality (VR) users in China from 2015 to 2017, with a forecast up to 2020. 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). 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. The VR market size is forecast to reach $92.31 billion in 2027 (Grand View Research, 2020). 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). You will spend your flights in virtual reality. Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development. The revolutionary technology tantalized, everyone fell in love, but the much-hyped transformative effect never quite arrived. Nearly one in five (19 percent) US consumers will use VR in 2020 (AR Insider, 2020). Moreover, Intel recognizes the potential of VR for enterprises. 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 does not come as a surprise because VR found a home in gaming long before its use in other sectors was conceptualized. Between 2020 and 2027, the compound annual growth rate of the market is expected to come in at. 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. 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. However, you can expect big names to enter the playing field very soon. 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. Leading the way in implementation is DHL Express, which collaborated with Immerse to build a VR training platform to boost efficiency in Unit Load Device (ULD) stacking and safety. Augmented Reality (AR) and Virtual Reality (VR) Market Size, 3. 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. View Trends, Analysis and Statistics. However, all is not gloom and doom, and business should endeavor to break the barriers of VR adoption to keep pace with consumer interests. By using our website, you agree to our privacy policy. According to the latest estimates, as many as. Larger economies, including the US, UK, Germany, and China, are expected to be the most impacted. Do it now. Aside from retail, manufacturing, and training, VR is slowly creeping into the data visualization industry. The US market is no exception to this virtual reality growth sweeping across the globe. Right now, there are fewer than half a million jobs worldwide that are impacted by VR and/or AR. Here are some intriguing VR manufacturing statistics: Currently, VR is no longer limited to gaming. 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? In this article, you’ll learn ten virtual reality statistics you need to know in 2021. The US is the second-largest investor and is forecast to spend $5.1 billion on virtual reality technology. Related. Q4 2020 Digital Video Trends. Moreover, organizations have implemented AR (45%) more than VR (36%). Oberlo uses cookies to provide necessary site functionality and improve your experience. This will mean an impressive increase of almost eight-fold from 2020 to 2025. It is a digitally created, three-dimensional environment generated using advanced computer technology. The statistics below affirm its growing influence. So what can be garnered from all the big numbers? This represents 15.7% and 25.0% of the population, respectively. The VR gaming industry has also recorded an accelerated growth rate, and the penetration has been encouraging. Homegrown, a fast-casual restaurant chain based in Philadelphia, reported that within 30 days of using VR employee onboarding the number of certified members on training and culture rose from 50% to 77%. 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. In 2017, a technician training survey found that 85% of trainees preferred VR training to traditional methods. This number is expected to increase to 57.4 million in 2021 and further to 60.8 million in 2022. That’s not all: this number is expected to double to 11 million just one year later, and further soar to 43.5 million in 2025. 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. If you’re looking for answers to these questions and more, you’ve come to the right place. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. The truth of the matter is: VR has the potential to push the boundaries of ordinary life. 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. In other words, in this seven-year period, the VR sector is expected to grow at an average of 21.6 percent every year. Moreover, in 2018, there were more than 130 million mobile VR users globally. There are reasons to believe a bright future is burgeoning for VR. To illustrate, the segment generated $1.6 billion in 2016, $2.5 billion in 2017, and $3.8 in 2018. More importantly, by 2020, mobile virtual reality HMDs will account for 75% of the worldwide VR display sales. These key players include Sony, Samsung Electronics, Google, Microsoft, HTC, Oculus (owned by Facebook), Eon Reality, and a few others (MarketsandMarkets, 2020). 4. Augmented Reality. This is a significant amount. Has VR reached maturity? See All. Do not wait to jump the bandwagon when VR goes mainstream. 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%). Oliver Skinner September 3, 2020 Subscribe to blog digest. 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