The market for Virtual Reality (VR) will reach $30 billion by 2020, predicts a recent paper from Research in China titled “Global and China and AR Industry Report 2016 – 2020”. What’s more the Augmented Reality (AR) market will be even larger reaching $90.8 billion in 2020.
The report predicts that the market for AR will grow faster and mature more quickly than VR, due to its greater range of business applications. AR environments are generally considered easier to expand upon over time compared to traditional closed-loop VR experiences.
PC VR products, focused on games and movies, will be initially targeted towards dedicated game enthusiasts and expert players. In contrast the reports sees mobile VR products moving into diverse business sectors like tourism and education.
As the market for VR expands so to will the number of teams developing content. With the range of content teams rising so to will the diversity of the type of content created increase. The report also predicts that larger companies will eventually develop perfect VR ecosystems.