Although various research reports indicate different metrics, the consensus is that the VR industry is huge. In 2018, Statista estimated that the VR industry was worth $8.9 billion. Fortune Business Insights, on the other hand, estimated the value of the industry to be $7.3 billion during that year. In addition, the research forecasted a CAGRof 42.2% between 2018 and 2026 for the industry, where it would clock $120.5 billion by the end of the forecast period.
So far, in 2019, Statista estimates that the industry is worth $16.8 billion. Compared to 2018, the industry has already expanded approximately 89% even before the year ends. Incidentally, the growth of the industry emanates from demand in the three largest VR markets in the world, the US, China, and Japan. These are the leading countries as far as VR is concerned. The countries are aggressively pursuing the technology behind virtual reality and the VR revenue generated provides the evidence to this.
Facebook-owned Oculus VR is one of the leading companies in the VR industry. The company develops the Oculus family of VR headsets targeting gamers and other consumer sectors. Recently, the company introduced Oculus Quest, which enables users to turn their heads in virtual space. The device is 27% faster than its predecessors are and consumes 40% less power. Other companies blazing the trail in the industry include Chicago-based NEXT/NOW, which develops VR solutions for projection mapping and facial tracking.
Source: Virtual Reality (VR) Set To Revolutionize Industries In Future | Via News Agency