Transparency Market Research (TMR) have conducted a study into the growth of the virtual reality (VR) market in order to understand various factors such a growth and competition.
TMR’s findings indicate that the total VR Content Market will reach a value of $41 Billion (USD) and a Compound Annual Growth Rate (CAGR) of 89.8% by 2024. The VR gaming market is currently leading the surge in growth, currently representing 50% of the market. TMR say this dominance is likely to remain over the coming years, but other sectors such as media and entertainment, travel, hospitality, retail and automotive will slowly catch up.
Regionally, North American is dominating the market with a market share of 73.4%, but the Asia Pacific region is slowly gaining ground.
VR Advertising and Marketing is also predicted by TMR to be a growth market, as well as further VR developments and investments from retail, travel and media. We have already seen significant developments in VR advertising and entertainment here at VRFocus.
A TMR analyst had this to say; “With companies focusing increasingly on brand promotion and enhancing consumer experience, the demand for VR content creation is expected to rise further.”
VRFocus will continue to bring you news on the VR market.