Virtual Reality Market expected to grow by 147% from 2016 to 2021

virtual-reality-market

According to a new research conducted by OrbisResearch, Virtual Reality userbase can see an increase of up to 147% in the next half decade. The published report “Virtual Reality Market Outlook: Technology, Solutions, Content, and Applications 2016 – 2021” states that the global virtual reality market is going to experience a massive transformation. Factors like new and innovative VR devices, VR apps and VR content etc. will also contribute to the overall growth of the Virtual Reality market in future.

Why Virtual Reality is going to be the next big thing

Virtual Reality is something that provide users a real-life experience but in a virtual environment. This gives users to experience something virtually that they cannot experience in real life. Take an example of VR Fitness market – there are apps that provide users an actual workout like experience but in virtual reality. Apps like BitGym are providing a whole new level of VR experience to people. The purpose of the app is to make workout more fun and entertaining for users by providing exciting cardio tours based on real-life locations but designed in virtual reality.

Another market that can benefit a lot from the VR technology is that of online casinos. Currently, there are only a handful of VR apps that offer a virtual casino experience so there are a lot of games that big online casinos offer which aren’t yet available in Virtual Reality, one of those games is online Blackjack. However, there is a company called Microgaming that is starting to develop software for casinos so they can provide VR slot machines and other games typically found in casinos worldwide. This will allow players to experience the excitement of being in a casino without leaving their homes.

How Virtual Reality is going to Boost the Revenue of Different Markets

According to the OrbisResearch report, another reason why Virtual Reality market is going to experience a boom in its growth is the fact that the prices of the consumer VR headsets and other VR components is going to decrease with the passage of time. This, in turn, will help low-budget content developers to dive into the VR market and start developing VR apps.

Online Casino VR Gaming
Online Casino VR Gaming

A very practical example of how Virtual Reality is going to increase the revenue of a company in the upcoming years is the Casino VR apps. LAs Vegas is said to be the hub of world’s most popular casinos.

Everyone who wants to play Blackjack or any other casino game want to visit Las Vegas. However this is not possible for everyone. If casinos can develop their own VR apps, this will increase the number of players spending in the casinos by tenfold. Not only people who are physically present in the casinos are spending but also people sitting anywhere in the world are generating revenue for the casinos.

Virtual Reality is still in its early stages of but a lot of companies are already working on VR apps. VR industry is going to experience a lot of improvement as well as increase the number of users in the next 5 years as more companies dive into the world of virtual reality.

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