Report: Virtual reality market worth almost $16 billion by 2020

The VR market is expected to reach $15.89 billion by 2020, analyst predicts.

Published Thu, Jun 25 2015 8:40 PM CDT   |   Updated Tue, Nov 3 2020 12:06 PM CST

Virtual reality is booming right now, and the overall market is expected to reach $15.89 billion by 2020, with a compound annual growth rate of 63.18 percent from now until 2020, according Marketsandmarkets.

Report: Virtual reality market worth almost $16 billion by 2020 | TweakTown.com

Oculus VR, Sony, HTC and Valve, Microsoft, and other manufacturers are currently developing VR hardware, with consumers anxiously waiting for more consumer choices. With Sony and Oculus admitting they are "sharing notes" with one another regarding VR, the two frontrunners in the hardware market could help drive interest in the market.

Most of the attention on VR is dedicated to video games and movies, but the technology will likely be disruptive for the medical, industrial, education, retail and marketing, and other verticals. VR will grow to be even more competitive, but opportunities exist as there are new large scale collaborations, partnerships and agreements among software and hardware developers.

There are some barriers to VR adoption, such as the overall cost of hardware and a minimal amount of apps and software.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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