A new report from Juniper Research has found that consumer virtual reality content will bring over $7 billion in revenue in 2025, an increase of over 160% on the $3 billion it is expected to generate in 2020.
The primary driver for consumer content in this space will be console gamers, which will account for 41% of revenue.
The new research notes that standalone VR will be the fastest-growing user base in the next five years; taking over from smartphone-based VR, which will stall, following the exit of Google and Samsung from the market last year.
Interestingly, mobile VR is forecast to decline over the next five years, with only 1.2 million headsets in use by 2025.
Juniper forecast the consumer space could struggle to become mainstream even as VR is expanding to more users. Many products and services are targeted at enterprise users.
Also read: IDC identifies Four Leading AR Enterprise Platforms
Facebook VR Oculus For Business
As VR application gains momentum, Facebook is aiming to be the remote work platform of the future bringing together the collective power of its Workplace, Oculus and Portal.
It is Oculus where Facebook has seen great demand. The social media giant’s blog post revealed: “In the year since we launched Oculus Quest, demand for VR has grown, not just for entertainment, but also immersive professional training and virtual meetings”.
“Now we’re making it easier for more companies to use the power of VR to improve business results”.
- Sales folks at Nestle Purina are using VR to visualize retail displays and gather sales teams while reducing travel.
- Johnson & Johnson Institute is training surgeons with Oculus and helping improve patient outcomes.
- Employees at Hilton are using interactive simulations to gain a deeper understanding of the complexities of hotel operations.
