Juniper Research Predicts The VR Market To Reach $52 Billion By 2021
Currently, the VR industry is noticing a surplus of VR hardware coming to the market from some of the biggest technology companies in the world. In the past few weeks we’ve seen launches of Daydream View VR headsets by Google, Playstation VR and Oculus Touch (motion tracked controllers for the Oculus Rift). And with this type of innovation, Juniper Research has predicted a big growth coming to the VR industry.
Juniper defines VR as:
‘Technology which leverages pre-determined audio and visual data from a digital source, using specific software and hardware to create an interactive and artificial environment for the user.”
The research company predicts that by the year 2021, we’ll reach a $52 billion market cap with VR technology. The leading factor will be the console-based VR headsets. The Playstation VR will be released a price point that’s affordable for most console owners. The graphics will be far better than phone based VR headsets and will be capable of running VR at an optimal level in the future with upgraded technology.
There’s much to determine about the future as many innovative thinkers and engineers are predicting various growth patterns for VR technology. Some experts like Michael Abrash (Chief Scientist at Oculus) believe that VR will evolve in to something more than capturing the virtual world through these headsets. He believes we’ll reach a level of “Mixed Reality” where we incorporate the physical environment with the 3D rendered one.
Juniper’s report also shows the level of investment becoming greater in the VR market. We’re currently noticing a heavy flux of VCs investing in to VR hardware manufacturers and content creators. Hardware manufacturers such as HTC and Facebook’s owned Oculus are also heavily investing in to the growth of VR.
On paper, VR looks to be a dominant force in the future as far as technology and hardware goes.