According to a report published by Markets and Markets, the virtual reality market is expected to grow from USD 7.9 billion in 2020 to USD 48.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 42.8% during the forecast period.
Some of the major growth drivers for this market are increasing adoption of high-speed internet and broadband connectivity, significant investments by key industry players, and technological advancements in hardware components such as lenses, sensors, displays, and input devices.
With the continually evolving technology landscape, it is difficult to predict exactly what the future of virtual reality will look like.
However, there are many exciting possibilities for brands on the horizon that suggest that VR will become increasingly commonplace in both our personal and professional lives over the next few years.
One area where VR is likely to have a big impact is education. We are already seeing experimental VR programs being used to teach everything from history to anatomy in more interactive and engaging ways than traditional methods allow for. It is not hard to imagine VR becoming a standard tool in classrooms around the world in the not too distant future.
Another area where we are likely to see more VR use is marketing and advertising. Virtual reality provides an immersive way for brands to show off their products and services in a way that is far more engaging than simply watching an advert on TV or browsing a website.
We are already seeing some innovative companies experiment with VR marketing, and it is likely that this will become a more common practice over time.
Of course, gaming remains one of the most popular uses for virtual reality, and this looks set to continue. With the release of affordable VR headsets such as the Oculus Quest 2, we are likely to see even more people get into VR gaming. And as developers create more and more immersive experiences, we can only imagine what the future of VR gaming will look like.
There are many other exciting potential applications for virtual reality that we have not even begun to explore yet. As technology continues to develop at a rapid pace, it is hard to know exactly what the future holds for virtual reality. However, one thing is certain – it is sure to be an exciting ride!