Getting Immersed in VR: The Latest Statistics You Need to Know
Virtual reality or VR is one of the most talked-about technological advancements in recent times. For a few years now, it has been gaining steady growth and popularity. With the rise of the pandemic, people are now looking at virtual reality as a way to connect with events and others remotely. As a matter of fact, many companies are already using virtual reality to enhance their brands and engage with their audiences. In this blog post, we’ll share with you the latest virtual reality statistics that you need to know.
VR Market Growth
The VR market is expected to reach $120.5 billion by 2026, according to a report by Valuates Reports. The report revealed that the VR market is expected to grow at a CAGR of 42.9% from 2021 to 2026. The increasing demand for gaming, entertainment, and sports is driving the growth of the VR market.
VR User Demographics
According to a report by VR Intelligence, 31% of virtual reality users are aged between 25-34, making it the largest age group of VR enthusiasts. Meanwhile, users aged 18-24 make up 29% of the VR market while those aged 35-44 account for 25%. The remaining 15% are above the age of 45. As for gender, 75% of VR users are male, and 25% are female.
VR Applications
VR is no longer limited to just gaming; it’s now being used in other industries such as education, healthcare, and tourism. According to MarketsandMarkets, the educational sector is expected to have the highest growth rate in the VR market, followed by the healthcare sector. It’s also worth noting that the gaming industry still has the largest share of the VR market.
VR User Engagement
A study conducted by Ericsson showed that virtual reality could significantly increase user engagement. The study found that VR viewers consume 7 times more video content than non-VR viewers. Moreover, the study revealed that VR viewers are more likely to have a positive emotional response to VR content than the non-VR viewers.
VR Challenges
Despite the optimistic picture painted above, there are challenges in the VR industry. One significant challenge is that VR can cause discomfort and even motion sickness to some users. The industry needs to find ways to overcome this challenge to increase the number of VR users. Another challenge is the high cost of VR headsets, which can be a barrier to entry for some users.
Conclusion
In conclusion, virtual reality is becoming increasingly popular, and various industries are adopting it to enhance the customer experience and engagement. VR viewers consume more content, and the educational and healthcare sectors have the highest growth rate potential. However, the industry must overcome the motion sickness challenge and reduce the cost of VR headsets to increase the number of VR users. With the continued growth in this industry, we can expect to see more exciting developments in the near future.
