Experts: virtual reality market to grow tenfold over the next decade

According to data from analytics firm GlobalData, the virtual reality market will generate substantial profits over the next 10 years.

Experts believe that the figure will increase 10-fold, reaching $51 billion by 2030. The crucial role of virtual reality in developing metaverse-focused platforms is noted, which will boost its appeal in the long run. The metaverse is broadly defined as an expansive online world where people interact using digital avatars. Companies such as Meta* have announced plans to develop metaverse platforms, services, and hardware.

In the short term, analysts believe virtual reality will make a leap to the enterprise level, unless someone on the consumer side creates a “killer app.” A killer app is software that is so essential or desirable that it proves valuable to a broad audience.

“We expect enterprises to become the key market for virtual reality over the next three years, outpacing the consumer segment. VR is already being used across retail, defense, airlines, oil and gas, and healthcare sectors, primarily for training purposes. However, the COVID-19 pandemic triggered a shift to remote work, which accelerated company adoption of virtual reality not only for training, but also for collaboration, data visualization, and customer service.”