According to a new report from VRJournal, the virtual reality market is growing at warp speed.
Citing data from global market research firm TrendForce, the total value of virtual reality market — including hardware and software — is now expected to reach $6.7 billion in 2016.
But by 2020, driven by the voracious appetite for all things VR by the connected masses, this market will “skyrocket” in value to $70 billion.
“These explosive growth projections actually do not sufficiently reflect just how hot the virtual reality industry is right now,” said Jason Tsai, TrendForce wearable device analyst. “The figures do not include the value of non-commercial uses of virtual reality technology. For example, the industry is currently pushing the development of free software and do-it-yourself apps. While these projects do not immediately generate revenue for the developers, they have a vital role in the promotion market growth and innovations.”
TrendForce analysts say that consumers’ exposure to virtual reality content will “explode wildly in the coming years with the help of social media such as Facebook and YouTube,” VRJournal noted Monday.