In 2017, the virtual reality market was worth about 14 billion US dollars. By 2022, it is expected to climb up to 209 billion US dollars. If you are wondering what is triggering this massive increase in the market share, the answer is simple. VR equipment of today has finally come to an age where it can provide a realistic, immersive experience for the masses.
Since last five years, there has been a major uptick in the development of VR tools and content. In 2016, Oculus and Valve started selling consumer grade VR headsets at hefty price points. A year later the prices have come down significantly, showing the product is ready for the mass market. Sony put out a console-based VR headset the same year, and it has taken a while to see some adoption.
After more than a year in the market, one would wonder if it is worth spending a lot of money on these headsets?
The answer may surprise you.
In a classic case of market acceptance, the bigger VR headsets have seen drastic price cuts. Oculus Rift started at a $1000 bundle price in 2016. But, by 2018, the unit has come down to $399. Another top end VR unit, HTC’s Vive retails for $499 and both these units need a powerful PC to provide the input.
The market is filled with a wide range or VR headsets starting from $10 up to $500. The price segmentation tells us that slowly, but surely, the market is accepting VR as a viable product.
One of the biggest improvements in VR is the introduction of standalone VR headsets. Oculus Go is an example of a well-priced standalone VR headset that is perfectly timed for growth. At $200, Oculus Go has found a sweet spot to attract the newbies to the VR world.
A few years ago, a user would spend thousands of dollars to buy VR gear and had limited options in terms of what he could do with it.
But today, with the availability of low-end VR sets powered by a simple Android phone, the market had suddenly become massive. Consequently, VR content has grown rapidly to meet the new demand.
You can watch a 3D movie using your smartphone for as little as $30-$50. You can also enjoy a completely immersive jungle war right from the comfort of your sofa.
The top end models have extremely low latency sensors and have conquered the problems of nausea, vertigo etc. that is caused by blue light radiation, a bad lens set up, etc. These improvements have made it easy for anyone to enjoy the immersive experience without a lot of hassle. The affordability of the new VR headsets and controllers has also made it more attractive to the smartphone-obsessed generation. A lot of big-ticket investments are flowing into the VR business which signifies this industry will boom in the coming days. All these things tell us that VR headset is worth the investment.