The global virtual reality market will become a $120 billion industry in just five years. That is according to a new market forecast from Fortune Business Insights. FBI is not the only one optimistic about the VR market’s prospects, but it is worth pointing out this forecast does appear to be among the most confident such predictions that we have seen since last year.
Of course, the unique challenges that have emerged over the course of this year hardly are not really expected to burden the global VR market. If anything, more people spending more time at home will be good news for VR consumer electronics in the coming years. For even more context, FBI estimates the global VR market amounted to “just” $7.3 billion two years ago. Enterprise applications will also be a big influence on this upward trajectori, FBI forecasts. Healthcare and education are also projected to chip in.
North America should still be VR’s number one market five years from now, FBI believes. Taken together, this forecast hence predicts a compound yearly growth rate of more than 42%. The report, published today, covered 14 major VR companies, including industry leaders Oculus, Sony, and HTC. So, exciting times are ahead for VR fans, indeed.