Just in time for this CES this week, SuperData has revealed some big numbers for the future of virtual reality, especially in regards to mobile.
A new report, the VR Gaming Market Brief 2016, explains how the market could expand with virtual reality-based gaming, and not just with the Oculus Rift and PlayStation VR. SuperData estimates that the market will be worth $5.1 billion and set to reach 56 million consumers by the end of the year. However, mobile will play a huge part in the market.
“Initially, affordable smartphone devices will drive the bulk of sales as consumers first explore virtual reality before committing to the more expensive platforms,” said Stephanie Llamas, director of research for SuperData. “After this first wave, consumers will likely move more high-end VR devices on PC.”
As far as interest in virtual reality goes, SuperData estimates that younger consumer groups have the most, with 74 percent of U.S. respondents under the age of 18 stating they’re “very interested” in the technology. Millennials were close behind with 65 percent; Gen Xers ranged around 54 percent; and Baby Boomers were at 42 percent.
Now it’s just a matter of seeing what consumers are willing to spend on virtual reality-related items. The report shows that hardcore gamers are mostly likely to pick up on it, willing to spend around $300 for a virtual reality-enabled gaming device. That said, some companies may have to subsidize their hardware in order to claim their piece of the market, as consumers get used to lower-budget VR options like Google Cardboard before seeking out new options. A “proof of concept” is likely needed before consumers are convinced.
SuperData also made additional notes on the VR market, indicating the following:
- The worldwide market for VR gaming is set to reach $5.1 billion in revenues by the end of this year, with 55.8 million consumers. Meanwhile, the European market will be a leading factor in this, with an estimated $1.9 billion in total sales.
- It’ll be easy to enter the light mobile VR market, reaching 71 percent of consumers with 27 million units by the end of this year. This could lead to the largest install base for certain devices.
- Virtual reality gaming will work with big and small studios alike. There are over 800 VR-based games in development, though some publishers are taking the “wait and see” approach.
- Total investments for virtual and augmented reality will reach a grand total of $6.1 billion between the past four years, creating a momentum within the market. Expectations managed to grow with this as well.The full report can be found here, and provides plenty of insight in terms of what to expect from the future of virtual reality.
The full report can be found here, and provides plenty of insight in terms of what to expect from the future of virtual reality.