The Truth About Virtual Reality in 2020
Virtual Reality or VR, as it’s commonly called, uses computer technology, creating a simulated environment. Instead of viewing a screen, like traditional interfaces, VR puts users within the experience, immersing them in a place where they can interact with 3D worlds. A lot of modern-day technology is pushing toward VR when training people in various fields, including training pilots, race car drivers, or even playing sports for entertainment, which is simpler with the use of VR.
As leaders in digital content production services, Hurst Digital has listed a few facts about Virtual Reality in 2020.
Globally, VR is a billion-dollar industry
The global virtual and augmented reality market in 2020 is estimated to be $22.8 billion. As of 2018, there are 171 million active VR users with the global virtual reality market expected to top $34 billion by 2023. Statistically, 42.9 million people in the United States will use virtual-reality at least once a month in 2020. Gaming and entertainment media hold 40.5% of the virtual reality market share.
VR is popular among a large number of people
While most believe that many do not use VR, it is estimated that 42.9 million people in the US will use virtual reality at least once a month in 2020, which adds up to 13% of the total population. With the spread of games like PokemonGo, Apple’s ARKit, and Google’s ARCore software development kits, the battle between AR and VR has a clear winner.
With 68.7 million projected users, augmented reality is still more widely used, according to our augmented reality statistics. However, the VR market share is increasing as virtual reality technology gets more sophisticated and simpler to use. Additionally, price is always a factor. VR statistics are expected to improve as headsets become cheaper and widely available.
Right now is a great time to invest in VR technology
According to a Greenlight Insights report, the number of VR users has risen sharply from only 45% in 2015, showing that people are getting comfortable with VR. In the survey, the virtual reality statistics show that 55% of Gen Z respondents, saying they are familiar with VR, have also tried it. In the 55+ age bracket, that figure drops to 19%. Younger people are spearheading VR market growth.
Despite the high prices of VR headsets, virtual reality market growth is largely stymied by poor user experience offered by current products. Among those interviewed for a Perkins Coie survey, 27% said that technical glitches, bugs, and bulky headsets are the primary deterrents to a higher VR adoption rate.
This number is much lower than in 2018 (41%), suggesting that VR is getting more user-friendly. Another obstacle to a broader VR usage according to survey participants, is the lack of quality content (20%).
More than 60% of parents think VR can offer educational content for their children. While 60% of parents are concerned about VR health and safety issues, 62% say they can see virtual reality uses in enhancing education among children. In practice, only 22% of children who have access to VR gear, use their headsets to educate themselves, compared to 76%, using it for gaming and entertainment. However, virtual reality trends show many VR games created for educational purposes, so the educational role of virtual reality systems will increase in the future.
The middle-aged are bigger fans of VR technology
44% of the people interested in purchasing VR devices are between the ages of eighteen to thirty-five years, with many above this age group using it as well. They even found a way to weave the uses of VR into medicine by using it when training medical students. It has shown promising results when used as pain management, treatment of PTSD, training, in social cognition to manage autism, managing and treating anxiety disorder, and so much more.
If you are looking for any assistance relating to VR Technology, get in touch with Hurst Digital. They are an award-winning digital video production company that handles a lot of work in the VR field. They work with digital production, helping organizations tell their customers and employees stories through strategy and visual content creation.
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