The global VR market will surpass $24.5 billion in revenues by 2024, with commercial and enterprise expected to eclipse the consumer segment as early as next year, according to tech market intelligence firm ABI Research.
ABI Research, in its Virtual Reality Market Data: Devices, Verticals, and Value Chain market data report, predicts revenues to boom with a 45.7% compound annual growth rate over the 2019 to 2024 period.
Much of this growth will be down to the success of new standalone VR headsets, such as the Oculus Quest, which demonstrated the capability of 6DoF (six degrees of freedom) untethered solutions to replicate the more immersive experiences of tethered systems while remaining portable.
This is a key attribute for the commercial and enterprise markets—whose revenue ABI Research expects to outpace the consumer segment by 2021—where applications such as training are gaining traction and acceptance.
Healthcare, retail, architecture, engineering, construction, education and location-based VR are seeing early traction and are expected to continue pushing the commercial and enterprise markets forward.