Consumer Acceptance of Virtual Reality Continues to Rise: VR Game Spending to Hit $4 Billion in 2023

SAN FRANCISCO - July 29, 2019 - PRLog -- Greenlight Insights' 2019 Virtual Reality Industry Report outlines consumers' use of virtual reality by providing a statistical look at the marketplace and its expected growth over the next five years. The report also provides overviews of major competitors in the field including Facebook, Sony, HTC, Google, and others.

Greenlight Insights finds that the head-mounted displays (HMDs) mobile market, defined as holders for mobile phones which are used to provide the experience, is declining rapidly. To a large extent, this is due to the surging wave of standalone headsets, which do not require connection to a computer. These include the Oculus Go, Oculus Quest, and the HTC Vive Focus, as well as a number of compelling new entries into the marketplace. With ASPs for new HMDs dipping well below $500, consumer use is expected to increase. However, the image quality of consumer-priced HMDs is still a significant issue, and companies that bring higher quality displays into the consumer price range will certainly see more immediate adoption.

"The VR market has undergone a period of dynamic change, but continued investment from a handful of major platform providers has ushered the technology into its first major refresh cycle," said JC Kuang, Analyst at Greenlight Insights. "More specifically, Standalone HMDs are poised to overtake PC-tethered HMDs in market share within five years. 2019 promises to be an important year for consumer adoption to begin catching up to the enterprise."

In the consumer content marketplace, Greenlight Insights found that most consumers use VR for games and entertainment. The unexpected success of rhythm games, such as Beat Saber, have spawned a substantial number of imitators. However, Greenlight Insights finds that first-person shooters (FPS) are still an extremely popular game genre, as are wave shooters, multiplayer adventures and shooting games.

"VR for consumers is continuing to grow," Kuang said. "We expect it to become a $34 billion industry by 2023, driven by more advanced HMDs in standalone and console VR categories. Direct consumer content, such as games, will further supplement the VR ecosystem by providing compelling experiences that draw in more new and casual users."

Greenlight Insights' 2019 Virtual Reality Industry Report is available now. For more information, and to become a subscriber to Greenlight Insights' Virtual Reality Intelligence Service email hello@greenlightinsights.com, visit greenlightinsights.com, or call 415-854-3282.