The virtual reality (VR) market is skyrocketing in China, according to 2016 estimates.
According to Analysys International Enfodesk, revenues from hardware, software, content and other services associated with virtual reality reached RMB180.0 million ($28.89 million) last year. That was nearly quadruple the spending on VR in 2014, but growth has not yet peaked.
The research firm predicted that VR revenues in China would climb by a whopping 372.2% this year, reaching RMB850.0 million ($136.46 million). Growth will slow dramatically in 2017—though it will still be well within triple digits.
On a worldwide basis, researchers predict that millions of devices will be shipped over the next several years, and that the global market for immersive hardware, software and content will be in the billions of dollars. Beyond that, current projections should be viewed with some skepticism and will undoubtedly be revised as more products come to market, more sales data is made available and researchers get a sense of actual adoption rates among consumers and businesses.
There is some consensus that the worldwide VR hardware market will be worth around $3 billion by 2020, based on respective estimates from Deutsche Bank, IHS and BI Intelligence. What is less clear is the market potential for VR games, software and other types of content.