Virtual Reality (VR) has donned a reputation for an unfulfilled promise for years now. While it has not lived up to its profound potential, virtual reality statistics show that the technology is making massive bounds, and the near future is mesmerizing to behold.
After years of wandering, the fantastic technology has now entered the wider business sphere. With its innovative experience now a reality, businesses are keenly embracing the opportunities it presents. So how well prepared are you for the future when VR is a fixture of daily life?
In this article, we’ve compiled all the statistics and data you need to know to stay abreast of the VR developments. Whether you are in the fashion or data visualization industry, these statistics will open your eyes to massive possibilities.
Virtual Reality Adoption Statistics
The clunky VR simulations of early days opened the doors to unique virtual reality options. The revolutionary technology tantalized, everyone fell in love, but the much-hyped transformative effect never quite arrived. In fact, since its inception, virtual reality has been a slow burner, and the one dimensional progressed has offered no reassurance.
Today, the speed of growth has not changed, but the expanding VR use cases point to a rapid paradigm shift. Besides, there are massive adoption campaigns aimed at encouraging the consumer and enterprise markets to embrace this technology. No breakthrough has been reached yet, but with global brands like IKEA, Audi, DHL, and Airbus adopting the VR experience, the future looks bright.
Virtual Reality Hardware/Software Statistics
- According to virtual reality headset sales statistics, in 2025, the shipment of home mounted displays ((HMD) for enterprise VR use cases will be 41 million devices. Of these HMDs, 22.7 million will be standalone HMDs, 15.9 million mobile HMDs, and 2.6 million PC based HMDs. (Tractica, 2018)
- More importantly, by 2020, mobile virtual reality HMDs will account for 75% of the worldwide VR display sales. (Statista, 2018)
- In addition, market research data show that in 2019, Oculus Quest will ship 1.3 million units. (Superdata, 2018)
- In 2018, the share of global VR/AR use cases was as follow, consumer hardware (15.60%), VR games (6.6%), AR games (5.1%), online assembly and safety (3.1%), retail showcasing (2.9%0, and others 66.6%). (Statista, 2018)
- The global virtual reality software size will reach $6.4 billion by 2022. Overall, the virtual reality market size (software + hardware) will reach $16.3 billion by 2022. (Statista, 2019)
Virtual Reality Market Statistics
- According to recent data, the virtual reality market was worth $5.12 billion in 2017, and by 2023, the market will reach $34.08 billion. This is to mean; the VR market value will grow at a CAGR of 33.95% in that forecast period. (Markets and Markets, 2018)
- In addition, the VR market will grow from $7.9 billion in 2018 to $44.7 billion by 2024. This means the VR market will grow at a CAGR of 33.47% between 2018 and 2024. (Research and Markets, 2019)
- In terms of global implementation, China leads the way at 51%, followed closely by France (43%), US (42%), UK (33%0, and Germany (23%). When it comes to experimentation the table turns, Germany (23%) has the highest number of implementers followed by UK (67%), US (58%), France (57%), and China (49%) (Capgemini Research Institute, 2018)
- According to Statista projections, the virtual reality market in the Middle East and North American region will reach $6 billion. (Statista, 2019)
- Interestingly, the annual global enterprise VR revenue (hardware + software) will increase from $1000 million in 2018 to $12600 million by 2025. (Tractica, 2018)
- Similarly, the global virtual reality market share of two leading immersive technology (VR+ AR) will reach more than $117 billion by 2024. (Market Research Engine, 2018)
Factors Hindering Adoption Statistics
- When it comes to factors hindering VR adoption, user experience (41%) is the top obstacle, followed by cost (22%), content offerings (17%), reluctance by business and consumers to embrace VR (9%), financing & investment (4%), and regulation & legal risks (1%). (Perkinscoie, 2018)
- Even more, the biggest concern by investors in VR startups include slow adoption (71%), lack of renowned market for VR (67%), untested technology (18%), and competition (13%). (Perkinscoie, 2018)
- When it comes to the top legal risks when developing VR.AR technology, consumer privacy. Data security (44%) is the biggest concern, health & safety/product liability issues (42%), intellectual property infringement (40%), compliance with platform’s specifications in publishing content (38%), Technology & IP licensing (30%), and export control issues (6%). (Perkinscoie, 2018)
Other Notable Statistics
- In addition, 46% of businesses anticipate virtual reality to become mainstream within the next 3 years, whereas 53% believe VR will become mainstream after the next 3 years. (Capgemini Research Institute, 2018)
- Moreover, organizations have implemented Augmented Reality (45%) more than Virtual Reality (36%). (Capgemini Research Institute, 2018)
- Out of the businesses deploying virtual reality, 36% are actually implementing the technology, whereas a whopping 64% are only experimenting with it. (Capgemini Research Institute, 2018)
Reluctance by Consumers & Enterprise to Embrace VR
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Has Virtual reality reached a mature level? No!
Although there is no evidence that the immersive technology has gone mainstream, the statistics above point to a changing landscape. Currently, some businesses are in the fore to experiment with VR, but many are still hesitant to commit fully.
However, all is not gloom, and business should endeavor to break the barriers of VR adoption to keep pace with consumer interests. For example, there is a need to imbue VR technology with Control and convenience, implement sound user experience design, and counter the rising smartphone competition. Until then, leveraging the massive opportunities of the immersive technology will only remain elusive.
Virtual Reality User Statistics
As mentioned earlier, when virtual reality technology first came, some overhyped it. On the other hand, many underestimated the emerging technology and its no surprise, then, that virtual reality growth stalled. That said, since its inception, the immersive technology has created a digital imprint that has had a lasting impression on the consumer.
Until recently, consumers were dying with the hope that the technology will soon change the way they shop instore and do things online. Finally, the dawn is seemingly here, and the roller coaster-like hype series are giving birth to real VR experiences. It’s only the beginning, and the real-world usefulness of VR has prompted an increasing user base.
General User Statistics
- According to virtual reality data, as of 2018, the total number of worldwide VR users was approximately 171 million. Primarily, 16 million of these users considered themselves hardcore gamers. (Statista, 2019)
- In addition, eMarketer anticipates that by the end of 2019, 42.7 million people in the US will use virtual reality representing 13% of the population. (eMarketer, 2019)
- Moreover, in 2018, there were more than 130 million mobile virtual reality users globally. (Statista, 2018)
- Also, by the end of 2019, approximately 45.7% of virtual reality users or 19.6 million people in the US will use VR headsets. Additionally, by 2021, 46.4% of VR users or 7.9% of US consumers will use the virtual reality headsets. (eMarketer, 2019
- The official YouTube Virtual Reality channel has more than 3.2 million subscribers. (YouTube, 2019)
- On the other hand, Facebook host more than 70 million 360degree images and 1 million 360degree videos. The 360degree videos hosted on Facebook have generated over 580 million views. (Tech Trends, 2017)
- By 2021, there will be 57.1 million virtual reality users in the US. The user base will comprise of 30.6 million nonheadset VR users and 26.5 VR headset users. (eMarketer, 2019)
- By 2025, the number of VR users will be as follows: Video games (216 million), Live events (95 million), video entertainment (79 million), retail (31.5 million), education (15 million), healthcare (3.4 million), engineering (3.2 million), and real estate (0.3 million). (Statista, 2016)
- On average, Hispanics, Asians, and African Americans are 5% more aware of VR and AR technology than Caucasians. (SingularityHub, 2015)
- Most interestingly, 53% of consumers are most likely to buy from brands that offer VR experiences. (VR Scout, 2016)
Virtual Reality Revenue Statistics
- In 2018, US consumers spent $6.4 billion in VR/AR. (Capgemini Research Institute, 2018)
- In addition, virtual reality sales statistics had predicted the revenue generated for virtual reality products to hit $5 million, by 2018. On the other hand, Statista projected that the VR software marketed could be worth $25 billion by 2020. (Statista, 2016)
Virtual reality has taken off from the novelty phase and its starting to show strong signs of going mainstream. However, this immersive technology has a long way to go before its transformative power can effectively bridge the gap between online and in-store shopping, as many anticipated. As it stands, there is evidence of the use of Virtual reality for furniture and room design shopping.
Do VR benefits outweigh the risks? It’s still early to speculate.
However, its time businesses trashed the fear they have about implementing this technology. It’s true that, for long, consumers have been fickle about embracing VR technology. But that seems to be changing, and fast. Do not wait to jump the bandwagon when VR goes mainstream. Do it now. IKEA, Wayfair, and Lowe’s have implemented the VR experience, and the benefits are there for everyone to see.
Virtual Reality Usage Statistics
The growing virtual reality user base is partly attributed to the use of VR outside the entertainment and gaming industry. The technology is beginning to catch on in both the enterprise and commercial environments. The statistics below affirms its growing influence.
General Usage Statistics
- In 2018, the gaming space is expected to attract the most AR/VR-related investment at 59%, followed by Education (26%), healthcare devices (26%), real estate (21%), marketing & advertising (20%), live events (19%), military (19%), movies & television (18%), retail (18%), and manufacturing (17%). (Perkinscoie, 2018)
- The use of VR in business is set to snowball and outpace its use for leisure. Approximately, the spending on VR for business will reach $9.2 billion by 2021. (Tractica, 2018)
- According to a recent virtual reality report, the top areas by the predicted VR revenue in 2025, Video games ($1.4 billion), NFL-related content ($1.23 billion), and Adult content ($1 billion). (Iflexion, 2019)
Marketing & Advertisement%
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Today, employees in the highrisk fields and heavy industries like oils and gas, construction, and manufacturing are getting the opportunity to test the waters in the virtual world. Virtual reality together with learning management software delivers multiple benefits and are, without a doubt, helpful in training.
- About 45% of high-consequence industries players consider VR simulation, either critical or important, to realizing organization objectives over the next 18-24 months. (TrainingMag, 2018)
- Besides, the top learning priorities for high-consequence industries in 2017 include: Data analytics (50%), Virtual classrooms (43%), mobile delivery (39%), collaborative tools (37%), games/simulation (30%), physical classroom technology (21%), MOOCs (13%), and Augmented Reality (12%). (Brandon Hall, 2017)
- Leading the way in implementation is DHL Express, which collaborated with Immerse to build a VR training platform to boost efficiency in Unit Load Device (ULD) stacking and safety. Interestingly, 90% of all participant lauded the platform for helping them improve efficiency and work better. (VirtualSpeech, 2019)
- In 2017, a technician training survey found that 85% of the trainees preferred virtual reality training to traditional methods. (Interpay, 2017)
- Moreover, Intel recognizes the potential of VR for enterprises. In one of its projects dubbed “Corporate Training with Virtual Reality,” the tech giant found that 94% of trainee asked for more VR-based courses to be availed. Besides, the company projected that the 5year ROI of a single VR-based course could reach 300%. (Intel, 2017)
- Boeing is a prime example of how heavy industry can implement VR in train. The global giant cut training time by 75% by implementing VR technology. (Ligtreading, 2017)
- Homegrown, a fast-casual restaurant chain based in Philadelphia, reported that within 30 days of using VR employee onboarding the number of certified members on training and cultured rose from 50% to 77%. (Entreprenuer, 2017)
The online retail space has been crippled by the inability to try on new technologies like virtual reality. On the other hand, as online retail grapples with the skepticism, the brick-and-mortar retailers, especially those in the fashion and apparel industries, have gone all out to implement VR experience. Particularly, the instore retailers are determined to use VR technology to repress the home-try-on effect, which has been a vexing problem. The use of VR, coupled with a robust apparel management software, has been a revelation for retailers in this space.
- Research on compelling transformative technologies revealed that virtual reality in retail and marketing segments would generate $1.8 billion in 2022. (ABI Research, 2018)
- By 2022, the total number of virtual reality experiences will account for 40% of all B2B experiences. (b2bmarketing.net)
- The North American retail and marketing VR space will be worth approximately $455 million, by 2022. (Statista, 2019)
- According to pymnts.com, VR will change the way consumers shop online. It’s anticipated the implementation of virtual stores will eliminate the home try-on effect by as much as 25% in the apparel industry. (Virtualperceptions.com) (pymnts.com, 2019)
- In addition, the use of virtual reality technology to build online virtual change rooms can help retailers improve conversion rates by more than 6.4%, increase order value by 1.6%, reduce fulfillment costs by 5%, and lower returns by 5.2%. (Virtualperceptions.com)
- Also, 80% of Generation Z are more likely to shop from physical stores that offer VR experience. (J. Walter Thompson Intelligence, 2016)
- It’s also noted that more than 67% of marketing agencies would like to have more VR implemented in digital ad campaigns. (Mediapost, 2017)
- Even better, more than 100 million consumers will be using AR/VR technologies to shop instore and online by 2020. (Gartner, 2019)
While the use of VR is not as advanced as the use of Augmented Reality (AR) in manufacturing, it’s still supporting numerous use cases. Some of the places where the use of VR is gathering steam include workplace layout and design, equipment design, and product development.
Here are some intriguing VR manufacturing statistics:
- The world-renowned automotive manufacturer; Ford, uses virtual reality to increase employee safety and productivity. The company reports that the use of VR has reduced ergonomic issues by 90% and minimized employees injuries by 70%. (Capgemini Research Institute, 2018)
- Besides, Virtual Reality is finding more use in aerospace, with the leading industry players; Airbus and Boeing, using the immersive technology to streamline design and test of new features. (Manufacturing Global, 201)
- Similarly, Airbus uses VR to optimize maintenance via simulated protocols. The use of VR technology has enabled Airbus to reduce the duration of maintenance processes by 25%. (Airbus.com)
- A whopping 75% of largescale VR implementations derive over 10% operational benefits. On the other hand, only 59% of small scale VR implementation derive more than 10% operational benefits. (Capgemini Research Institute, 2018)
- More importantly, 57% of early achievers have had a 10% increase in efficiency with VR/AR compared to 23% of the other companies. (Capgemini Research Institute, 2018)
Currently, virtual reality is no longer for gaming only. The immersive technology is shaking things up across different industries, including retail and manufacturing. However, the technology seems to be very expensive for small and medium businesses. The large enterprises have taken the best foot forward, and the growing influence of VR within the enterprise environment is projected to cause prices to drop. The price drop will enable small businesses to implement VR to remain competitive in the dynamic markets.
Aside from retail, manufacturing, and training, Virtual reality is slowly creeping into the data visualization industry. The immersive technology may soon become a permanent fixture in big data analytics. Who knows?
Maybe virtual reality is the next big thing in magnifying learning from each customer experience for e-commerce businesses.
Virtual Reality Gaming Statistics
Compared to other industries, the virtual reality gaming space has won a notable market size. The VR gaming industry has also recorded an accelerated growth rate, and the penetration has been encouraging. This has not come as a surprise because virtual reality found a home in gaming long before its use in other sectors was conceptualized.
General Virtual Reality Gaming Statistics
- It is good to note that 63% of US gamers are aware of virtual reality or Augmented Reality gaming devices. (Nielsen, 2017)
- Also, US gamers genre preference for digital console games: Action-adventure (67%), First-person shooters (61%), action (47%), RPG (41%), sports (35%), and fighting (34%). (Superdata, 2018)
- The VR gaming software is a lucrative market, estimated to worth $68 billion. PC (40%) gaming has the lion share, followed closely by Console (33%) and Mobile (27%). (PiperJaffray, 2015)
- Besides, the global VR gaming market size will reach $22.9 billion by 2020. (Statista, 2016)
- The global VR gaming market size will reach $22.9 billion by 2020. (Statista, 2016)
- At 10% Sony PlayStation VR is the device most gamers are likely to buy, followed by Samsung Gear VR (9%), Oculus Rift (8%), Google Cardboard (6%), and HTC Vive. (Nielsen, 2017)
- Gaming remains the highest revenue driver for virtual reality, earning up to 43% of the total VR’s $1.2 billion of software revenue. (Superdata, 2018)
- When it comes to the device, games are played on, Console (77%) leads the way followed by mobile/tablets (64%), and PC/stream machine (28%). (Iflexion, 2018)
Mobile and PC Gaming
- The mobile virtual reality sales revenue will reach $8.2 billion by 2020, up from $0.7 billion in 2016. (Statista, 2016)
- The VR PC gaming sales revenue has registered an upward trajectory since 2016. To illustrate, the segment generated $1.6 billion in 2016, $2.5 billion in 2017, and $3.8 in 2018. The segment is projected to generate $5.4 billion in 2019 and $8.5 billion in 2020. (Statista, 2016)
What Do These Statistics and Data Mean?
There you have it a compilation of the most intriguing virtual reality statistics. The truth of the matter is: virtual reality has the potential to push the boundaries of ordinary life. Actually, after years of intense hype and empty promises, things have taken a turn for the better. The immersive technology continues to make impressive progress, exhibiting its massive potential to upend multiple industries.
The statistics above have shown that virtual reality is still widely considered an entertainment or gamer technology. However, there are flashes of its outsized potential to streamline operations in retail, e-commerce, nongaming entertainment, employee development, manufacturing, and medical training. While it has not metamorphosed into the ubiquitous technology, we hoped it would be; there are reasons to believe a bright future is burgeoning.
There are barriers to virtual reality entry. However, as statistics have shown, the barriers are breakable, and someday, the envisioned future of virtual reality will be at your doorstep. Soon, the interactive and immersive experiences of virtual reality will be brought to your customers. Artificial intelligence redefined customer service. What will virtual reality do? The signs are encouraging, and when all hurdles are cleared, VR transformative power will take full effect.