Virtual Reality To Become A $5 Billion Industry By 2021

Virtual Reality CasinoIf you’re reading this site, chances are you’re already a huge VR enthusiast and know all about how exciting the technology is and what an immersive gaming experience it can provide. However, at the moment you may be feeling like you’re a fan of a pretty niche market. That is all set to change by 2021, says a study from PwC.

The study shows that within the next five years, the VR market is set to grow into a $5 billion industry. It’s not hard to imagine, as the technology is evolving and improving at such a rapid pace right now, but who will be interested? Will it be gamblers, gamers or some other tribe? And how will it change how we play our favourite casino games?


 

Where Will The Growth Come From?

VR Trajectory Five Years
Source: Hollywood Reporter

The study by the PwC has been released in their annual Entertainment and Media Outlook forecast for 2017, which was released on Tuesday. This is the first time the auditing company have ever included VR in this document, which also serves as testament to it’s increasing popularity. The study predicts that over the next five years the industry will grow by 64% annually, which makes VR  a $5 billion industry by 2021. It also shows that VR will grow much more rapidly than any other sector, including the box office which will only see a 1.2% rise.

So, where will this growth come from? Whilst the gaming and gambling sectors will have a lot of influence, it’s actually been predicted that video will be what drives the industry forward. This is great news for film studios such as 21st Century Fox, who created their FoxNext VR Studio back in January. Through this, they’ve already been putting out free VR promotional videos for their blockbuster movies, such as War for the Planet of the Apes. Similarly, the studio also release The Martian VR Experience, which cost viewers £9.99 to play as Matt Damon’s character in the film.

Although it may seem that this is solely good news for film fanatics, it will undoubtedly have a knock on effect on the gambling sector too. As film studios have much more money to invest in the technology than the casino software startups we’re used to dealing with, we can expect VR to become much more accessible and, simply put, better on the whole.

 

Other Findings

Virtual Reality HeadsetThe study has also shown that smartphone-based portable VR headsets will outstrip traditional ‘goggles’ in the next five years. The PwC predict that there will be around 257.2 million VR headsets in use 2021. Of this total figure, they expect that 88.5% of these headsets will be mobile devices, that use a smartphone to work rather than a TV or PC. This is because smartphones are more affordable, and much more popular, than expensive high tech kits.

In turn, the VR sector will benefit massively from the fast evolution and replacement rate of smartphones. If you think about it, you may by a new phone every year or two, whereas a computer or TV you may replace every three to five years. This gives smartphones the change to engage with the new technology as it grows and deliver a superior product to their users.

For mobile gamers this is obviously great news. It will mean that when you visit a VR casino, like SlotsMillion, you will be able to do so straight from your smartphone, wherever and whenever you like. There are hundreds of benefits to on-the-go gaming and, in fact, more and more gamblers are making the switch to mobile sites. In addition, the PwC have also predicted that in around three years, there will be a marketplace for VR content, much like iTunes. This gives players the opportunity to download software straight to their phones and be ready to play quicker than ever before.

Leave a Reply

Your email address will not be published. Required fields are marked *