Previously encumbered by a combination of technology gaps and consumer readiness issues, virtual reality (VR) is poised for considerable global growth, providing abundant opportunities for service providers, content developers, and ecosystem component providers. Overall global VR revenue is expected to grow at 54.84 percent CAGR from 2018 to 2023.

Anticipated VR growth is driven by factors including an anticipated precipitated price decline for consumer headsets, which will spur VR device adoption and facilitate VR application and content development to reach an inflection point, indicates Research and Markets.

In the coming year VR and other immersive technologies will also be important to many industry verticals that leverage VR and mixed reality for a variety of enterprise purpose including internal operations, managing supply chains, and supporting customers. Important industry verticals include commercial real estate management, automotive, public safety, education and training. The leading sector is anticipated to be Education and Training, which is expected to grow to USD 2.2 billion in revenue by 2023.

Low-cost VR device options such as Google Cardboard are enabling consumers to become increasingly aware of VR and immersive technologies in general. Untethered, high bandwidth VR is another important market driver. The manufacturers expect to see mass adoption of full-featured, mobile supported, and fully immersive VR technologies coincident with commercial deployment of 5G. The advent of mobile edge computing (MEC) is also anticipated to have a substantial impact on VR as MEC will provide much-needed computational optimization, especially for LTE only coverage areas and while roaming.