The market for VR headsets is growing rapidly but limited advertising has left awareness relatively low. New product launches, simpler set-up processes and falling prices will continue to boost take up.
In today’s digital era, Virtual Reality (VR) is transforming the way people interact with the objects and environment around them. Increasing use and adoption of virtual reality in various sectors is driving the growth of the virtual reality market worldwide.
With a prime focus on U.K. market, a study titled as “Virtual Realty - UK - December 2017” has been publicized to the wide repository of Market Research Hub (MRH), which displays that U.K. has a very competitive virtual reality market and competition is growing day by day.
According to the report findings, new product launches, simpler set-up processes, and falling prices will continue to boost take-up market growth, while innovative out of the home VR experiences are expanding.
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Key Insights and Forecast Analysis
It is well identified that VR is also being adopted on a large scale in marketing. Brands are using VR to attract users to buy the product.
But, currently, limited advertising has left awareness relatively low, which needs to increase rapidly. Immersive nature of VR offers new opportunities for advertisers.
The research analyses major launches and innovation by key players in U.K., such as
- Facebook looks to take VR mainstream with standalone headset
- Free-roaming VR set to launch in the UK
- IMAX opens dedicated VR center in Manchester
As per consumer perspective, over three-quarters of people have never used VR. Therefore, the key long-term will be creating engaging content that offers experiences other media cannot, capitalizing on peoples initial curiosity and transforming it into regular use.
Presently, VR experiences outside the home are key to market growth, the report adds. Research also finds that the majority of people in U.K.
are interested in a range of VR applications, two-thirds of millennials interested in VR films. This has led manufacturers to spend more on VR advertising.
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This research report presents the market analysis of Virtual Reality from the year 2016 and 2017. To estimate market size in future, the report portrays value and volume sales of virtual reality headsets in last two years.
Currently, revenues in the VR market growing rapidly despite declining average prices. It has been also stated in the study that falling prices will present strong opportunities for Millennials in the coming years.
As per the findings, some of the major market drivers that will influence market growth includes following:
- Processing power innovations driving VR quality
- Free headsets to drive smartphone sales
- Sony pushes VR content at Paris Games Week
- Price cuts to headsets and big sale events driving demand
- Football set to drive interest in VR
- Free content boosting interest in VR
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