UK VR market forecasted to grow in value from £46.4 million to a staggering £354.3 million by 2020
Samsung predicts the virtual reality (VR) market will rocket by 390 per cent in the next four years, according to a report published today (January 31).
The UK market is forecasted to grow in value from £46.4 million to a staggering £354.3 million in 2020. More expensive dedicated VR headsets such as the HTC Vive will account for 85 per cent of the predicted value, as they are priced on average 10-15 times higher than mobile VR devices.
Shipment volumes for the UK is set to grow rapidly from 0.78 million shipments in 2016 to 3.84 million in the next four years. However three-quarter of all headsets will be VR mobile devices, indicating a growth of 400 per cent year-on-year.
British attitude towards VR is welcoming, 63 per cent of the public find it easy to understand VR, 81 per cent find it exciting, but only 36 per cent see its relevance now. The research reveals the key groups driving the markets are families, millennials and gamers.
Samsung revealed it has sold 500,000 Gear VR headsets in Europe, 150,000 in the UK alone. Globally there are one million monthly active users of Gear VR headsets according to Oculus.
CCS Insight found there are 3.5 million VR devices in Western Europe, with shipments expected to grow from 1.8 million in 2015, to 24 million in 2020. In 2016 its forecast estimates this will equate to a market value for these devices of £286.8 million, rising to £2.2 billion within five years.
The report was carried out by CCS insight in June 2016 across four European markets: UK, Germany, France and Italy.
Samsung vice president of IT and mobile Conor Pierce said: “We spotted the potential of virtual reality early and made a pledge to put technology normally associated with science fiction in the hands of many by making it accessibly priced”.
CCS Insight chief of research Ben Wood added: “What is clear is that greater availability of devices and an explosion of compelling 360-degree content is driving new levels of demand. Facebook and Google are strategically committed to VR technology, offering a combined global distribution platform for virtual reality (through Facebook and YouTube) of more than 1.6 billion consumers”.