Leveraging customized and expensive equipment, enterprise virtual reality (VR) has been in use for a number of years for military training, civil flight training, and industrial 3D modeling. But now cheaper, mass-produced consumer-grade VR is coming to market, a trend that will have significant ramifications for the enterprise sector.
According to a new report from Tractica, the enterprise market for VR hardware and content will increase from $592.3 million in 2016 to $9.2 billion worldwide by 2021. The market intelligence firm forecasts that training, simulation, and education applications will be the key drivers of this growth, but enterprise VR content categories will also include virtual prototyping and 3D modeling, public entertainment attractions, and medical therapy.
“Cheaper, more readily accessible consumer-grade VR equipment is opening up new enterprise use cases, some of which have vast addressable markets,” says principal analyst Mark Beccue.
Beccue adds that a broad range of industry players, both new and established, are aggressively working to develop applications leveraging this new consumer-grade VR ecosystem, aiming squarely at the enterprise market.
Tractica’s report, “Virtual Reality for Enterprise and Industrial Markets”, provides global market forecasts for the period from 2014 through 2021 for annual unit shipments and associated revenues for VR hardware and content in the enterprise and industrial sectors. The analysis covers HMDs, along with other VR equipment such as motion capture cameras, displays and projectors, and hand tracking devices, as well as software applications and content creation tools. The report also includes in-depth profiles of 22 key industry players in the enterprise VR market. An Executive Summary of the report is available for free download on the firm’s website.