The future of virtual and augmented reality is one step closer with the launch of Meta’s Quest Pro, a premium VR headset retailing for $1,500. Clearly, Mark Zuckerberg is sticking to his long-term bet on VR wearables.
In 2015, the Garter Hype Cycle of Emerging Technology estimated that mainstream VR adoption was still five-to-10 years away. It’s not there yet, but the upcoming years should be critical for market adoption.
Now, amid various product launches, innovative startups, and ongoing data collection on potential benefits, VR wearables are set to balloon into an $80 billion industry by 2030.
While VR has faced numerous obstacles in its path toward mainstream adoption, several exciting data points suggest that there is strength in numbers, as well as a few good reasons to remain optimistic:
- According to Meta’s most recent Connect conference, users have spent $1.5 billion on games and apps in the Quest Store to date, and one in every three apps makes revenues in the millions.
- Grand View Research expects the VR market to grow at a compounded annual growth rate (CAGR) of 15% to reach $87 billion by 2030.
- Estimates from IDC expect commercial and consumer VR and AR headsets to top 36 million worldwide by 2026.
Within sports, in addition to the B2B business model, the Quest 2 and other affordable VR headsets have allowed developers to open a B2C solution for the regular consumer — which is how VR will go mainstream.
Through diverse partnerships, new, more immersive experiences, and additional capital incoming, it feels safe to bet on the segment’s growth and potential in the years ahead.
Want to learn more? Check out the full VR report here.
ICYMI: Last week, we published a Report on the growing alliance between American capital and European sports. You can access that report and our entire catalog of research at Pro HQ.
