The virtual reality (VR) headsets market is expected to reach grow at a CAGR of 23.37% between the forecast period of 2018 to 2024, according to Research and Markets.
Increasing adoption of VR in advanced gaming consoles is expected to propel the market growth during the forecast period, adds the rseearch group. There are huge investments being done in R&D to bring out the state-of-art technology by the manufacturers to gain a competitive advantage over the other market players shows the growth of this market over the next five years. For instance, the innovation of eye sensors in the headsets which track the eye movements of the users to improve the VR experience.
What’s more, the growing adoption of VR in the advertisement industry, military sector is expected to drive the demand, says Research and Markets. However, increasing penetration of smartphones coupled with the development of VR and 3D applications is another factor which is expected to augment the market demand for VR headsets.
High costs of these headsets and health concerns related with the use of VR headsets for a longer period are expected to be the restraining factor for the growth of this market over the next five years, adds Research and Markets.