VR forecast for 2024: What does the future hold for virtual reality devices ?

The forecast for virtual reality (VR) devices is very optimistic indeed. Take a look at what some of the expert predictions are going to be for this exciting industry.

What does the next year hold for virtual reality?

Over the last few years, the only industry that can rival virtual reality (VR) in terms of growth is artificial intelligence (AI). With the constant release of new VR technology and apps, the industry has moved on from being a promising idea to a realised invention. The industry will not slow down whether you are using a VR device from Oculus, Valve, Sony, HTC, or any other major VR producer.

Most predictions for the future of the VR industry are very rosy indeed. While other tech industries may reach a state of slowdown, VR has a bright forecast as we move into 2024. What are some of the forecasts saying? Let’s look at some of the details suggested by forecasting experts.

The Predicted ‘Second Wind’ Is Here

For years, there has been an expectation that VR would flourish – particularly within the gaming industry. The ability to offer increasingly authentic and engrossing VR games meant that most assumed the industry would explode. Indeed, industry experts at NewZoo made a bold prediction: that by 2024, VR gaming revenues would hit $3.2B.

They noted that the install base for VR had increased from around 27.7m people in 2023 to an estimated 46m people come to the end of 2024. That is a huge jump in people – almost 20m new users – and shows predictions of an extremely promising future for the industry as a whole.

At the same time, predictions were made that gaming revenue would increase from around $1.8bn in 2023 to $3.2bn in 2024. That is a huge jump and would further prove that VR is one of the fastest-growing entertainment industries in the world today.

Given that just 8 million users owned VR handsets in 2019, the growth to over 46 million would point to an almost sixfold increase in users within a five-year span. That is incredible growth for any industry.

Many assumed that with the fact that VR devices are often expensive entertainment products, they would fall victim to the ‘cost of living crisis’ engulfing many major countries. So far, though, the year-on-year increase in VR uptake, and the constant introduction of new app developers and VR headset manufacturers, means that these fears are likely to be unfounded.

The Biggest Rise Will Be In VR Gaming

Ever since Half-Life: Alyx hit the VR market, there has been a steady growth of ‘AAA’ quality video games being produced. The likes of the new Horizon: Zero Dawn VR game paired with improvements to beloved games such as those in the Resident Evil series, making them VR-compatible, have opened the eyes of games developers that VR gaming is no longer a gimmick. It is here to stay.

While VR is being used in everything from staff training programs to industrial maintenance and retail show-and-tell, VR gaming is expected to be the biggest beneficiary of this rise. Indeed, as noted by Statista, it is expected that over $17B will be invested in VR gaming worldwide in 2024 alone.

However, not every developer will enjoy the same boons and growth in 2024 as others. For example, Apple looks like they have hit a snag with manufacturing their own Vision Pro headsets. Indeed, reports suggest that lofty goals of one million-plus shipments being made in the launch year are unlikely to be met.

That being said, the future looks very bright when it comes to evaluating the future potential for VR. The forecasts are positive, and there are predictions of major growth expected across the entire industry. For those interested in or investing in the VR industry, this is very exciting!