UK’s VR industry set for meteoric growth within the next five years

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  • The UK’s virtual reality industry is set for meteoric growth within the next five years, according to a new report from PwC, with VR forecast to grow at a faster rate than any other media or entertainment segment in Great Britain and Northern Ireland.

    According to PwC’s forecast there will be 16 million VR headsets in the UK by 2021, with smartphone-powered headsets accounting for around 75% of those.

    Phil Stokes, head of the entertainment and media division at PwC UK, said: “We forecast the number of virtual reality headsets in use in the UK will pass 16 million by 2021. Around 12 million of these headsets will be portable mobile VR devices that use a smartphone at their core, as these are more affordable for consumers and benefit hugely from the fast evolution and replacement rate of smartphones.

    “Dedicated home VR headsets – the higher end devices used for gaming and video – will account for three million consumer headsets, with portable dedicated headsets – a new category of self-contained device that are easier to use and have superior capabilities to smartphone-based devices – forecast to account for one million.”

    Globally, the consumer VR content market will grow at a compound annual growth rate of 77% between now and 2021, according to PwC, with the market generating revenue of $15.1 billion each year within the next five years.

    The report also indicated that revenue from virtual reality video content will surpass interactive VR apps and games by 2019, as the film and television industry increasingly embraces virtual reality’s ability to offer consumers a more immersive media experience.

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