Technology

VR market to reach $20B by 2025

September 2, 2020

The virtual reality market will reach $20.9 billion by 2025, according to a report by MarketsandMarkets. It will also grow at a compound annual growth rate of 27.9% from 2020 to 2025.

The main driver of the market is the demand for hardware, such as headsets, and the demand for more content, which is expected to drive the growth of content-creation companies.

North America held the highest market share in 2019, but its growth rate will slow down compared to the Asia-Pacific region during the forecast period, the release said. In addition, the VR market's growth rate will see a drop in the first two quarters of 2020 due to COVID-19.