Virtual reality may still seem like science fiction to many, but experts predict that the market will exceed $1 billion in size by 2018. According to new research from MarketsAndMarkets, the industry is expected to grow at a 15.18% CAGR between 2013 and 2018 to reach $1.06 billion in size by 2018, while immersive virtual reality is expected to account for roughly $407.51 million of the market.
Facebook Inc.’s acquisition of Oculus Rift for $2 billion back in March was perhaps the most visible sign of virtual reality’s growth, but 3D Systems Corporation’s acquisition of Simbionix – a 3D Virtual Reality Surgical Simulation and Training company – for $120 million demonstrates the breadth of the industry beyond just cool consumer devices targeting gamers.
According to Facebook’s Mark Zuckerberg, “This is just the start. After games, we’re going to make Oculus a platform for many other experiences. Imagine enjoying a courtside seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face – just by putting on goggles in your home. This is really a new communication platform.”
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