Virtual Reality Industry Shows Solid Growth – Valued at $34.5 Billion in 2023

Alexandra Vidger Press Releases

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Greenlight Insights’ latest update on the VR marketplace shows continued growth.

San Francisco, CA, May 20, 2019 — Greenlight Insights’ newly released Total Market Forecast continues to show solid gains in most categories of the virtual reality (VR) marketplace. As this market matures, Greenlight expects revenues from Location-Based VR Entertainment (LBVRE) and Head-Mounted Displays (HMDs) to be market leaders, each projected to earn over $10 billion in revenue in 2023, which is up from around $2 billion each in 2019. The report also documents the expectation that enterprise-related (business, government, healthcare, etc.) revenues will overtake consumer revenues by 2021. North America and the Western European regions will continue to lead in market share, with the Emerging Asia Pacific region, including China, in close third place.

HMDs continue to contribute a substantial portion of total revenues, despite a dip in 2018, due to an industry-wide slump in mobile-driven HMDs, which are rapidly being replaced with standalone (untethered) units. From 2018 through 2023, Greenlight expects steady growth, to nearly 55 million units in 2023.

In the area of VR applications, manufacturing, education, retail/marketing, and government/defense are expected to be market leaders for software in 2023. Healthcare and AEC applications are also showing strong potential within the same 5-year time-frame.

“This forecast is the most accurate ever in the virtual reality industry”, said Greenlight Insights’ CEO, Clifton Dawson. He explained, “Thanks to continuing reassessments of our source data and statistical models we have been able to spot movements in the Virtual Reality sector that were previously invisible, and that many others have missed. Last year, we spotted a downturn in the Spherical Camera market as well as in mobile-driven VR HMDs, both of which are reflected in our current forecast. At the same time, we see significant new activity in the Education, Marketing, and Healthcare sectors, which we expect will drive significant growth. Thanks to the flexibility of our methodology, we are able to spot these types of movements in the markets early, and enable our clients to take these changes into account in their planning processes.”

This market update, Virtual Reality Total Market Forecast, 2019-2023, is available now to Greenlight Insights’ customers. To learn how to obtain a copy, and to access Greenlight Insights’ full selection of professional research products and services, call Denis Cambruzzi at 415 854-3282, email or visit

About Greenlight Insights

Greenlight Insights delivers critical strategic insights to the world's leading hardware makers, publishers, developers, service providers, institutional investors, trade associations, and government entities. It also sponsors the annual xRS Week Strategy Conference, which will next be presented in San Francisco, October 16-18, 2019. More information at

Greenlight Insights provides proprietary and syndicated research as well as consulting services. Based in San Francisco, with offices in Boston and Denver, Greenlight Insights comprises a diverse team of highly skilled industry professionals who offer deep expertise in xR markets.