The success of Pokemon Go in 2016 has triggered people’s attention towards augmented reality (AR) as Gartner predicted that businesses will see a rapid evolution of immersive content and applications, that will range from consumer entertainment experiences to optimising complex work processes through 2021. The future prospect of virtual reality and augmented reality looks optimistic. According to IDC, the worldwide spending on AR/VR products and services will continue a strong growth trend throughout the 2017-2022 forecast period, achieving a five-year compound annual growth rate (CAGR) of 69.6%. The AR/VR market is projected to gain traction mainly due to a massive wave of demand from multiple sectors including healthcare, life & sciences, education, gaming, entertainment, e-commerce, and retail.
Within those sectors, the entertainment industry will have significant influence by adopting AR/VR technologies into gaming, cinemas, and TV. According to the recent MRFR report, the video games industry is expected to spearhead the AR/VR market by reaching a valuation of $217.26 billion by the end of 2025. With the advent of VR headsets incorporating powerful computer technology such as Vive and Oculus, VR developers will create more realistic and accurate simulations within the virtual world to provide better immersive experience for consumers.
Amusement parks have also been focusing on building VR rollercoasters where Six Flags has developed a Virtual Reality Rollercoaster and experienced a tremendous success ever since its launch in early 2017. China has followed the American trend and created a similar model of VR rollercoaster, Spaces, worth $30 million in the capital. The firm plans to both upgrade existing theme park rides and roller coasters in China with VR capabilities, and build new VR centers.