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apple-589640_960_720Credence Research, a worldwide market research and counseling firm, is out with a new report on virtual reality and the mammoth market potential tied to this emerging technology.

Per the details and report summary shared Thursday with VRJournal, the virtual reality market is expected to exceed $30B by 2023, “witnessing a double digit compound annual growth rate during the forecast period,” the report authors assert.

Nonetheless, despite enormous opportunities on the horizon, challenges remain.

“The global virtual reality market is highly fragmented across different end-use segments, requiring manufacturers and technology developers to understand unique differences and requirements of each industry separately,” the report summary reads.

The leading top 4 players in the global virtual reality market account for less than 45 percent of the global market revenue.

As for the leading players in the global virtual reality market driving anticipated growth, they include Oculus VR, Inc., Sony Corporation, Samsung Electronics, Co. Ltd., Vuzix Corporation, Sensics, Inc., Microsoft Corporation, EON Reality, Inc., and Sixense Entertainment, Inc., among other niche players, “which account for trivial market share individually.”

The full report is available now for purchase here.

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