Financing, consumer adoption obstacles to VR: study

A new report indicates that the number of companies operating in the virtual reality space in Canada has grown quickly in the past few years, though they say obstacles to their success include consumer adoption, financing and the maturity of the market overall. A study found that out of 200 companies surveyed that were involved in VR in 2016, 152 were active in VR a year earlier, and only 74 a year before that, while only 15 were active in VR in 2010. “The last few years have seen an explosion in companies engaging with VR, and especially in the number who have hitched their star fully to the VR wagon,” the report said. The report also found that the “vast majority” of those VR companies are currently focused on the entertainment sector. “Looking to the future, surveyed VR companies anticipate significant diversification of market segments, spanning education, live events, job training, tourism/hospitality and real estate,” the report said. “VR companies are excited about the prospects for the industry's future. More than 85% of them anticipate VR will be a mainstream medium in less than five years, and nearly half think this will come to pass in less than three.” The survey asked about challenges and found that “the largest obstacles to success in VR today are financing, both private and public, the rate of consumer adoption, and the overall maturity of the VR market. In a young, rapidly growing industry, these are understandable concerns.” The data is based on an ongoing survey that is a collaboration between Nordicity, the Canadian Film Centre’s (CFC) Media Lab and the venture capital investment arm of the pension fund OMERS. The researchers will publish up-to-date data on a quarterly basis, the study website says. It’s also received support from the Canada Media Fund (CMF), the CMF said in a press release Tuesday. It added that the next update will be published in the fall. Kristian Roberts, a partner at Nordicity, said in an email that the study is a reflection of the views of the companies participating and will cover more companies as it grows. Because it’s based on a convenience sample, there is no margin of error, he noted.

Financing, consumer adoption obstacles to VR: study

Brief | June 29, 2017

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Financing, consumer adoption obstacles to VR: study

Brief | June 29, 2017

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