The virtual reality (VR) market is expected to decline by 2.5% in 2024, according to Omdia’s latest forecast. This downturn comes despite Apple’s much-anticipated entry into the VR space. The market’s contraction is attributed to several factors, including a lack of compelling content and hardware that fails to meet consumer expectations for comfort and affordability. Notably, the VR industry has seen a 12% drop in shipments in 2023, with only 7.8 million units shipped. This decline is set to continue, with projections indicating a further reduction to 7.6 million units in 2024. The data suggests that even high-profile entries like Apple’s cannot single-handedly reverse the market’s fortunes without addressing core issues like content quality and user experience.
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