UK VR revenue to grow 76% – PwC

The VR market in the UK is set to undergo rapid growth in the coming years, according to the latest PwC forecasts.

According to the professional services giant, the UK VR industry will grow at a faster rate than any other entertainment and media industry between 2016-2021.

The new Global Entertainment & Media Outlook 2017-2021 report forecasts a 76% CAGR to a value of £801 million in 2021.

If this prediction is accurate, this will make the UK VR market the fastest growing VR sector in EMEA.

A large part of this is the UK’s position as Europe’s largest video game market, which PwC estimates will see a 6% CAGR over the next five years.

“We forecast the number of virtual reality headsets in use in the UK will pass 16 million by 2021,” Phil Stokes, UK head of entertainment and media at PwC, said.

“Around 12 million of these headsets will be portable mobile VR devices that use a smartphone at their core as these are more affordable for consumers and benefit hugely from the fast evolution and replacement rate of smartphones.

“Dedicated home VR headsets – the higher end devices used for gaming and video – will account for three million consumer headsets, with portable dedicated headsets – a new category of self-contained device that are easier to use and have superior capabilities to smartphone-based devices – forecast to account for one million.”

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