HAMPSHIRE, England – By 2020, the volume of wearable virtual-reality head-mounted display (VR HMD) units shipped annually to retailers across the globe will total nearly 30 million, according to new market estimates by Juniper Research. In 2016, the number of units shipped is expected to equal slightly more than three million.

Hardware retail revenue from VR HMD headset sales will exceed $4 billion by 2020, according to Juniper’s latest insights report.

“With technological advances such as low latency and smarter graphics, coupled with the corresponding growth in interest from major players, VR is now in a position where the market can finally take off,” a statement distributed by the company noted. “The technology is poised to transform the entertainment industry, including gaming and video, in the coming years whilst offering the potential to quickly expand into other markets such as industrial and healthcare.”

Juniper’s whitepaper “The Rise of Virtual Reality” identifies 2016 as the watershed year for virtual reality headsets, in terms of product launches and consumer roll outs. Oculus, Sony and HTC are among the leading players expected to launch key VR products over the next 12 months.

“The recent attention to and investment into virtual reality is helping to revitalise the industry, and with major brand commercial launches imminent, there is huge potential for rapid market expansion,” said Joe Crabtree, who co-authored the report.

As a result, Juniper expects significant VR uptake over the forecast period as consumers benefit from a combination of improved VR technology allied to immersive applications, as well as reduced prices.