We’ve heard a lot about virtual reality lately, and it seems like almost every major tech company is at least dipping their toes into the industry. If you’ve noticed this, you’re not alone. According to VentureBeat, the Venture Reality Fund reported that the companies it tracks in the virtual reality market grew over 40 percent in 2016.
The Venture Reality Fund’s cofounder Marco DeMiroz said that the largest area of growth was in content companies that create apps for head mounted VR displays. VR gaming and entertainment also nearly doubled in size, with new, well-funded companies popping up across the United States and Asia.
Some different, less expected areas of growth for VR included education, enterprise, health care, and journalism. Advertising and analytics start-ups for VR also experienced a great deal of funding in 2016.
Major players in the tech industry are taking notice of this growth. Microsoft Windows recently added its own VR platform, which launched in partnership with other major partners such as HP and Lenovo.
The Venture Reality Fund invests in VR and augmented reality start-ups.