However, the companies may have their work

 IHS also suggests thatconsumers will spend over $11 billion on RS 3 Gold virtual reality gaming over the next few years, including $7.9 billion on VR headsets and another $3.3 billion spent on VR entertainment by 2020. This huge potential for profit perhaps explains why Sony is already working on new models for PlayStation VR and why Oculus is working on a mid-tier virtual reality headset in order to rival Sony.

However, the companies may have their work cut out in order to live up to IHS lofty estimations. According to an Oculus executive, VR is coasting on novelty.  It s unclear just how long VR will be able to ride that wave, but both Oculus and Sony will have to put their thinking caps on if they are to give the industry some longevity.Moreover, newly announced budget virtual reality headset, Google Daydream, will also pose competition as gamers ditch high-end specs for a more affordable alternative.

 Neither Sony nor Oculus will want to compromise much on the specs of their hardware, so how they compete with Google (as well as each other) will be interesting to see.PlayStation VR is set to launch on October 13, 2016.Source: CNBC