Updated reports released by research group SuperData, estimated that PlayStation VR sales would be 750,000 by the end of 2016. Previously, the company predicted that Sony would sell 2.6 million units of PlayStation VR.

The research group cited supply inconsistencies and lack of marketing as the major reasons for the significant decrease in the sales projection.

According to Stephanie Llamas of SuperData, Sony said VR looks even better on a PS4 Pro compared to the standard or slim PS4.

"So the message to most gamers is: Get the Pro now, then the PSVR later. As a result, we won't see them break 1M shipments until well into the new year," she said.

She also noted that since PlayStation VR currently does not have a significant competition, Sony can afford to "take it slow." The company's major competitors Microsoft and Nintendo do not have VR headsets.

PlayStation VR, which was released in the market in October, is priced $400. It requires a PlayStation 4 and a PlayStation Camera, both sold separately.

In a review by Jimmy Thang of GameSpot, he said that although he wants the PlayStation VR to succeed, he does not recommend it as a must-buy at the moment.

"Many of the launch titles will make a large percentage of people sick, and it may lead to the false impression that VR has to make you nauseated. If you have a PS4 and are dying to get PSVR, then I'd recommend the $499.99 bundle which includes the PlayStation Camera, two Move controllers, and PlayStation VR Worlds," he wrote.

"If you have a PS4 and are simply curious about VR, I'd hold out until more titles are released. While there are a handful of fun titles, there's nothing that I've played at launch so far to indicate to me that the PSVR is a must-buy right now. For everyone else, I'd recommend saving up for a better reality," he added.