The firm specializes in market analysis video gamesNewzoo, conducted a study focusing specifically on virtual reality, and his predictions are positive. In 2024, the revenue generated by this market is expected to increase by 44% compared to 2019.
When it hit the market in the early 2010s, virtual reality seemed destined for a bright future and meteoric growth. In fact, it was quite different. The adoption of this technology has indeed been slower than expected, and it seems that one of its uses currently trumps all others, that of gaming.
” Although the market ultimately didn’t take off as many had predicted, big tech moves, metaverse trends, and behavioral changes among young consumers are giving virtual reality a second wind, and especially in video games. “, explains Newzoo in his report.
Thus, the company predicts that the virtual reality market will reach $1.8 billion in 2022, with 27.7 million headsets in use worldwide. This upward trend should continue over the next two years: revenue from virtual reality games could reach $3.2 billion by 2024, with no less than 46 million headsets in use.
A trend that can be explained by several factors
Newzoo explains its predictions by various factors. Like the video game sector in its entirety, virtual reality has benefited greatly from the containment measures caused by the Covid-19 pandemic: stuck at home, people have explored other ways to occupy themselves. The democratization of the helmet Meta Quest 2 has also contributed to the deployment of virtual reality on a larger scale and above all, at an affordable price.
For the future trend, Newzoo believes that the technology will be adopted more and more as major releases are expected, including a headset developed by Sony for PlayStation 5 gamers. Exclusive games will see the light of day, and strong analysis explains more beyond the emergence of companies like Pico, owned by ByteDancemust participate in the democratization of the sector.
In general, standalone headsets that don’t need to be plugged into a console or PC and cloud streaming are making gaming more accessible, as is the ever-increasing support for virtual reality from the most popular game engines.
More democratized non-gaming uses soon?
Despite an improvement, virtual reality is not expected to become as large a segment of the video game market as consoles or PCs. However, it is interesting to note this unlike the entire industryvirtual reality saw positive growth in 2022, demonstrating its growing appeal to gamers.
The development of the metaverse it should also participate in the democratization of virtual reality beyond the realm of video games, allowing users to attend events or travel virtually, for example.