💹Virtual Reality Games - Market Insight
Learn More About The VR Market.
Right now the VR market is very small in comparison to the other big gaming markets such as: mobile, PC & console and is accounting for only a small percentage of the total market, but that is a good thing since it means we are placing ourselves very early in this market, therefor securing lots of opportunities. All the data indicates that the VR market is not only here to stay, but it's about to soon take over the gaming world.
"There are more than ten VR games who managed to sell more that one million copies. Today's benchmark is Beat Saber who sold over four million copies and accumulated an estimated 180 million dollars in revenue and that is a game that is only available for VR." - Steve Parker, Co-Founder
According to the latest virtual reality statistics, by 2027, its market size is forecast to reach $92.31 billion, which marks a compound annual growth rate of 30.2 percent in the seven-year period between 2020 and 2027 (Grand View Research, 2020).
The biggest driver of this is expected to come from millennials, whose demand for tech-advanced games will push game developers to rely more on VR to meet rising standards
Increasing Demand For AR and VR Devices
Given the potential and benefits of virtual reality technology, it wouldn’t be surprising that the demand for AR and VR headsets is set to gain further traction in the near future.
As it stands, 14.94 million of these devices are expected to be shipped in 2022, a 54.2 percent increase from 2021’s 9.69 million (IDC, 2021). The majority of these are VR devices, which represent 91 percent of the total number of VR and AR devices that are expected to be shipped out this year.
That’s not all—this number is expected to increase further to 23.22 million in 2023, and further soar to 32.76 million in 2024. By 2025, experts estimate that 43.87 million devices will be shipped worldwide. This will represent an impressive increase of more than seven-fold from 2020 to 2025
“The VR gaming industry is still young but it is steadily growing. According to new market research, Meta’s Quest 2 sold 8.7 million units in 2021. Our goal is to be there with the best games and large tight-knit communities once VR goes mainstream.” - U24 Co-Founder Steve Parker
Cryptocurrency Mass Adoption
While the VR market is a fast grower, so is the cryptocurrency market which, by looking at the chart below we can see it is following a very similar adoption rate to the early internet. We believe that by combining the VR & Cryptocurrency industries we can achieve massive user adoption and enable us to secure proper funding for game development and marketing.
"Our goal from the start of the project back in 2017 was to develop a MOBA for the VR space that has interoperability with PC, this idea came to us mainly because we noticed there was no one developing such a project in the market despite the fact that MOBA games like League of Legends, Dota2 and Mobile Legends are dominating PC & Mobile markets".- U24 CEO Arnet Mahmastol
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