A study conducted by Transparency Market Research predicts that the value of virtual reality (VR) in the gaming market will reach more than $86.22 billion by 2031. In addition, the research states that between 2022 and 2031, the compound annual growth rate (CAGR) will be 32.3%.
The research covers the regions of North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Among the report’s main findings is that the increased spending power in direct proportion to the increasing population of the countries increases the demand for VR game systems. In addition, the research that draws attention to the increase in VR usage in recent years says that this factor creates lucrative opportunities in the game industry.
The research also touches on the fact that cloud technologies are gaining traction in the gaming market. The company also predicts that many innovations brought by cloud technologies to the industry will strengthen the game industry’s future.
With the development of blockchain and Web3 technologies, the interest in the metaverse and, therefore, the VR industry is increasing. Companies announce new projects and investments day by day. If things go well, these numbers will not only be predictions but will come true quickly.
Aftermath Islands, a blockchain virtual reality platform, recently announced that it had raised $25 million. A few months ago, rumors surfaced that Tencent had created a new unit called “extended reality.” Although Meta is the most significant player we have seen in this field, for now, other companies seem to have already started to work.
However, things are not going well for Meta. Reality Labs, the company’s virtual reality unit, posted a loss of $2.8 billion in the second quarter of this year. However, this situation seems tolerable for Meta, considering that this industry is still developing and that these losses are due to the investments made.