With a pandemic-hit world and the presence of very few entertainment options, there has been a significant change in the audience gravitating towards online gaming platforms. Apart from the pandemic, the growth in online gaming is also fuelled by the increasing use of smartphones, widening gaming demography (from kids to adults to older generations), and an amazing contribution from the female gamers’ fraternity (casual and hardcore).
Growth of technology
We are in the phase of the fourth industrial revolution where technology is the king; all futuristic technologies and upgrades will change gaming forever. The futuristic gaming experiences have already hit the U.S., Europe, and SE Asia, with India in the pipeline. Next-generation gaming is all about virtual reality, which is very immersive. The experiences are lifelike, and players play in an environment (involving proximity sensors and motion capture technology) that they can enjoy with their family and friends.
Advancement in virtual reality technology
Overcoming the demerits of traditional virtual reality, which restricted the VR experience to isolated, stationary, and expensive, introducing the “Free Roam VR” experience expedites VR arcades’ launch.
This attracts the hardcore gamers and the target demography in a significant way, who are concerned about having the best experience in a social environment at an affordable price. Whatmore, the active and immersive experience that these arcades provide forces the gamers to come back and play.
Growing virtual reality ecosystem
With some of the most important industry players like Facebook, Sony, HP, and Google already betting high on the VR industry and Apple on its way to enter the arena, it is definitely known that a favorable environment to capture and support the possibilities of VR is on the way. This will further help in expanding the market for VR gaming to education and other sectors.
Increasing virtual reality content by marquee gaming companies
All doubts are put to dust when the largest gaming developers worldwide are investing in VR technology. We can trust these companies who have tremendous data and research to evaluate the scope and growth of the virtual gaming industry.
With substantial future potential, the marquee gaming companies are expanding their focus to developing more virtual reality games. They are also tying up with VR companies to make their games compatible with their hardware and software. A prime example of this tie-up is Ubisoft, one of the largest gaming developers. They have launched the VR version of their well-known video game “Far Cry” in virtual reality in partnership with Zero Latency, Australia, the largest Free Roam VR company in the world.
Rise of the experience economy
The millennials and the Gen-Z are driven by the YOLO culture and are more attracted to premium experience vis-à-vis the products. They are keen to experience a heart-pounding, lifelike experience in a simulated environment along with their friends and family and enjoy the adrenalin rush rather than playing alone on the devices or VR gadgets at home.
Thus, VR experiences and arcades that fill in the experience gap are gradually witnessing great popularity. It is only a matter of time before the robust growth reflects on the revenue generated.
The Asia Pacific leads the global virtual reality gaming market with a 40% share of the global revenue and is expected to give similar returns for the next 5 to 7 years. Within this region, India and South Korea are expected to witness extraordinary demand for VR games, driven by the increase in disposable income of these countries and significant technological advancements in the gaming and entertainment industry.
The Final Word
With the building of a favorable ecosystem, robust growth in gaming, evolving virtual reality technology, and demographics of the country, the growth of virtual reality is inevitable. It did take a while to kick off from its initial launch, but with the support from there on, VR gaming is gradually becoming the mainstream of the world gaming market, even before people have realized it.
Since this technology is still in a developing stage, there are limitations to the VR gaming systems. The virtual worlds created have their flaws. The field of vision in a virtual reality game is narrower than a natural field of vision. There are also some safety concerns with VR technology. Having said that, there would be hindrances which the gaming industry would have to overcome.
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