Virtual Reality Gaming Business Market In India


Virtual Reality Gaming Business Market In India

Virtual Reality Gaming Business Market In India

As we enter 2023, the only thing we can do is look back and wonder at the rapid development of online Virtual Reality Gaming. India has seen this over the past two to three years. One moment you are living in your world and the next minute, you’re immersed in the world of VR, although you know you are just visiting your mind gets pursued otherwise, and that’s the power of virtual reality friends! A fictional realistic fictional world that will eternally blow your mind can be swallowed in only a moment. According to the majority of recent predictions, India’s gaming industry will grow even more quickly over the few upcoming years. 

However, despite the immense potential VR contains, the speed of growth of VR since its invention in the 1960s has been considerably slow. According to reports,  Despite the predictions that it will gain huge popularity by 1994, it never truly caught on or received that kind of boost at that time. Although people anticipated that VR gaming rates would increase by 30% from 2020 to 2027, the rise in Virtual Reality Gaming in 2019 was remarkable, reaching $12 at a rate of 25%. 

The Future of Virtual Reality Gaming Business in India

Considering that we are currently in the fourth industrial revolution where technology is the king. We believe futuristic technology and experiences are set to revolutionize gaming forever. These VR experiences exist in the United States, Southeast Asia, and Europe, and they will soon take over India. Virtual reality, which has a high degree of immersion, is used in next-generation gaming. Using motion capture technology and proximity sensors, these lifelike experiences allow players to interact with one another while playing in a group setting. Providing excitement and enjoyment for them to share with their loved ones.

Future-oriented technologies and experiences are likely to completely transform gaming given that we are in the fourth industrial revolution, where technology is king. These experiences already exist in the United States, Europe, and Southeast Asia, and they must now be brought to India. Virtual Reality, which has a high degree of immersion, is used in next-generation gaming. Fantasy App Developer Uses motion capture technology and proximity sensors, these VR experiences allow players to interact with one another while playing in a group setting, providing excitement and enjoyment for them to share with their loved ones.

01. Market conditions and growth of gaming

Due to the pandemic that will hit the nation in 2020 and the lack of alternative kinds of entertainment options, there has been quite a shift in the audience’s inclination for online gaming platforms. In 2020 the Indian gaming market was estimated to be worth $1.5 billion, and by 2022 alone, it was predicted to be worth $2.8 billion. In addition to the 45-50 million new online gamers added as a result of Covid-19, the growth also received a boost because of the increase in smartphone adoption, a broader gaming demographic, and an outstanding contribution from female gamers.

02. Advancement in VR tech

The introduction of  Free Roam VR” is propelling the arrival of VR arcades by overcoming the limitations of traditional VR, which limited the experience of VR gaming to be fixed, expensive, and isolating. This is attracting the attention of gamers and the target market, who are mostly interested in getting the finest social experience at the lowest cost. The players are also compelled to return time and time to the engaging and immersive experience that these arcades offer. 

03. Increasing VR content

If we still have any lingering doubts, we can put our faith in the biggest gaming companies in the world, who have access to a wealth of information and research to assess the breadth and development of VR gaming. To make it compatible with their gear and software, they are all concentrating more on creating new VR games and collaborating with VR software and hardware businesses. One of the biggest Ubisoft, for instance, just released the VR edition of its popular video game “Far Cry” in collaboration with Australia’s Zero latency.

04. Developing a VR ecosystem

With some of the biggest players in the market, including sony, HP, Google, And Facebook, already placing significant bets on the VR market and Apple preparing to join, we can be sure that an ecosystem is in place to fully utilize and support and potential of VR, as a result, the market for virtual reality will grow in the gaming, educational, and other sectors.

05. Advancement of the Experience economy

Indians, especially the Gen-Z and Millennial generations, who are influenced by the YOLO movement and are therefore more down to exclusive events and goods, instead of playing alone on devices at home with VR headsets, they prefer to share a heart-pounding, realistic experience with their peers and feel the rush.  Because of that, VR games and arcades that fill the void are becoming increasingly popular in the major cities, and it won’t be long before they spread across the nation and support their rapid development, additionally, research indicates that Asia pacific currently has a 40% revenue share of the worldwide VR gaming industry and is predicted to continue to do so for the upcoming 5 to 7 years. 

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The above information discusses the future of VR gaming in the Indian business market. We believe that the advancement of VR gaming is a certain thing. Although it will take a while to become popular or mainstream from its initial launch but with the increasing interest and support from here on, VR gaming will surely become mainstream in the Indian business market.  You can also check out our other blogs like E-Sports: Challenges and Framework for Indian Business Owners and other informative blogs.

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