Newzoo predicts VR games revenue will double by 2024

Newzoo launched a brand new report this week, forecasting the close to way forward for the digital actuality market, each for {hardware} and video games. Amongst different findings, the evaluation predicts that VR video games income may rise to $3.2 billion by 2024, with as many as 46 million lively headsets in use.

Extra particularly, Newzoo predicts that the VR market will hit $1.8 billion in 2022, with 27.7 million headsets in use. Standalone headsets and cloud streaming are making video games extra accessible, in response to the evaluation, as is help for VR by in style recreation engines.

Notably, Newzoo notes that gaming continues to be the highest use case for digital actuality. Attending digital occasions or touring — maybe the type of use circumstances that presage metaverse adoption — are additional down the record. The report additionally finds that 73% of headset customers surveyed listed considered one of their high hobbies as enjoying video video games.

As for video games, the preferred genres seem like journey video games, shooters and sim titles. Titles like Strolling Useless: Saints and Sinners, No Man’s Sky, Boneworks and Microsoft Flight Simulator present a cross-section of the platform’s hottest titles.

The renewed curiosity in VR

Newzoo attributes VR’s present rise and its predictions to some elements. First, VR rode the identical pandemic-induced increase as the remainder of gaming. Second, Meta’s launch of the reasonably priced Quest headsets provided customers a cheap technique of enjoying VR video games. These headsets additionally work with out some other {hardware}, corresponding to a expensive, highly effective PC.

Third, Newzoo credit a VR “killer app” for transferring {hardware} models. Particularly, it names Half-Life: Alyx, which it says leverages the facility of a significant triple-A franchise. Personally, I’d name a recreation like Beat Saber a VR killer app earlier than Half-Life: Alyx, if solely as a result of it’s obtainable on the wi-fi headsets that Newzoo praised for accessibility.

In 2023, PlayStation plans to launch its PS VR2 headset for PS5 customers, alongside a number of new unique video games. Meta additionally not too long ago launched the Quest Professional headset. Both of these may get extra avid gamers into VR, although Newzoo additionally notes the rise of firms like Pico.

It’s value noting that Newzoo claims the games market overall will decline this yr, largely as a result of the trade is correcting after the aforementioned pandemic increase interval. Newzoo didn’t issue VR {hardware} into that forecast.