VR market set to double its worth to $3.2B by 2024

Newzoo’s recent VR Games Market Report 2022 reveals critical information on the VR space.
Newzoo logo over blurred black-and-white images of people using VR headsets

Newzoo has shared a new report titled VR Games Market Report 2022, revealing that the VR market will double its worth to $3.2 billion by the year 2024. The study has been described as “an overview and outlook of VR in games and beyond.”

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The report delves into extensive information on the VR space with an overview of the market in 2022. Along with the summary of this year, consumer insights, case studies on VR games, market opportunities and challenges, trends in VR gaming, and the future of VR are also detailed within the report.

Newzoo stated that the market will reach $1.8 billion by the end of 2022. The company also determined the expected total revenue to amount to $2.5 billion in 2023. Further data in the report revealed a total of 27.7 million users will comprise the VR space by the end of this year. Newzoo predicted a 46 million user base by 2024.

The company shared that this growth can be attributed to rising VR headset brands and models, especially the ones that do not need any other tools to function. For example, users can set up the Meta Quest headset as a self-contained device without any additional apparatus.

Recent months have seen increased activity in the VR space, primarily from prominent brands in tech. Last month, Meta completed the acquisition of three VR-based studios and added them under its banner Oculus Studios. In early November, Sony announced the official launch and pricing details for the PlayStation VR2. You can reach the free version of Newzoo’s report here.

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