What is the state of the VR market today?
VR is experiencing a huge market boom these past years. The market is mature and the number of VR centers targeting public consumers increased a lot. Today, hundreds of VR arcades have opened worldwide and the number is constantly increasing. With its product, Vigo wants to benefit from the advantages of video games in general, the VR and especialy from e-sport.
Video game market and VR market in numbers:
- Worldwide, video game market generated more than 120B dollars in 2018.
- Today, video game is one of the biggest and most profitable indystry in the world.
- VR market grows each year and reached, in 2018, 13B dollars.
- According to Statista, revenue generated by VR software could increase by 3000% till 2021.
Numerous job opportunity for developers.
2019 is a very important year for recruitment in the virtual reality sector.
Many positions are available in this field and job offers are multiplying.
The very attractive salaries offered confirm that companies are ready to invest in highly qualified profiles.
This observation also confirms that other business opportunities are open for Vigo Universal, particularly regarding the development of virtual reality applications.
What is the position of e-sport in the sector?
E-sport is becoming increasingly popular. In its research on competition, Vigo Universal found that virtual reality centres accessible to the general public were not yet active in the e-sport sector.
Today, e-sport is the basis of the development strategy of publishers and video game design studios.
The e-sport market is a very important source of revenue. Vigo Universal will therefore dedicate a department to e-sport within its centre. This point is a real added value compared to competitors and allows Vigo Universal to stand out from the others and attract another type of audience.
E-sport in numbers:
- Revenues from e-sports are strongly increasing and could reach 3B euros by 2021 representing 4% fo the global video game market.
- Revenues from e-sport will pass 10.5B euros in 2030 with an annual growth on the period of 37.6%.
- Its audience will increase from 240 to 410 M people in 2021.
- Investments in e-Sport in 2017 were the highest of history so far. Hundreds of transactions that represented 1.8B USD.
- Numbers of active profesional or semi-profesional players rize at 17400 in 2017 against 8000 in 2014.
- The global amount of money given as cash price to participants was approaching 113M USD in 2017 which was 10 times more important than the amount in 2011.
- In 2016, the total amount distributed to winners of e-sport competitions worldwide was USD 93.6 million, compared to 65.8 million in 2015, representing a growth rate of 42.3%.
- The web video audience is about 260 million people, twice as many as in 2014. More than 60% of this audience is between the ages of 13 and 24.
Evolution of the interest in VR technology according to Gartner
In 2017, virtual reality was on the development curve. In 2018, virtual reality left the Hype Cycle because it is no longer part of emerging technologies and has reached its productivity plateau
As soon as virtual reality emerged, Vigo began its research and development and followed VR evolution with many projects since then.
The first project to be launched was in 2013 with the integration of a lunar walking simulation within the Euro Space Center in Redu, only 3 months after the release of the first Oculus helmet.
The work carried out for its clients on various VR center projects has enabled Vigo Universal to have a clear vision of the major market trends and competition in Belgium.
Vigo Universal was able to collect a lot of information, benefit from relevant studies of competitors as well as a whole series of statistical data.In the study of the competition, it focused on virtual reality centers that offer similar experiences to those Vigo wants to develop, including the hyper virtual reality experience.
This research has been carried out in Belgium, but also in Europe and worldwide.
A permanent monitoring as well as visits to centres will have to be ensured to check the evolution of competitors, their new products, their website, their prices or their communication. This is to improve possible gaps but also to be inspired by good ideas.
A complete file on competition is available on request