I have some great memories from time spent when I was a kid, going to arcade venues in town. But those businesses decided to close their doors many years ago, as a variety of new entertainment options came to market for kids. Now they could opt to stay at home and play in exciting new ways, rather than head down to the arcade with friends.
There still might be a few machines around, where you can still find some games stationed in restaurants, supermarkets, gas stations, and movie theaters etc. However, today you will find that the majority of kids are going to be playing their games on their own phones, computers, and home systems.
But arcades might be making a comeback...
virtual reality technology is helping to bring back arcade venues and it's been suggested that virtual reality hubs could become arcades of the future.
You can find people using this tech to do things like offer kids a virtual school field trip, training new employees, help people to confront their fears, bringing some new excitement to senior citizens who are confined to care homes etc, there is a lot of room for growth with this technology.
It's expected that this market will continue to grow very quickly; it's expected to surpass $13 billion by 2020.
The arcade venues that offer virtual reality gaming, provide those who can't yet afford their own system with the opportunity to experience it for themselves. And you can find these VR centers in many countries around the world today.
Just a couple of years ago, back in 2016, this market was valued around $2 billion, so you can see there has been some significant growth. And some have suggested that this industry could still see growth of about 54 percent every year, and might easily far surpass the $13 billion mark, reaching upwards of $26 billion by 2022.
But will the declining price for VR tech prompt people to stay at home and play rather than go to an arcade-type of venue to experience it?
Some folks who have been frequenting the VR arcades admit that they also have a computer at home and smartphone etc, but that they can't afford a VR headset at the moment. The cost is what is driving them to go to the arcade to have the experience, so when it becomes cheaper those arcade venues might see a decline in traffic.
To try and make things more exciting, VR venues are looking to make the experience more appealing, and in one circumstance that meant introducing and planning a Minecraft VR tournament for kids to take part in.
The more that they can create these sort of group experiences, the more likely they are to see success with their business. There really is a lot of potential for this market space to grow, seeing as there is endless potential for what you can do with this technology in the sort of experiences that you can create.
Pics:
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Sources:
https://www.businesswire.com/news/home/20171110005291/en/Global-Virtual-Reality-Market---Expected-Reach
https://globenewswire.com/news-release/2018/02/14/1348008/0/en/2016-Virtual-Reality-VR-Market-Size-Revenue-to-Grow-by-USD-26-89-Billion-in-2022.html
http://www.straitstimes.com/tech/game-set-fire
http://blog.al.com/press-releases/2018/02/research_virtual_reality_vr_ma.html
https://www.cnbc.com/2018/02/10/vr-arcades-are-gaming-centers-of-the-future.html
http://www.financeswire.com/global-virtual-reality-market-is-supposed-to-reach-us-33-billion-by-2022/
https://www.whatech.com/market-research/it/437990-virtual-reality-vr-hits-the-mainstream-and-could-surpass-us-40-billion-market-by-2020
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