As per industry experts, the Virtual reality market has become increasingly competitive, with dozens of major corporations and startups bringing out their own copies of the original Oculus.
With a reported market share of 90% in the Virtual reality business, Meta Platforms Inc. is now the company to beat out this competition. This falls in keeping with the substantial investments that the corporation has made in the field.
According to the sources, Meta has spent $100 billion on building out this Virtual reality and Metaverse goals, but these investments have not yet paid off. As a result, Meta’s stock price has decreased by 70% this year.
Others have not been discouraged from attempting to carve out a portion of the market, despite the fact Meta has a big market and is ready to spend outrageous amounts of money in this field.
ByteDance Inc., which is a parent company of TikTok, is anticipated to come in second place with its Pico headset series, Apple Inc. is planning to launch a Virtual reality headset in 2023.
In spite of the fact that many firms have been unable to compete in the hardware sector, others have been successful in gaming, the marketplace, and the infrastructure.
There are dozens of popular VR games that have ample amounts of cash, thanks to their fun takes on the VR genres. Some examples of these games include Contractors and Beat Saber.
Since Virtual reality is a brand new platform, it is possible for businesses to carve out their own niche in the world of viral fame and become the next virtual reality for Call of Duty.
In addition, new businesses like Gameflip have raked more than $140 million from the sales of in-game and digital content while simultaneously developing the next generation of gaming markets.