How Virtual Reality Gaming Market Throws Lucrative Franchise Opportunities for Aspirants
Virtual Reality (VR) is the most recent computer technology that holds the capacity to create major differences in various sectors of the economy such as education, healthcare, entertainment, and many more. The concept of VR is to create an artificial environment with software that is presented to the user in such a way that the user suspends belief and accepts it as part of a real environment.
With the use of such an environment, the gaming market is on the way to increase user engagement to a large extent, thereby revolutionising the overall gaming scenario.
Virtual Reality Gaming: Potential and Growth Drivers
Virtual reality gaming refers to applications where a person can experience being in a three-dimensional (3D) environment and can utilise many of her/his senses in that environment during the game. On the basis of the type of games, the market has been segregated into racing games, adventure games, fighting games, shooting games, mystery thriller games, puzzle games, science fiction games, and others. A perfect example of VR gaming can be seen in a Bollywood movie, Ra One, where a computer programmer creates a virtual reality game for kids.
The global virtual reality gaming market has reached a huge mark of US$ 10.3 billion in the year 2018 and is further anticipated to reach US$ 40.2 billion by 2024. The growth of the market can be anticipated to grow due to various factors:
- Extraordinary Gaming Experience: One of the biggest factors that are surging the demand for virtual reality gaming is that it offers a gaming experience beyond match. With a 360-degree vision, excellent sound, full emersion, and increased realism, users are getting an unmatchable experience, thereby increasing the demand for VR games and accessories.
- Increased Awareness and Accessibility: Since the concept is new, companies are establishing gaming clubs or special areas at malls and business centers to reach out to as many target users as possible. As virtual reality accessories are expensive, establishing their kiosks at malls is an easy way to reach the target audiences.
- Collaborating with Technological Advancements: With technological advancements, it is now possible to transform most of the computer games into a virtual reality format. With this, users get the flexibility to play the game in a different way, thereby giving rise to virtual reality accessories and new games.
Taking the Franchising Route for better Expansion
To increase the accessibility of virtual reality games, a lot of companies are taking the franchising route to expand into different markets. With the concept of franchising burgeoning in the Indian market, aspirants are eager to own franchises of big players.
IB Cricket, one of the most popular immersive virtual reality cricket games, offers highly rewarding franchise opportunities in two models:(a) the standard model that requires an investment of Rs 22.5 lakhs including the hardware, software, and furnishings, and ensures an ROI of Rs 60 lakhs to Rs 1.2 crores in 4 years and (b) the premium model that requires an investment of Rs 25 lakhs and ensures minimum ROI of Rs 1.5 crores in the same time period.