Market Insights Advertising & Media AR & VR

VR Advertising - Ireland

Ireland

In Ireland, the VR Advertising market is anticipated to achieve a revenue of €0.5m by 2024.
Moreover, the market is expected to display a compound annual growth rate (CAGR 2024-2028) of 1.36%, leading to a projected market volume of €0.6m by 2028.
Notably, in the United States dominates the market with a projected market volume of €43.3m in 2024.
Ireland's VR Advertising market is experiencing rapid growth, driven by a tech-savvy population and a thriving digital advertising industry.

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Analyst Opinion

The VR Advertising market in Ireland is experiencing significant growth and development, driven by customer preferences for immersive and engaging advertising experiences.

Customer preferences: Customers in Ireland are increasingly seeking out unique and interactive advertising experiences, and virtual reality (VR) advertising provides just that. With VR technology, advertisers can create immersive and interactive campaigns that capture the attention and interest of consumers. This allows brands to create more memorable and impactful advertising experiences, leading to increased brand awareness and customer engagement.

Trends in the market: One of the key trends in the VR Advertising market in Ireland is the use of VR in the retail sector. Retailers are leveraging VR technology to create virtual shopping experiences, allowing customers to virtually explore products and make purchasing decisions. This trend is particularly relevant in the current digital age, where online shopping has become increasingly popular. VR advertising in the retail sector provides a unique opportunity for brands to showcase their products and create a more interactive and personalized shopping experience for customers. Another trend in the VR Advertising market in Ireland is the integration of VR technology with social media platforms. Social media has become an integral part of people's lives, and brands are capitalizing on this by incorporating VR content into their social media campaigns. This allows them to reach a wider audience and engage with consumers in a more immersive and interactive way. Additionally, the use of VR in social media advertising enables brands to gather valuable data and insights about their target audience, which can be used to further optimize their marketing strategies.

Local special circumstances: Ireland has a thriving technology sector, with many tech companies and startups based in the country. This provides a strong foundation for the development and adoption of VR technology, including VR advertising. The presence of these tech companies also fosters innovation and collaboration, allowing for the creation of cutting-edge VR advertising solutions.

Underlying macroeconomic factors: The growing popularity of VR advertising in Ireland can also be attributed to the country's strong economic growth and increasing consumer spending power. As the economy continues to expand, consumers have more disposable income to spend on leisure activities, including immersive experiences like VR advertising. This favorable economic environment provides a conducive market for the growth and development of the VR Advertising industry in Ireland. In conclusion, the VR Advertising market in Ireland is experiencing significant growth and development, driven by customer preferences for immersive and engaging advertising experiences. The use of VR technology in the retail sector and its integration with social media platforms are key trends in the market. Ireland's thriving technology sector and favorable macroeconomic factors contribute to the growth of the VR Advertising industry in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR advertising revenue, which includes advertising that is integrated into the virtual world within video games and videos.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).