Market Insights Advertising & Media AR & VR

VR Advertising - Belgium

Belgium

In Belgium, revenue in the VR Advertising market market is projected to reach €1.0m in 2024.
The revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 1.61%, which will lead to a projected market volume of €1.0m by 2029.
While most revenue is generated the United States, Belgium's own projected market volume is €43.9m in 2024.
Belgium's VR advertising market is increasingly attracting brands seeking immersive consumer engagement, reflecting a growing trend towards experiential marketing strategies.

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Analyst Opinion

The VR Advertising market in Belgium is experiencing steady growth and development, driven by increasing customer preferences for immersive and interactive advertising experiences.

Customer preferences: Customers in Belgium are increasingly seeking out unique and engaging advertising experiences. Traditional forms of advertising, such as print and television, are becoming less effective as consumers become more adept at filtering out unwanted messages. As a result, there is a growing demand for innovative and immersive advertising formats that capture attention and create memorable brand experiences. Virtual reality (VR) advertising offers a solution to this demand, providing a fully immersive and interactive experience that engages consumers on a deeper level.

Trends in the market: One of the key trends in the VR Advertising market in Belgium is the adoption of VR technology by advertisers and marketers. VR headsets and devices are becoming more affordable and accessible, allowing advertisers to create and distribute VR content to a wider audience. This has led to an increase in the number of VR advertising campaigns and the development of VR-specific advertising platforms. Another trend in the market is the integration of VR advertising into existing marketing strategies. Advertisers are recognizing the potential of VR to enhance their traditional advertising efforts, such as TV commercials and online banner ads. By incorporating VR elements into these campaigns, advertisers can create a more engaging and memorable experience for consumers.

Local special circumstances: Belgium has a highly developed advertising industry, with a strong focus on creativity and innovation. This provides a favorable environment for the growth of the VR Advertising market. Advertisers in Belgium are known for pushing boundaries and experimenting with new technologies, making it an ideal market for VR advertising. Furthermore, Belgium has a high smartphone penetration rate, with a large percentage of the population owning a smartphone. This presents an opportunity for advertisers to reach consumers through mobile VR experiences, leveraging the widespread use of smartphones to deliver immersive advertising content.

Underlying macroeconomic factors: The VR Advertising market in Belgium is also influenced by broader macroeconomic factors. The country has a stable economy and a high standard of living, which means that consumers have disposable income to spend on entertainment and leisure activities. This provides a favorable environment for the adoption of VR technology and the growth of the VR Advertising market. In addition, Belgium is known for its strong digital infrastructure and high internet penetration rate. This enables the widespread distribution and consumption of VR content, making it easier for advertisers to reach their target audience. Overall, the VR Advertising market in Belgium is growing and evolving in response to changing customer preferences and the availability of new technologies. Advertisers are embracing VR as a way to engage consumers in a more immersive and interactive manner, and the market is expected to continue to expand as VR technology becomes more accessible and affordable.

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).