Industry – Europe
Industry Report: Virtual Reality
The European VR ecosystem expands during the first half of 2017
by Vassilis Economou
- A report on the European VR landscape shows an increase of 57% in companies related to VR, while the UK, France and Sweden are the undisputed leaders of the industry
Silicon Valley-based venture capital firm The Venture Reality Fund (The VR Fund) focuses on early-stage investments in virtual reality (VR), augmented reality (AR) and mixed reality (MR). In collaboration with Brussels-based VR and WebVR consulting and software development company LucidWeb, it has released its second biannual report on the landscape of the European VR industry. The coverage of the report encompasses the activities of companies, and especially those that are developing infrastructure, tools, platforms and apps. The landscape is based on extensive research; hence The VR Fund and LucidWeb have added 68 new companies, with the total number now reaching 188 firms.
The first findings show an impressive increase of 57% in the number of companies related to the VR ecosystem, compared to the results from the second half of 2016. As expected, the UK remains the biggest player not only in Europe but also in the entire EMEA market (see the news). France follows hot on its heels as the leader in the Eurozone, while Sweden manages to hold on to third place in the industry. Also, gaming remains the most competitive sector, as it saw a 38% increase, with 29 companies involved. In enterprise and B2B VR technologies, the report observes an increase of 55% during the first half of this year. In the still-evolving categories, we should note the sector of education, which had twice the number of companies this year, and also advertising, which contains an increasing number of start-ups.
Commenting on the results, Tipatat Chennavasin, co-founder and general partner at The VR Fund, remarked: “This landscape shows the robust start-up environment, and we are excited about new innovations emerging from virtually every country in Europe.”
Finally, Leen Segers, co-founder and CEO at LucidWeb, went into further detail: “For sub-industries in VR, the number of companies focusing on user input, 3D tools and enterprise applications is growing quickly. Additionally, young start-ups in these vertical markets have easy access to capital, while mature companies in these spaces are more likely to go public or be acquired by major companies such as Facebook, Microsoft and Starbreeze.”
Below is a diagram of the current VR landscape in Europe (click to expand):
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