Market Insights Advertising & Media AR & VR

VR Advertising - Turkey

Turkey

In Turkey, revenue in the VR Advertising market market is projected to reach US$1.9m in 2024.
The revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 1.65%, leading to a projected market volume of US$2.0m by 2029.
While Turkey's market is growing, it is notable that most revenue in the VR Advertising market market is generated the United States, with a projected market volume of US$47.4m in 2024.
Turkey's burgeoning tech ecosystem is increasingly embracing VR advertising, fostering innovative campaigns that resonate with a youthful and digitally-savvy consumer base.

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Analyst Opinion

The VR Advertising market in Turkey is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Turkey are increasingly embracing virtual reality technology, which is driving the demand for VR advertising. Virtual reality offers a unique and immersive experience, allowing consumers to engage with brands in a more interactive and memorable way. This appeals to Turkish consumers who are looking for innovative and engaging advertising experiences. Additionally, the younger generation in Turkey, who are more tech-savvy and open to new experiences, are particularly drawn to VR advertising.

Trends in the market: One of the key trends in the VR Advertising market in Turkey is the integration of VR technology into various industries. Companies in sectors such as real estate, tourism, and automotive are leveraging VR advertising to showcase their products and services. For example, real estate developers are using virtual reality to provide virtual tours of properties, allowing potential buyers to explore properties without physically visiting them. This trend is driven by the desire to provide a more immersive and realistic experience to customers, ultimately leading to increased sales and customer satisfaction. Another trend in the market is the use of VR advertising in events and exhibitions. Brands are incorporating virtual reality experiences into their booths and displays to attract and engage visitors. This trend is particularly prominent in trade shows and conferences, where companies are competing for attention and looking for innovative ways to showcase their products. VR advertising offers a unique and attention-grabbing experience, making it an effective tool for brands to stand out in crowded events.

Local special circumstances: Turkey has a large and growing tech-savvy population, which creates a favorable environment for the adoption of virtual reality technology. The country has a high smartphone penetration rate, and consumers are increasingly using their mobile devices for various activities, including entertainment and shopping. This presents an opportunity for VR advertising to reach a wide audience in Turkey, as mobile VR headsets become more accessible and affordable. Additionally, Turkey has a vibrant advertising industry, with brands constantly looking for new and innovative ways to connect with consumers. VR advertising provides a unique and engaging platform for brands to tell their stories and create memorable experiences. The competitive nature of the Turkish advertising market, coupled with the growing interest in virtual reality, is driving the adoption of VR advertising among brands in the country.

Underlying macroeconomic factors: The Turkish economy has been growing steadily in recent years, which has contributed to the development of the VR Advertising market. Economic growth has led to increased consumer spending power, allowing more individuals to invest in virtual reality devices and experiences. As the economy continues to grow, the demand for VR advertising is expected to increase further. Furthermore, the Turkish government has been supportive of the technology sector, providing incentives and support for companies operating in the industry. This has created a favorable environment for the development and adoption of virtual reality technology, including VR advertising. The government's focus on promoting innovation and technology-driven industries has played a significant role in the growth of the VR Advertising market in Turkey.

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).