Virtual reality is an artificial or fake, computer generated simulation or reformation of a real-life situation. It plunges the user by making them feel or realize as they are undergoing the imitation reality, by motivating or simulating their vision and hearing.
Global Virtual Reality in Gaming Market Report, published by Variant Market Research, forecast that the global market is expected to reach $43.3 billion by 2024 from $5.5 billion in 2016; growing at a CAGR of 29.5% from 2016 to 2024.
"Virtual Reality in Gaming Market (By Component: Hardware, and Software; By Type of Gaming Console: Xbox, PlayStation, Personal Computer, Mac, and Nintendo Wii; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024".
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Virtual reality (VR) is a computer technology and a computer-generated simulation of a three-dimensional image or environment by which a gamer can interact with an apparently real or physical way by the use of special electronic equipment’s, that are a helmet with a screen, and gloves fitted with sensors. Additionally, with VR equipment’s the gamer is able to look everywhere, move around, and even interact with the objects inside the game.
Also, it produces a set of data which is then used to develop new models, training methods, interaction, and communication.
The Global Virtual Reality in Gaming Market Is Boosted by Increasing Awareness Regarding VR Technology and Mobile VR
The major factors to drive the global virtual reality in gaming market are rising disposable income of buyers in the emerging economies, budding demand for latest technologies in electronic games, and growing competition for developing virtual reality technology in computerized games. Although, high initial investment, lack of alertness about VR technology in games, and compatibility issues of VR with consoles are some major challenges to deal with respect to market growth.
Furthermore, advancement in booming VR technology, and introduction of depth-sensing camera for VR headsets is highly expected to generate several growth opportunities for the market in the coming years.
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The classification for virtual reality in gaming market consist of component, type of gaming console, and geography. By component, the market is segregated into hardware, and software.
Whereas, type of gaming console segment includes Xbox, PlayStation, personal computers, Mac, and Nintendo Wii. Furthermore, by geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The Largest Market Share Is Occupied by Software in the Component Segment
Software generated the largest revenue in the year 2016, and is anticipated to continue its supremacy throughout the forecast period i.e. 2016 – 2024, due to the growing acceptance of VR software platforms and applications around the world.
The augmented use of mobile VR would help to drive or facilitate the growth of the VR market for software components.
PlayStation Held the Major Share in Type of Console Segment
PlayStation dominated the type of console segment driven by growing demand among youth consumers for real gaming experience and is expected to continue their dominance over the forecast period.
North America Dominated the Market with Leading Share in The Year 2016
North America held the largest market share of 36.8% in 2016, due to the extensive R&D and presence of various VR companies in the region. Asia-Pacific is likely to achieve the fastest CAGR with 31.1% throughout the forecast period 2016 – 2024, driven by the expanding technological advancements in the countries such as India and China among others.
Oculus VR, LLC, had recently planned to launch new product this year named as “Oculus Rift” that is expected to be the great success in VR games and also to revolutionize the market. The key players profiled in the market are Sony Corporation, Google Inc., Oculus VR, LLC, Microsoft Corporation, Samsung Electronics Co., Ltd., HTC Corporation, EON Reality Inc., Vuzix Corporation, CyberGlove Systems Inc., and Sixense Entertainment, Inc., among others.
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Scope of Virtual Reality In Gaming Market
Type of Gaming Console Segments
- Personal Computer
- Nintendo Wii
- North America
- Asia Pacific
- South Korea
- South America
- Middle East
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