Global Virtual Reality in Gaming Market – Analysis and Forecast (2018-2024)

Industry Insights by Components (Hardware and Software), by Compatibility (Gaming Consoles, PCs and Mobile Devices)

Status : Upcoming
Report Code : VRICT5076
Available Format : PDF
Industry : ICT & Media

Industry Overview

Virtual reality is the technology that enables the user with an environment that is interactive and engaging in a computer-generated arena and that is further roused in accordance with the graphics requirements of a particular game. It has been observed that virtual reality technology in gaming sector assimilates auditory and virtual feedbacks that enable the gamer to get involved in a fictional area where with the use of stimulation physical presence of a player is ensured. Moreover, increasing disposable income in developing countries and the introduction of a large number of gaming devices are factors pertaining towards the growth of the virtual reality market in gaming sector across the globe.

Market Segmentation

Insight by Components

Based upon components, the virtual reality in gaming market is categorized into hardware and software. Of both segments, hardware component holds the larger share in the market, globally. The growth of this segment is attributed towards increasing accessibility and availability of VR wearables and accessories across the globe. Furthermore, it has been observed that there are several devices available for users such as gloves, head mount displays, VR hands, backpacks, motion sensing devices, masks, and bodysuits.

Insight by Compatibility

On the basis of compatibility, the virtual reality in gaming market is categorized into gaming consoles, PCs and mobile devices. Among these segments, gaming consoles hold the largest share in the market worldwide. Consoles are easy to handle, easy to use, cost-efficient and do not require the constant revamping of hardware that further eliminates the requirement of developing technical skills.

Industry Dynamics

Growth Drivers

Virtual reality in gaming market gives the player an experience of playing inside the game itself. Along with this the gamer can customize and change the simulated environment according to the preference and requirement of the players. Further, increasing disposable income of people in the emerging economies and the increasing involvement of young generation in gaming area are other factors that are attributing towards the growth of the virtual reality in gaming market across the globe. It has been observed that there are several small companies in developing economies that are developing the latest VR devices that help the gamers to completely involve and engage themselves in the game.

Challenges

Lack of awareness about virtual reality technology and high costs of virtual reality headsets are the key factors hampering the growth of virtual reality in gaming market. To overcome such a challenge, the vendors of virtual reality in gaming are creating gaming clubs for their target base in order to extend awareness about these devices and enhance their market growth.

Industry Ecosystem

Globally, industry players in the virtual reality in gaming market are leveraging market growth by developing new products and make it a more cost-effective option through the development of innovative solutions. The vendors for virtual reality are further emphasizing upon availing various solutions to users such as advanced technology that will ensure better delivery of gaming experience.

Geographic Overview

Geographically, North America dominates virtual reality in gaming market due to increasing deployment of gaming sectors and extensive influence of games amongst the young generation in this region are the key factors pertaining towards the growth of virtual reality in gaming market in this region. Furthermore, the key providers of virtual reality in gaming reside in this region and are further consuming their resources to make these games adaptable on the virtual reality.

Furthermore, virtual reality in gaming market in Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to large number of population and their increasing acceptance for gaming technology. It has been observed that there have been many official gaming influencers who are officially popular gamers and whose job are confined towards indulging others into games. Many gaming companies are hiring such influencers to promote the use of virtual reality headsets for gaming purpose that is further bolstering the growth of the virtual reality in gaming market in this region.

Competitive Insight

Key players in virtual reality in gaming market are launching new products in order to engage large consumer base. For instance, in 2016 Sony Corporation had launched new headset further targeting new and expanding their existing consumer base. Some of the prominent players in the virtual reality market include Kaneva, Linden Research Inc., Nintendo Co. Ltd, Nvidia, Qualcomm, Microsoft Corporation, HTC Corporation, Sony Corporation and Samsung Electronics Co. Ltd.

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