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 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.
"Virtual Reality In Gaming Market (By Component: Software, And Hardware; By Type of Gaming Console: Xbox, Personal Computer, Mac, PlayStation, And Nintendo Wii; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing awareness regarding VR technology and mobile VR shall drive the growth of Virtual Reality In Gaming Market
The factors supporting growth of the market are rising disposable income of buyers in the developing nations, growing competition for developing virtual reality technology in computerized games, and budding demand for latest technologies in electronic games. Although, high initial investment, lack of awareness about VR technology in games, and compatibility issues of VR with consoles are some major glitches to deal with respect to market growth. Furthermore, advancement in booming VR technology, introduction of depth-sensing camera for VR headsets is highly expected to create numerous growth opportunities for the market in the future.
Component, type of gaming console, and geography are the major segments of global virtual reality in gaming market. The component segment is bifurcated into hardware and software. Type of gaming console segment includes Xbox, PlayStation, Mac, personal computers, and Nintendo Wii. Based on geography, the global industry gloves market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Software accounted for the largest market share in the component segment
Software accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024, owing to the growing acceptance of VR software platforms and applications around the globe. The augmented use of mobile VR would help to drive or facilitate the growth of the VR market for software components.
PlayStation dominated the type of console segment
PlayStation dominated the type of console segment due to increasing demand among youth consumers for real gaming experience and expected to maintain their dominance over the forecast period.
Asia-Pacific is anticipated to grow at the fastest CAGR over the forecast period
Asia-Pacific is expected to attain the fastest CAGR of 31.1% during the forecast period 2016-2024, driven by the expanding technological advancements in the countries such as India and China among others. North America held the largest market share of 36.8% in 2016, due to the widespread R&D and presence of various VR companies in the region.
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. Sony Corporation is one of the leading player of the market, primarily strategized to design its products on trending subjects. The major key players operating 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.