Virtual reality technology enables gamers to indulge in an imaginary or virtual setting or scenario, where the gamers physical presence is simulated to be a part of a three-dimensional environment. With VR equipment and accessories, users can view, navigate, and interact with objects within the gaming environment.
Global VR gaming market in China is expected to witness highest growth in terms of revenue during forecast period
Growing demand for latest state-of-the art technology in electronic games, increasing awareness of VR technology, increasing internet penetration, and increasing disposable income among consumers in emerging countries are major factors driving growthof the global VR gaming market. In addition, enhanced and life-like user experience at any location is further boosting demand for VR technology in the gaming industry. Increasing adoption of VR technology for practical learning purposes, training programs, and for simulation of various techniques in medical institutions, military & defense, and aviation sectors are some other factors fuelinggrowthof the global VR gaming market. Moreover, increasing competition for developing VR technology in computerized games is expected to further drivegrowth of the global market during the forecast period.
Major factors such as high price of VR headsets and high initial investment are hampering growthof the global VR gaming market . In addition, compatibility issues of VR devices with consoles, spatial discomfort, and risk of mental and physical conditions are hamperinggrowth of the global VR gaming market.
The global VR gaming market is segmented into hardware and software on the basis of components. Of these, the sub-segment software is expected to witnesshighestGrowth in terms of revenue during the forecast period. On the basis of gaming devices, the global VR gaming market is segmented intogaming console, desktop, and smartphones. Of these, the smartphone sub-segment is expected to register a CAGR of XX% during the forecast period. On the basis of region, the global VR gaming market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
One of the most popular trends in the global market is the adoption of 360-degree videos capabilityto record whole 360-degree angle sets simultaneously. These can be viewed in any angle, with options to rotate and pan the videos. So, crowdfunding by start-ups in the VR space to develop innovative software, wearables, and accessories, are further expected to drivegrowth of the global VR market during the next 10 years.
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North America accounts for the highest revenue share Considerablenumber of gamers and major vendors in countries in this region. During the forecast period, China is expected to emerge as the largest market for games equipped with VR technology, followed by North America. The market inasiaPacific is expected to witness moderate growth during the forecast period; during, the market in Latin America is projected to witness significant growth in terms of revenue during the forecast period.
Top players in the global VR gaming market are Oculus VR, Samsung Electronics Co. Ltd., Google Inc., Sony, Razer, HTC Corporation, Virtuix, Leap Motion Inc., Electronic Arts, and Qualcomm Technologies.
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