Virtual Reality in Gaming Market Growth, Statistics, Competition by Country & Forecast by 2023
by Rahul Rastogi Market Research AnalystThe global virtual reality gaming market has witnessed a
positive growth over the past few years. The growth is being impacted by
factors such as increasing awareness across developing regions, rising
popularity of 360-degree videos.
According to the latest report by IMARC Group, titled “Virtual Reality Gaming Market: Global
Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”,
the virtual reality in gaming market analysis
reached a value of US$ 8.2 Billion in 2017. Virtual reality (VR) gaming is a
combination of computer games with a three-dimensional, artificial environment.
These environments are created for superseding the real-world environment by
using a VR software. VR gaming is different from augmented reality (AR) gaming
which involves the amalgamation of the digital content with the real-world
environment of the user. Generally, the simpler versions of VR games include a
3-D image which can be explored interactively on a computing device with the
help of a touchscreen, mouse or keys, whereas, the more immersive and
sophisticated versions might involve wrap-around displays, VR headsets and VR
rooms having wearable computers and other sensory components.
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Market Trends:
Virtual reality gaming is gaining traction in various
developing regions such as Mexico, India and Brazil on account of increasing
disposable incomes of the consumers as well as easy availability of VR-enabled
games. Another trend which is contributing towards the escalating demand for VR
gaming is the rising popularity of 360-degree videos. These videos allow the
viewers to watch through every angle along with an option to rotate and pan
them as per the requirement. Moreover, numerous start-ups are introducing new
three-dimensional features in virtual reality gaming. For instance, they have
developed games which enable the user to move around and interact with the
objects in it. However, high initial investment, spatial discomfort and the
risk of other physical and mental ailments are the major hindrances faced by
the market. Despite these hindrances, the market is projected to reach a value
of US$ 32.8 Billion by 2023, expanding at a CAGR of around 26% during
2017-2023.
Market Summary:
·
On the basis of segments, the market has been
bifurcated into hardware and software. Amongst these, hardware represents the
leading segment, accounting for the majority of the total market share.
·
The global virtual reality gaming market has
been segmented on the basis of devices as personal computers, gaming consoles
and mobile devices. Currently, personal computers are the most popular device
on account of their advantages like availability of high-end displays and sound
systems which offer enhanced experience to the user.
·
The virtual reality gaming market analysis has
also been done on the basis of age groups which include adults and children.
Currently, adult gamers hold the majority of the market share on account of
increasing internet penetration.
·
Based on type of games, the market has been
divided into racing games, adventure games, fighting games, shooting games,
mystery thriller games, puzzle games, science fiction games and others.
Nowadays, racing games are the most preferred type of games amongst all age
groups.
·
On a geographical front, North America currently
dominates the market owing to an increase in the demand for interactive gaming
coupled with easy availability of these devices in the region. North America is
followed by Europe, Asia Pacific, Middle East and Africa, and Latin America.
·
The competitive landscape of the market has also
been examined with some of the key players being Fove, Google, HTC, Facebook,
Razor, Samsung, Sony, Zeiss International, AMD, GoPro, Largan Precision, Nvidia
and Qualcomm.
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Created on Mar 12th 2019 05:11. Viewed 317 times.