The Virtual Reality Market is highly competitive and consists of major players including Samsung Electronics, Sony, and Google. Several companies are investing in their research and development division to come up with innovative technological products. Therefore, rapid increase in awareness of VR technology by the company and increasing demand of the consumers is expected to boost the Virtual Reality in Gaming Market.
The virtual reality in gaming market is driven by multiple factors such as increasing disposable income, advanced technological solutions such as three-dimensional environment and increasing demand by consumers for new type of entertainment. However, factors such as health-related issues and lack of awareness about the technology are inhibiting the growth of the virtual reality inn gaming market. Therefore, according to MRFR analysis, gesture devices and motion tracking devices are expected to be launched in the market. Also, the advent in the gaming software is boosting the overall gaming industry.
Global Virtual Reality In Gaming Market is expected to reach approximately USD 14.6 billion by the end of 2023 with 30.5% CAGR during forecast period 2017-2023
VR in Gaming Market:
- Electronic Arts Inc (U.S.)
- Google (U.S.)
- Newzoo (Netheralnds)
- HTC Corporation (Taiwan)
- Oculus VR, LLC (U.S.)
- Kaneva (U.S.)
- Samsung (South Korea)
- Sony Corporation (Japan
- ZEISS International (Germany)
- LEAP MOTION, INC. (U.S.)
- VirZOOM, Inc (U.S.)
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Virtual Reality in Gaming Market
According to Market Research Future, market has been segmented into hardware, software, application and region.
– Casual Web games
– Box PC
Out of these application, casual web and consoles contributes largely to the virtual reality in gaming market majorly due to adoption of artificial simulation in video games. For instance, various gaming consoles such as PlayStation 4 among others are replacing the traditional gaming consoles.
Market Research Future Analysis
The global virtual reality in gaming market is expected to grow significantly over the forecast period, 2017-2023. Software segment of virtual reality market expected to grow at a fast pace majorly due to up gradation in the software solutions and increasing number of developers the market is expected to have higher growth rate as compared to the previous years.
Asia-Pacific region expected to grow at a fast pace over the forecast period, 2017-2023 majorly due to high implementation of new technologies, large number of market players, growing demand for electronic gadgets among youngsters are the factors contributing to the growth of the market. Countries such as China, Japan are implementing virtual reality in gaming sector because of low market penetration rate.
Also, the companies such as Sony Corporation, Nintendo Co. Ltd in the Asia-Pacific region contributes largely to the overall market share. Product innovation is the key strategy which is followed by industry leaders. For example, Sony Corporation, named as Project Morpheus Virtual Reality introduced a new head mounted display device for tracking accuracy and high resolution.
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