The 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.
Virtual reality gaming is a form of application which uses three-dimensional artificial environment and interact with that three-dimensional environment during a game. The artificial environments are created with virtual reality software.
The factors contributing to the growth of the virtual reality in gaming market are the use of three-dimensional environment, developing compact and comfortable virtual reality gaming devices, increasing demand for latest technologies in the gaming industry, rise in disposable income and constant innovation by virtual reality manufacturers. However, factors such as lack of awareness about the technology, limitations of hardware and software among the virtual reality devices and compatibility issues are hindering the growth of the virtual reality in gaming market.
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The most popular form of virtual reality is three-dimensional image that is explored on a computer. Hence, virtual reality in gaming refers to the use of sound and graphics technology in games where the gamers use HMDs (head mounted displays), glasses or gloves. It also provides simulation of real time environment for various purposes through games. The products such as gloves and head mounted displays, sensors are used so that it can track the movement made by the user and the data is sent back to the system which in return helps to analyze the data.
Geographically, North-America accounted for the largest market share in the global virtual reality in gaming market, whereas Asia-Pacific is expected to grow at a fast pace over the forecast period, 2017-2023.
The key players in the global Virtual Reality In Gaming Market include 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.) among others.
For the purpose of this study, Market Research Future has segmented the market of virtual reality in gaming into hardware, software, application and region.
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Regionally, North-America accounted for the largest market share, owing to decreasing average prices of the devices, increasing competition among developers, increasing consumer preference for smart gadgets and increasing demand for new technologies in the gaming industry by the youngsters.
However, Asia-Pacific region is expected to grow over the forecast period, 2017-2023. The reason is attributed to technological developments, need for better picture quality and growing demand for electronic gadgets.
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