The global virtual reality in gaming market size is expected to reach USD 9.55 billion by 2022, according to a new report by Grand View Research, Inc. Increasing disposable income and changing lifestyle are expected to drive virtual reality in gaming industry growth over the forecast period. Rising investments by tech giants in such advanced state-of-the-art technology has led to increased popularity for VR.
The gaming world has incorporated advanced technology more rapidly than other entertainment industries. Virtual reality creates a simulated environment using VR hardware and software, and provides an experience of real-life game play environment to the user. Virtual reality is primarily experienced through sound and sight. It involves the use of data suits, VR headsets, and earphones that are fitted with sensors. Virtual reality can be divided into simulation of real environment for education and training and the development of an imagined environment for a story or a game.
VR goggles and headsets form a major part of the setup and offer potential opportunity for the industry participants. Manufacturers are increasingly focusing on developing devices that are lighter, smaller, more comfortable, and available at affordable prices.
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Further key findings from the report suggest:
- The VR hardware component segment accounted for over 55% of the revenue share in 2014 and is expected to maintain steady growth on account of technological advancements and increased awareness of such advanced game technology. It requires VR hardware, such as head mounted displays, motion tracker, to simulate user and provide real environment while playing VR games. Game companies have made substantial investments in virtual reality hardware. Additionally, there is a significant rise in the development of software applications and games among developers and publishers of VR gaming consoles.
- VR gaming industry is broadly comprised of Xbox by Microsoft, PlayStation by Sony, the Nintendo Wii game console, and personal computers & MAC systems. With the introduction of its latest PlayStation 4 and the dedicated VR console and headset, Project Morpheus, now known as PS VR, Sony PlayStations are expected to dominate the market accounting for over 30% of the revenue share over the forecast period. However, the release of Kinect for Xbox 360 by Microsoft to counter Sony’s high penetration rate in the industry is expected to lead the company to regain the market share in the virtual reality in gaming market.
- Asia Pacific virtual reality in gaming market is expected to grow at a CAGR of over 25% over the forecast period on account of increasing youth population backed by sufficient buying power, especially in China, India, and South East Asian countries. The presence of game console giants such as Sony and Nintendo is expected to make the Asia Pacific region the most lucrative market for VR gaming consoles. North America is home to several major game developer companies including Activision, Electronic Arts Inc., and Take-Two Interactive Software Inc. making the region one of the largest producers of game titles globally.
- Major companies operating in the virtual reality in gaming market are engaged in developing such hardware and game stations with better functionalities and connectivity. Key companies include Activision Publication, Electronic Arts, Kaneva, Linden Lab, Microsoft, Nintendo, Oculus VR, Sega, and Sony. Oculus VR has developed VR headgear in collaboration with Samsung that can be used with its smartphones utilizing its hardware capabilities and transforming them into a portable next-generation virtual reality system. Sony has established its dominance in the gaming industry and has a strong distribution network across the globe. The company also provides wide range of products in VR hardware and consoles, which drives PlayStation segment growth.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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