VR Gaming Market Growth 2020 | Global Industry Analysis, Segments Overview, Major Geographies, Prominent Players Review and Forecast To 2030

 Global Virtual Reality Gaming Market: Snapshot

Virtual reality (VR) gaming involves a user to experience a three-dimensional environment and interact with that environment during a game. It is the application of a three-dimensional artificial environment to computer games that has become reality using bio-sensing technology. Virtual reality environments are created using VR software and are presented to the user in a manner that they supersede real environments. It makes gamers to develop disbelief over real environments and make them believe the VR environment to be real.

In the simplest form, a VR game may involve a 3D image that can be looked into interactively on a computing device with the help of a mouse, manipulating keys, or touch screen. The add-ons to provide a more immersive virtual gaming experience involves virtual reality headsets, wrap-around display screens, and virtual reality rooms equipped with wearable computers and sensory components.

One of the crucial features of VR is incredible potential for interaction and communication. It involves interacting with characters that are both virtual and artificial, blurring distances and geography.

However, the technology is still in its nascent stage with apparent limitations. This is related to disconnect and lack of natural interaction at the time of putting on the headset. The first big threshold of visual and auditory aspects have been achieved, however, the interaction aspect requires a bunch of work.

With the advancement of technology, virtual reality gaming has reached the next level. The VR headsets that are currently used offer a great experience with little nausea or lag, two areas that needed corrections on account of historical data.

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Virtual reality (VR) helps users to experience a three dimensional environment in such a way that it becomes difficult for them to distinguish between real and virtual objects. Bio sensing technology is involved with the VR gaming tools and with it users can visualize 3D environment. In this gaming process, players can interact with the 3D environment.

Advent of virtual reality technology in gaming devices enable users to view, move around, and interact with the objects of the game. In this manner, users can sense their physical presence during the gaming process. This kind of imaginary presence in a three dimensional environment is an attractive feature for all kinds of virtual reality games. Many start-ups are now incorporating these three dimensional features in video games thus facilitating growth opportunity for the VR gaming market in recent years. Increasing awareness of virtual reality technology is a prime factor for the steep growth rate of the virtual reality gaming market. With rising disposable income and benefits of technology, higher percentage of population is expected to purchase VR devices such a VR headsets in the next few years. Hence, in recent decades, rising awareness about the benefit of VR technology acts as a major driving factor for this market.

One of the crucial disadvantages of VR gaming is that it leads to disassociation from reality. If a player is continuously immersed in VR gaming, the player is unable to differentiate between reality and virtual reality and this would create a level of gaming addiction. This kind of addiction causes physical and mental health hazards and is thus likely to hinder the growth prospects of this market during the forecast period. Personal computer is a major platform that supports VR gaming. Console gaming companies are slow in bringing VR technology in gaming devices and these factors are likely to restrain the growth prospect of the VR gaming market over the forecast period.

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The virtual reality gaming market is segmented into two types – hardware and software on the basis of components. Hardware component of virtual reality gaming held the largest market share and this segment is expected to hold a dominant share during the forecast period. Demand for various types of VR gaming hardware devices such as head mounted displays, backpacks, treadmills, motion sensing devices, masks, and gloves are expected to witness a flourishing growth rate. Virtual reality head mounted display are extensively used in video games and this is the most common type of VR gaming device. Easy availability and efficiency is projected to enhance its usage in the VR gaming market over the forecast period.

The virtual reality gaming market is segmented into three types on the basis of gaming devices and the segments are desktop, smartphone, and gaming console. Smartphone held the leading share in this market. Large number of advanced economies and increasing number of developing economies witness growing usage of smartphones. Rising internet penetration and technological advancement is leading to rising adoption of VR gaming features in smartphones, thus triggering high growth rate for the VR gaming market over the forecast period.

On the basis of regions, the VR gaming market is divided into five regions. These include North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the largest market share and Middle East & Africa (MEA) is expected to be the fastest growing region in this market. A larger percentage of younger population use head mounted display and other VR hardware devices in their computer games. Rising use of computers and mobile devices increases demand for VR gaming technology, thus propelling the demand for VR gaming in North America.

Some of the key players in the virtual reality gaming market include Samsung, Google, Sony, Oculus HR, HTC, Razer and others.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market    
     

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis. 

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