According to the latest report by IMARC Group, titled “Virtual Reality Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global virtual reality gaming market reached a value of US$ 10.3 Billion in 2018. 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.
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$ 40.2 Billion by 2024, expanding at a CAGR of around 25.5% during 2019-2024.
- 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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