Global Virtual Reality in Gaming Market 2016-2020
Overview of the global virtual reality (VR) in gaming market
Market research analysts at Technavio predict that the global virtual reality (VR) in gaming market will grow steadily during the next four years and post a tremendous CAGR of more than 84% by 2020. This market research analysis identifies the increasing awareness of VR technology as one of the primary growth factors for this market. The virtual reality market is highly competitive and consists of major players including Samsung Electronics, Sony, and Google. The acquisition of the leading VR company Oculus by Facebook and Google’s investment in Magic Leap are some of the major developments in the market that increased the awareness of VR technology among consumers. A few smartphone manufacturers have also started offering VR headsets that can be integrated with their products. Additionally, companies such as The Coca-Cola Company and Nissan are adopting VR technology as a medium for marketing their products. This rise adoption across various industries will increase the awareness and acceptance of VR technology, which will, in turn, boost the adoption of virtual reality technology in the gaming market.
This market research and analysis estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the next four years. North America was the major contributor to the market during 2015, where the rise in sales of tablets and gaming consoles was the major factor in driving market growth. The adoption of VR technology by tech giants such as Sony and Microsoft and the presence of companies such as Apple and Google that have a large user base in the mobile gaming segment will fuel the growth of the market in this region.
Competitive landscape and key vendors
The market is still at the nascent stage and leading virtual reality companies are constantly focusing on introducing innovative devices to cater to the needs of specific segments. For instance, Oculus VR has already introduced a VR device for PC gamers and Samsung Electronics introduced Samsung Gear VR to capture the mobile gaming market. Product pricing comes as major factor for the growth of a vendor and the introduction of low-cost VR devices by tech giants such as Google, will intensify the market’s competitive environment. Furthermore, several companies such as Oculus VR and the tech giants such as Samsung, Sony, and Google are increasingly focusing on acquiring smaller companies, which will help them increase their revenue shares.
The leading vendors in the market are -
- Oculus VR
- Zeiss International
Segmentation by components and analysis of the VR in gaming market
According to this market research study, the software segment will account for the major shares and dominated the market by the end of the forecast period. Though the hardware segment currently dominates the market, the increased awareness among the customers about VR technology will result in the rise in sales of virtual reality games and apps, subsequently driving the growth of the market segment.
Segmentation by compatibility and analysis of the VR in gaming market
- Mobile devices
- Gaming console
- PC Americas
During 2015, the PC segment accounted for the major shares and dominated the market. PC-based games integrated with VR provide an attractive experience by allowing the player to experience, interact, and control actions in the virtual world with the help of virtual controllers. According to analysts, this segment will continue its market dominance throughout the next four years as well.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global virtual reality in gaming market?
- What are the key market trends impacting the growth of the global virtual reality in gaming market?
- What are the challenges to market growth?
- Who are the key vendors in the global virtual reality in gaming market?
- What are the market opportunities and threats faced by the vendors in the global virtual reality in gaming market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global virtual reality in gaming market?
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