VR Gaming Market by Type, Application, and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44546
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The VR gaming market size has the potential to grow by USD  206.19 billion during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 70%.

This report provides a detailed analysis of the market by type (hardware, software, and accessories), application (PCs, consoles, and mobile devices), geography (Europe, North America, APAC, South America, and MEA), and key vendors.

Market Overview

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Market Competitive Analysis

The market is fragmented. Leading companies are focusing on acquiring smaller start-ups to gain a competitive edge and attract good market share. Activision Blizzard Inc., Alphabet Inc., and Electronic Arts Inc. are some of the major market participants. Although the increasing adoption of VR in interactive home entertainment industry will offer immense growth opportunities, the privacy concerns over gamers' information will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this VR gaming market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this VR gaming market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Activision Blizzard Inc.
  • Alphabet Inc.
  • Electronic Arts Inc.
  • HTC Corp.
  • Nintendo Co. Ltd.
  • Razer Inc.
  • Samsung Electronics Co. Ltd.
  • Sony Corp.
  • Unity Technologies Inc.
  • Carl Zeiss AG

VR Gaming Market: Segmentation by Type

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This report provides an accurate prediction of the contribution of all the segments to the growth of the VR gaming market size.

In the hardware segment, we include VR devices specific to the gaming market, such as VR gaming headsets. Major suppliers of hardware devices like Oculus VR, Sony, Samsung, and Google, as well as smaller start-ups, are expected to change the dynamics of the global gaming market. There will be intense competition among players based on the design and the pricing of VR devices. However, the market growth in this segment will be slower than the growth of the market in the software segment.

VR Gaming Market: Segmentation by Geography

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Europe was the largest VR gaming market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising awareness of augmented reality (AR) and virtual reality is most likely to drive the demand for head-mounted displays (HMDs) in this region. Additionally, the growth of the gaming market in the region due to the increased penetration of smartphones will significantly drive VR gaming market growth in this region over the forecast period.

35% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for VR gaming in Europe. Market growth in this region will be slower than the growth of the market in APAC.

VR Gaming Market: Key Drivers and Trends

One of the major factors driving market growth is the enhanced consumer experience provided by VR technology. Virtual reality technology is safe to use and provides a life-like experience for users at any location. This is increasing the demand for virtual reality from consumers and is inducing companies to incorporate the technology into both their hardware and software segments by collaborating with key vendors. Additionally, since the technology allows students and trainees to learn practically in a virtual world, it also finds significance in military and aviation training and is also being adopted by medical institutions as well.

The rising popularity of 360-degree videos, one of the key VR gaming market trends, will also drive market growth. It has been observed that the VR content market is one of the evolving platforms of the gaming world. 360-degree videos are made utilizing enhanced camera systems with the capability to record the whole 360-degree angle sets at once. This enables viewers to watch videos at any angle with options to pan and rotate the videos as well. As far as the gaming experience is concerned, gamers can shift the viewing angles with a VR headset providing an immersive environment, this, in turn, drives global VR gaming market growth.

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VR Gaming Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive VR gaming market growth during the next five years
  • Precise estimation of the VR gaming market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the VR gaming industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of VR gaming market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The vr gaming market growth will increase by $206.19 billion during 2019-2024.
The vr gaming market is expected to grow at a CAGR of 70.23% during 2019-2024.
Technavio has segmented the vr gaming market by type (Hardware, Software, and Accessories) ,application (PCs, Consoles, and Mobile devices) , and geographic (Europe, North America, APAC, South America, and MEA).
Activision Blizzard Inc., Alphabet Inc., Electronic Arts Inc., HTC Corp., Nintendo Co. Ltd., Razer Inc., Samsung Electronics Co. Ltd., Sony Corp., Unity Technologies Inc., Carl Zeiss AG are a few of the key vendors in the vr gaming market.
Europe will register the highest growth rate of 34.77% among the other regions. Therefore, the vr gaming market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • UK
  • China
  • Germany
  • Japan
  • South Korea (Republic of Korea)
The key factors driving the vr gaming market growth are:
  • Increasing adoption of VR in interactive home entertainment industry
  • Growing popularity of 360-degree content
The vr gaming market vendors should focus on grabbing business opportunities from the hardware segment as it accounted for the largest market share in the base year.
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