A healthy momentum is building for virtual reality (VR). With its applications potentials now reaching the education and training sector, virtual reality is set to become the new normal in hyper interactive technology services. Although the technology now finds significant application in various non-entertainment segments, its dominance in the gaming world remain undisputed. Three-dimensional image is the most common form of virtual reality. Integration of virtual reality has revolutionized the gaming industry. Many of latest video games are driven by VR technology, creating a much more realistic game play. Most importantly, VR has enhanced the user experience, bringing closer the virtual and real world. With the help of VR, it is now possible to create hyper-realistic gaming environment. Over the years, gaming consoles has also evolved, VR games require special gloves, glasses and head mounted displays that make for a superior gaming experience. Some of the gaming environment are completely inspired by real time environment, making them highly pragmatic in nature. The aforementioned factors are prompting game developers to integrate VR in their products.
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As per the latest report published by Market Research Future (MRFR), the global market for virtual reality in gaming will soar at a CAGR of 30% during the review period (2017-2023), to surpass a valuation of USD 14 Bn. Increasing popularity of three-dimensional environment, and advent of compact and user-friendly VR gaming devices and advanced in gaming technology is reflecting favorably on the global market for virtual reality in gaming. In addition, increasing disposable income and incessant enhancements in virtual reality is partly creating growth opportunities for market players.
Latest Industry Trends and News:
- International Game Technology Plc (IGT), prominent manufacturer of slot machine has recently entered a partnership with HTC Vive to develop an advanced virtual reality technology for casinos. HTC Vive is the technology unit of HTC Corp dedicated to virtual reality.
- Leading electronics company LG and tech giant Google are reportedly gearing up to showcase a high-resolution OLED headset display with a higher refresh rate of 120Hz and 1443 ppi during the Display Week 2018 trade show that is scheduled next month. Reportedly, the head mount display will has a high acuity and large field of view.
MRFR in its report has offered a comprehensive analysis of Virtual Reality in Gaming Market based on software, hardware and compatibility. On the basis of hardware, the market has been segmented into devices, gloves, headsets and glasses. Based on compatibility, the market has been segmented into smartphones, console, casual web games and MMOs.
On the basis of region, the global market for virtual reality has been segmented into North-America, Europe, Asia-Pacific (APAC) and rest of the world (RoW). Among these, North America is expected to remain the most lucrative market for VR gaming during the assessment period. This is primarily owing to the easy availability of a wide range of VR integrated gaming devices, presence of leading market players and increasing consumer inclination toward next-gen gadgets. Meanwhile, the market in APAC is expected to exhibit a relatively higher CAGR during 2017 to 2023. Increasing awareness of about VR technology and increasing per capita income are two major factors likely to fuel the growth of the market in APAC.
ZEISS International (Germany), Google (U.S.), HTC Corporation (Taiwan), Kaneva (U.S.), Oculus VR, LLC (U.S.), Sony Corporation ( Japan), VirZOOM, Inc (U.S.), Newzoo (Netheralnds), LEAP MOTION, INC. (U.S.)The key players in the global virtual reality in gaming market include, SAMSUNG (South Korea) and Electronic Arts Inc (U.S.) are some of the leading market participants profiled in the MRFR’s report.
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