Market Research Future says that the revenue of global virtual reality in gaming market 2020 will reach USD 14.6 billion by the completion of 2023. Such a momentous growth is likely to take place at a CAGR of 30.5% during the forecast period 2017 to 2023.
Market’ Growth Opportunities & Challenges
The market specialists from the Market Research Future reveals that the market for virtual reality gaming market is reflecting a steady growth as virtual reality is high on its potentials. The future of virtual reality in gaming is bright, which is one of the essential factors boosting the market’s growth.
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The factors driving the growth of virtual reality in the gaming market are attributed to the high usage of a three-dimensional environment, developing compact and comfortable virtual reality gaming devices, as well as growing demand for the latest technologies in the gaming industry. In fact, the rise in the disposable income and constant innovation by virtual reality manufacturers have been essential factors leading to the market’s growth in the forecast period.
On the other hand, as the virtual reality in gaming refers to the use of sound and graphics technology in games, the gamers use HMDs (head-mounted displays), glasses, or gloves, which has grown the demand of the market. As an add-on, virtual reality headset products remain expensive for an ordinary user. Therefore, to overcome this challenge, the key companies dealing with virtual reality have established gaming clubs or particular areas at malls for children and adults to get familiar with games related to it. Thus resulting in this, the consumer base of virtual reality games has been witnessing a steady growth that would be continued in the forecast period as well.
On the flip side, the factors such as lack of awareness about the technology, limitations of hardware and software for the virtual reality devices as well as compatibility issues are somehow hindering the growth of the virtual reality in the gaming market for the forecast period.
Segmentation of Market:
Market Research Future moves towards the study of the global market for virtual reality in gaming by segmentation. The segmentation has been done among hardware, software, and application.
In terms of hardware: Devices, glasses, gloves, headsets, and others are the segments.
In terms of software: Consoles, MMOs, Tablets, Smartphones, Casual Web games, Box PC are the segments.
Geographically, Virtual Reality (VR) in Gaming Market globally is studied among the key regions of Asia, North America, Europe, and the Rest of the World (ROW).
Among these regions, the region of North-America occupied the largest market share in the global VR gaming market. The development of the market in this region is owing to declining regular prices of the devices, snowballing competition among developers, swelling consumer preference for smart gadgets as well as snowballing demand for novel technologies in the gaming industry by the youths. In fact, virtual reality has also enabled many organizations to accelerate change to become more competitive by bringing core gaming experience to mobile devices. The game designers are proactively focusing on VR technology to the core. Thus, these aspects fuel market growth in the region.
Whereas, Asia-Pacific is likely to nurture over the assessment period 2017-2023. The supportive factors prevailing the growth of the market are technological developments, need for better picture quality, and rising demand for electronic gadgets.
In the last, the European region is also projected to be the second-largest region in the virtual reality in the gaming market as it generated a notable revenue in 2018. Now it is likely to generate noteworthy revenue during the assessment period. In this region, it is the potential buyers who spend money on advanced games and smart devices that eventually augment market growth.
Key Industry Players
The protruding vital players in the global virtual reality in gaming market are listed as Google (U.S.), VirZOOM, Inc (U.S.), Electronic Arts Inc (U.S.), HTC Corporation (Taiwan), Newzoo (Netherlands), LLC (U.S.), Kaneva (U.S.), Oculus VR, Sony Corporation ( Japan), SAMSUNG (South Korea), LEAP MOTION, INC. (U.S.), ZEISS International (Germany), and among others
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