The growing popularity of online gaming is one of the key factors, pushing the growth of the virtual reality in gaming market. The technological developments in gaming software and hardware are expected to drive the growth of the global virtual reality in gaming market during the forecast period.
Virtual Reality (VR) in Gaming Market Overview
The technological developments in gaming software and hardware are expected to drive the growth of the global virtual reality in gaming market during the forecast period. Integration of audio and video graphics into an immersive virtual world for gaming purposes has gained huge popularity in the gaming community in the recent years.
Advanced technologies, such as interactive graphics and three-dimensional (3D) effects provide real-time experience to the gamer, due to which virtual reality in gaming market is estimated to grow in the near future.
Based on the type of components, the VR in gaming market is bifurcated into hardware and software.
The software market is expected to witness faster growth during the forecast period as it provides real-time environment experience to the user and is an integral part of the virtual reality (VR) games. The hardware components include graphic and sound generation equipment, controllers, wearable gaming consoles, such as glasses, gloves, or head mounted display (HMD).
It has been observed that cost of acquiring the equipment and the lack of standout content are hampering the adoption of high-end VR headsets. With these barriers hampering the market growth and VR technology is struggling to gain traction among mainstream consumers, hardware providers in the virtual reality in gaming market are focusing on reducing the cost of their headsets to encourage mass adoption.
For instance, during 2017–2018, HTC slashed the price of its Vive VR kit by $200, bringing it down to $599 from $799. Besides, VR content creators are experimenting with narratives and skills to deliver compelling content through VR headsets.
Also, Oculus VR, a Facebook-owned company, unveiled Oculus Quest, all-in-one gaming system built for VR, in September 2018, which is expected to be available in spring 2019 for $399. The virtual reality in gaming market for hardware is expected to grow due to rapidly falling device prices, rising popularity of VR for gaming, and easy availability of VR headsets in the market.
The VR gaming hardware production leaders like Google, HTC Corporation, and Sony Corporation are developing more mobile and affordable VR headsets. New innovative technologies of VR headsets, which provide freedom of movement along with recreation of basic senses such as sight, hearing, balance, and acceleration, will push the market growth of VR content.
Globally, the North American virtual reality in gaming market is expected to hold the largest share during the forecast period. Big gaming studios in Canada, such as Ubisoft Entertainment, Capcom Co.
Ltd., and Electronic Arts (EA) Canada Inc., are expected to push the market growth in terms of VR content development.
While the market in Asia-Pacific (APAC) is estimated to grow at the fastest rate during the forecast period. Fast developing economies in the region such as India, China, and South Korea are witnessing a huge demand for VR games due to their increasing acceptance of VR technology.
Also, this technology is expected to become more accessible with time and is expected to create a number of opportunities such as headsets and motion sensors development in the APAC region, while a large chunk of these developments is linked to the North American and European countries.
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Virtual Reality in Gaming Market Dynamics
Growth Drivers
The major drivers pushing the growth of VR in gaming market include development of compact VR gaming devices, constant innovation by gaming industry as well as rise in disposable incomes throughout the globe. VR technology in gaming devices enabling users to move around and interact with the objects of the game, which in turn, providing the user to experience a 3D environment.
Thus, these factors are furnishing robust growth to the market and are expected to drive the market in the coming years.
Restraints
The relative lack of awareness about VR technology in games, spatial discomfort, and high prices of gaming devices are some of the major factors hindering the virtual reality in gaming market growth. Also, the growing risk of physical and mental ailments due to prolonged usage of VR gaming devices are repelling the potential customers.
Virtual Reality in Gaming Market – Competitive Landscape
Microsoft Corporation, HTC Corporation, Sony Corporation, Samsung Electronics Co. Ltd., Activision Publishing Inc., Electronic Arts Inc., Kaneva, Linden Research Inc., and Nintendo Co. Ltd are some of the key players operating in the global virtual reality in gaming market. Technology giants, such as Sony Corporation, Oculus VR LLC, and Microsoft Corporation are continuously investing in research and development (R&D) of VR hardware.
Also, Nintendo Co. Ltd., Microsoft Corporation, and Sony Corporation are focusing on lowering the price for VR gaming products, which could increase adoption of these products, thus propelling the market growth.
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