Worldwide virtual reality in gaming market is expected to amass over US $48.2 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the key factors driving the growth of the virtual reality in gaming market are rising disposable income, ongoing improvement in the existing gaming technologies such as motion tracking, 3D effects, and interactive graphics. The demand for new sources of entertainment is gradually rising with the increase in people’s spending capacity, which is adding to the demand for VR games.
Based on the component spectrum, the global virtual reality in gaming market is bifurcated into software and hardware. As reported, the hardware component segment accounted for over 50 percent of the overall market share in the year 2016 and is further anticipated to dominate the market over the predicted timeline. The high cost of hardware components can be attributed to the growth of this segment.
While on one hand, the hardware segment is projected to expand at a vigorous rate, on the other hand, the software segment would witness modest growth, claims the report. Also, the adoption of the VR technology has enhanced user expectations pertaining to software solutions, thereby enhancing challenges for developers.
Based on the device type, the global market is fragmented into smartphones, laptops/desktops, and gaming console. The latest report also provides an insightful analysis of the global virtual reality in gaming market drivers, restraints, and opportunities influencing the scope of commercialization of this business sphere over the forecast timeline. A brief overview of the market with respect to ecosystem analysis, Porter’s five forces, PEST analysis, value chain, industry trends, and competitive profiling has also been included in the report.
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According to the latest report, the North American region held the largest revenue share of the global market in the year 2017. Market expansion in the region can be credited to the accessibility of advanced gaming technology and the adoption of VR gaming products, including head mounted displays. The report also reveals that Europe region was the next big contributor to the global market share in 2017.
Furthermore, the Asia Pacific market is foreseen to observe highest market growth over the forecast timeframe, owing to the surging number of online gamers in the emerging APAC countries such as India and China, as well as a strong gamer base in Southeast Asian countries including Korea, Japan, Indonesia, Singapore, and Malaysia.
The leading virtual reality in gaming market contenders profiled in the report are Microsoft Corporation, Samsung Electronics Co. Ltd., HTC Corporation, Sony Corporation, Nintendo Company Ltd., Tesla Studios, Electronic Arts, Linden Labs, Facebook (Oculus), and Google Inc. among others. These players have consistently been focusing on the development of new products in a bid to powerfully compete in this highly competitive market space. For example, Sony recently introduced Project Morpheus VR heads, which is a head mounted display device offering high resolution and tracking accuracy.