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(Wireless-NewsWire.Com, June 30, 2020 ) Market Overview
The Global VR Gaming Market is expected to grow at a CAGR of 40.1% during the forecasting period (2020-2027).
Virtual reality (VR) is a simulated experience that can be similar to or completely different from the real world. Applications of virtual reality can include entertainment (i.e. video games) and educational purposes (i.e. medical or military training). Other, distinct types of VR style technology include augmented reality and mixed reality. Virtual Reality is trending in the gaming industries that have got benefited from this immersive technology. There is the most successful implementer of cutting-edge VR gaming in the market. Many large-scale game development companies have jumped on the VR movement to transform the user experience.
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Market Dynamics
Virtual reality gaming is gaining traction in various developing regions and increasing usage of smartphones globally is the key driving factor for the market growth. Mobile owners worldwide will increase to 7.33 billion by 2023. The number of mobile phone users in the world will increase significantly in the forecast period. United Kingdom, Netherlands, Sweden, Germany, India, USA, Belgium, France, Spain, Canada, Australia are the few economies globally with high smartphone penetration rate worldwide. Most Android and iOS phones support VR. For instance, Samsung Gear VR is the high-end mobile VR option for gaming. The newest version of the headset comes with a controller, just like Google Daydream, and is similarly well-built and comfortable.
The price is too high and lacks flexibility and functionality issues are the major restraints hindering the growth of the market. The best VR experience is going to cost a lot of money for a while. But really good VR experiences, at much lower costs, should be the real VR growth driver in the short term. Now, Oculus and other companies are attempting to close the gap by introducing less expensive models and reducing the cost of ownership for VR devices.
Market Segmentation Analysis
By Compatibility, the VR Gaming market is segmented into smartphones & tablets, gaming consoles, desktops & laptops and others. Others include Box PC and MMOs. The global VR Gaming market size by gaming consoles was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Full feature devices are likely to be designed for use with the latest generation games consoles. It is also expected that most users of full feature VR would have already owned the latest generation console.
Leading companies are launching gaming consoles that are suitable for virtual reality gaming. For instance, Devices spearheaded by the giants of the industry dominating the scene, Oculus along with the Rift was obtained by Facebook, HTC co-produced the Vive alongside Valve, Samsung created the Gear VR for their latest generation of Galaxy smartphones and Sony developed Playstation VR for their already popular gaming console.
Based on the Type, the VR Gaming market is classified into hardware and software. Hardware is further segmented into glasses, headsets, devices and gloves. The global VR Gaming market size by hardware was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Market Geographical Analysis
The Asia Pacific VR Gaming market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The Asia Pacific region is expected to grow with a high CAGR growth rate over the forecast period (2020-2027). Virtual Reality is expected to be more accessible and available over the next few years that further create growth opportunities for the development of 3D audio headsets, 4K motion sensors and other technologies in the Asia Pacific region. Furthermore, India, Japan, South Korea, and China and are the major economies that are likely to show significant growth majorly due to the increasing acceptance of virtual reality technology.
Companies are focusing to launch Virtual reality gaming centers due to the huge demand form users. For instance, there are many virtual reality gaming centers in India, especially in metro cities. Launched in 2019, Zero Latency is one of India's free roam epic scale multiplayer virtual reality gaming and entertainment center in Lower Parel Mumbai. Their free roam VR gaming experiences where you can roam around in an area of 2000 sqft without wires.
Market Competitive Trends
The VR Gaming market is highly competitive with existing players in the market.
Some of the major players include Google, Microsoft, Samsung, Sony Corporation, Facebook, Qualcomm, AMD, Electronic Arts Inc, Zeiss International, and HTC Corporation.
The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the VR Gaming Market.
In December 2019, Facebook has acquired PlayGiga, a Madrid-based company that specializes in cloud gaming. The acquisition price was approximately 70 million euros (about USD78 million).
In September 2019, Facebook announced that it is building its own Ready Player One Oasis. Facebook Horizon is a virtual reality sandbox universe where you can build your own environments and games, play and socialize with friends or just explore the user-generated landscapes.
In May 2017, Google acquires innovative VR gaming company Owlchemy Labs
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