Virtual Reality Gaming Market - Trends and Forecast, Future Demand 2019-2023

Posted by Savni on November 18th, 2019

Global Virtual Reality in Gaming Market By Hardware (Headsets, Devices, Glasses, Gloves), By Software, By Compatibility (MMOs, Smartphones, Casual Web games, Console)- Forecast 2023

Global Virtual Reality in Gaming Market Research Report- Forecast 2023

Market Highlights:

The virtual reality market is highly competitive and consists of major players including Samsung Electronics, Sony, and Google. Several companies are investing in their research and development division to come up with innovative technological products. Therefore, rapid increase in awareness of VR technology by the company and increasing demand of the consumers is expected to boost the virtual reality in gaming market.

Virtual reality gaming is a form of application which uses three-dimensional artificial environment and interact with that three-dimensional environment during a game. The artificial environments are created with virtual reality software.

The factors contributing to the growth of the Virtual Reality Gaming Market are the use of three-dimensional environment, developing compact and comfortable virtual reality gaming devices, increasing demand for latest technologies in the gaming industry, rise in disposable income and constant innovation by virtual reality manufacturers. However, factors such as lack of awareness about the technology, limitations of hardware and software among the virtual reality devices and compatibility issues are hindering the growth of the virtual reality in gaming market.

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The virtual reality in gaming market is driven by multiple factors such as increasing disposable income, advanced technological solutions such as three-dimensional environment and increasing demand by consumers for new type of entertainment. However, factors such as health-related issues and lack of awareness about the technology are inhibiting the growth of the virtual reality inn gaming market. Therefore, according to MRFR analysis, gesture devices and motion tracking devices are expected to be launched in the market. Also, the advent in the gaming software is boosting the overall gaming industry.

Global Virtual Reality In Gaming Market is expected to reach approximately USD 14.6 billion by the end of 2023 with 30.5% CAGR during forecast period 2017-2023

Segmental Analysis:

The global market for virtual reality in gaming is segmented on the basis of hardware, software, and compatibility. Based on hardware, the global virtual reality in gaming market has been segmented into devices, glasses, gloves, headsets, and others. Based on compatibility, the global virtual reality in gaming market has been segmented into MMOs, smartphones, casual web games, box Pc, tablets, consoles, and others.

Regional Analysis:

Geographically, the global virtual reality in gaming market has been divided into four major regions such as North America, Asia Pacific (APAC), Europe, and the rest of the world. The North America region commands the maximum share of the global virtual reality in gaming market owing to the increased popularity of virtual reality technology among the young population, high demand for virtual reality gaming devices that introduce various advanced features, and easy adoption of technologically advanced gaming devices due to their availability at affordable prices in this region. The Asia Pacific region is marked to expand at the fastest growth rate in the global virtual reality in gaming market during the assessment period owing to the increasing penetration of smart gadgets in the developing economies, rise in availability of affordable advanced gaming devices, increasing popularity of virtual reality and introduction of new virtual reality games and gadgets in this region.

Major Key Players:

The key players in the global virtual reality in gaming market include Electronic Arts Inc (U.S.), Google (U.S.), Newzoo (Netheralnds), HTC Corporation (Taiwan), Oculus VR, LLC (U.S.), Kaneva (U.S.), SAMSUNG (South Korea), Sony Corporation ( Japan), ZEISS International (Germany), LEAP MOTION, INC. (U.S.), VirZOOM, Inc (U.S.) among others.

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Savni

About the Author

Savni
Joined: October 21st, 2019
Articles Posted: 479

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