Virtual reality technology enables gamers to indulge in an imaginary or virtual setting or scenario, where the gamers physical presence is simulated to be a part of a three-dimensional environment. With VR equipment and accessories, users can view, navigate, and interact with objects within the gaming environment.
Growing demand for latest state-of-the art technology in electronic games, growing awareness of VR technology, increasing Internet penetration, and rising disposable income among consumers in emerging countries are major factors driving growth of the global VR gaming market. In addition, enhanced and life-like user experience at any location is further boosting demand for VR technology in the gaming industry.
Increasing adoption of VR technology for practical learning purposes, training programs, and for simulation of various techniques in medical institutions, military & defense, and aviation sectors are some other factors fueling growth of the global VR gaming market. Moreover, increasing competition for developing VR technology in computerized games is expected to further drive growth of the global market during the forecast period.
Major factors such as high price of VR headsets and high initial investment are hampering growth of the global VR gaming market. In addition, compatibility issues of VR devices with consoles, spatial discomfort, and risk of mental and physical conditions are some other factors hampering growth of the global VR gaming market.
The global VR gaming market is segmented into hardware and software on the basis of components. Of these, the software sub-segment is expected to witness highest growth in terms of revenue during the forecast period.
On the basis of gaming devices, the global VR gaming market is segmented into gaming console, desktop, and smartphones. Of these, the smartphone sub-segment is expected to register a CAGR of XX% during the forecast period. On the basis of region, the global VR gaming market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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One of the popular trends in the global market is rising adoption and preference for 360-degree videos that are created using enhanced camera systems with capability to record whole 360-degree angle sets simultaneously. This enables viewing videos in any angle, with options to rotate and pan the videos. Also, crowdfunding by start-ups in the VR space to develop innovative software, wearables, and accessories, are further expected to drive growth of the global VR market during the next 10 years.
North America accounts for highest revenue share owing to high purchasing power and presence of considerable number of gamers and major vendors in countries in this region. During the forecast period, China is expected to emerge as the largest market for games equipped with VR technology, followed by North America. The market in Asia Pacific is expected to witness moderate growth during the forecast period; whereas, the market in Latin America is projected to witness significant growth in terms of revenue during the forecast period.
Top players in the global VR gaming market are Oculus VR, Samsung Electronics Co. Ltd., Google Inc., Sony, Razer, HTC Corporation, Virtuix, Leap Motion Inc., Electronic Arts, and Qualcomm Technologies.
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