Inclinations towards Innovations and User-friendly Devices to Encourage Growth of Global Virtual Reality in Gaming Market
Virtual reality is an artificial environment that offers an impression of a real world with the help of sensory stimuli concept generated via computers. The use of virtual reality in the gaming sector has been growing at a robust pace, which has been the key growth driver for the global virtual reality market. The increasing number of technological advancements in the gaming industry is likely to offer promising growth opportunities for the key players operating in the virtual reality market. According to a research study by Transparency Market Research (TMR), in 2012, the global virtual reality in gaming market was valued at US$466.6 mn and is likely to reach a value of US$5,839.9 mn by the end of 2019. The market is estimated to register an impressive 39.20% CAGR between 2013 and 2019.
In this blog, TMR addresses several questions related to the growth prospects, limitations, and trends in the global virtual reality in gaming market.
What factors are estimated to impact the market dynamics of the global virtual reality in gaming market?
Consistent technological innovations and the rising focus on marketing campaigns of the gaming products are some of the key factors estimated to fuel the growth of the global virtual reality in gaming market. In addition, the rising disposable income of consumers and their rising preference towards finding a better source of entertainment is estimated to accelerate market’s growth in the next few years. On the other hand, the high cost of virtual reality gaming devices is expected to restrict the growth of the global market in the near future.
Nonetheless, the rapid development of comfortable and compact virtual reality gaming devices and technological developments in order to improve user experience are some of the primary factors projected to generate potential opportunities for market players.
Which geographical segment is likely to witness exponential growth in the coming years?
North America is estimated to lead the global virtual reality in gaming market, thanks to the presence of some of the leading publishing companies, namely Take Two Interactive and Electronic Arts Inc. As per the research study, this region is expected to account for a 35.60% share in the global market by the end of 2019. Additionally, the availability of high-speed internet and the willingness of consumers to spend a large amount on entertainment are anticipated to accelerate market’s growth in the coming years. On the flip side, Asia Pacific is projected to grow at a fast pace in the near future with a rising consumer base for virtual reality games.
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Which strategies adopted by the prominent players are expected to encourage market growth?
The increasing number of players participating in the global virtual reality in gaming market is strengthening the competitive scenario of the market. Some of the key players operating in the market are Sony Corporation, Linden Lab Inc., EA Sports, Activision Publishing, and Nintendo Co. Ltd. These companies are making notable efforts to enhance their market penetration and attain a dominant position in the overall market. Sony Corporation, being the leading player in the market, is focusing on product development and introduction of virtual reality handsets (PlayStation 4) to boost their sales in the global market. Similarly, other leading players are emphasizing on mergers and acquisitions and innovations to expand their product portfolio is the global market.