The global virtual reality (VR) in gaming market size
is expected to reach USD 45.09 billion by 2025, according to a new report by
Grand View Research, Inc. Increasing competitiveness among key players such as
Microsoft Corp., Sony Corp., and Nintendo Co. Ltd. to launch VR-compatible
consoles has triggered industry growth.
Virtual reality
technology can enable gamers to indulge in an imaginary setting where the
gamer’s physical presence is simulated to be a part of the three-dimensional
environment. With VR equipment and accessories, the user can view, move around,
and even interact with the objects within the game. Several start-ups are
developing prototypes for using the virtual reality technology in video games,
which is expected to impact the growth favorably over the years to come.
Gaming consoles are
expected to emerge as the most favored devices for playing games equipped with
VR technology on account of the presence of efficient processors as compared to
desktops and smartphones which may not match the immersive simulation
experience provided by a console dedicated to playing games.
Lack of awareness about
VR technology in games, high initial investment, compatibility issues of
virtual reality devices with consoles, spatial discomfort and the risk of other
physical and mental ailments may pose a challenge to the otherwise growing
industry for VR technology in video games.
Further key findings from the report suggest:
· Growing at a CAGR of around 30% during the
forecast period, by 2025, the hardware segment is expected to account for a
majority of the revenue a share
· In 2015, the estimated size of the software
segment was around USD 2 billion
· Demand for VR accessories such as head
mounted displays, motion sensing devices, treadmills, gloves, masks, backpacks,
and bodysuits is expected to witness robust growth
· Demand for virtual reality hardware is
expected to increase drastically once the consumer versions are readily
available
· Smartphones are expected to be the fastest
growing device segment during the forecast period
· In 2015, the U.S. VR in gaming market
accounted for the largest revenue share; however, China is expected to emerge
as a key regional market by 2025
· The Latin America and the MEA regions are
projected to experience the fastest growth which may be attributed to rising
awareness and demand for the technology in the coming years
· As the technology is fairly new, a
significant proportion of VR accessories and wearables are currently in the
development stage; the Head Mounted Displays (HMDs) launched by Oculus VR, LLC,
and HTC Corporation in 2015 and 2016 are popular among consumers
· Leap Motion Inc., Razer Inc. VirZoom Inc.,
and Virtuix are prominent companies developing wearables such as motion sensing
devices, treadmill, and gloves
Grand View Research has
segmented the global virtual reality in gaming market by component, device, and
region.
Virtual Reality in Gaming Component Outlook (Revenue, USD
Million; 2014 - 2025)
·
Hardware
·
Software
Virtual Reality in Gaming Device Outlook (Revenue, USD
Million; 2014 - 2025)
·
Gaming Console
·
Desktop
·
Smartphone
Virtual Reality in Gaming Regional Outlook (Revenue, USD
Million; 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
