Virtual reality (VR) helps users to experience a three dimensional environment in such a way that it becomes difficult for them to distinguish between real and virtual objects. Bio sensing technology is involved with the VR gaming tools and with it users can visualize 3D environment. In this gaming process, players can interact with the 3D environment.
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Advent of virtual reality technology in gaming devices enable users to view, move around, and interact with the objects of the game. In this manner, users can sense their physical presence during the gaming process. This kind of imaginary presence in a three dimensional environment is an attractive feature for all kinds of virtual reality games. Many start-ups are now incorporating these three dimensional features in video games thus facilitating growth opportunity for the VR gaming market in recent years. Increasing awareness of virtual reality technology is a prime factor for the steep growth rate of the virtual reality gaming market. With rising disposable income and benefits of technology, higher percentage of population is expected to purchase VR devices such a VR headsets in the next few years. Hence, in recent decades, rising awareness about the benefit of VR technology acts as a major driving factor for this market.
One of the crucial disadvantages of VR gaming is that it leads to disassociation from reality. If a player is continuously immersed in VR gaming, the player is unable to differentiate between reality and virtual reality and this would create a level of gaming addiction. This kind of addiction causes physical and mental health hazards and is thus likely to hinder the growth prospects of this market during the forecast period. Personal computer is a major platform that supports VR gaming. Console gaming companies are slow in bringing VR technology in gaming devices and these factors are likely to restrain the growth prospect of the VR gaming market over the forecast period.
The virtual reality gaming market is segmented into two types - hardware and software on the basis of components. Hardware component of virtual reality gaming held the largest market share and this segment is expected to hold a dominant share during the forecast period. Demand for various types of VR gaming hardware devices such as head mounted displays, backpacks, treadmills, motion sensing devices, masks, and gloves are expected to witness a flourishing growth rate. Virtual reality head mounted display are extensively used in video games and this is the most common type of VR gaming device. Easy availability and efficiency is projected to enhance its usage in the VR gaming market over the forecast period.
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The virtual reality gaming market is segmented into three types on the basis of gaming devices and the segments are desktop, smartphone, and gaming console. Smartphone held the leading share in this market. Large number of advanced economies and increasing number of developing economies witness growing usage of smartphones. Rising internet penetration and technological advancement is leading to rising adoption of VR gaming features in smartphones, thus triggering high growth rate for the VR gaming market over the forecast period.
On the basis of regions, the VR gaming market is divided into five regions. These include North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the largest market share and Middle East & Africa (MEA) is expected to be the fastest growing region in this market. A larger percentage of younger population use head mounted display and other VR hardware devices in their computer games. Rising use of computers and mobile devices increases demand for VR gaming technology, thus propelling the demand for VR gaming in North America.
Some of the key players in the virtual reality gaming market include Samsung, Google, Sony, Oculus HR, HTC, Razer and others.
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