LONDON--(EON: Enhanced Online News)--According to the latest study released by Technavio, the global virtual reality (VR) in gaming market is expected to grow at an impressive CAGR of more than 84% during the forecast period.
“The declining cost of mobile devices and the growing spending capability of the population will further support the growth of the VR gaming market in mobile devices”
This research report titled ‘Global Virtual Reality in Gaming Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Sunil Kumar Singh, a lead analyst at Technavio for human machine interface research, “The use of specialized software, sensors, and 3D sounds in VR content gives users an opportunity to immerse themselves in the virtual world. This has led to a whole new gaming experience for gamers, with market players like Oculus VR, Sony, and Samsung driving the adoption of VR through their innovative gaming hardware.”
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The research analysis categorizes the global VR in gaming market by compatibility into three major segments. They are:
- Gaming console
- Mobile device
Global VR in gaming market by PCs
The global VR content market by PCs is likely to grow at a CAGR of close to 127% by 2020. One of the major reasons for the growth of the PC segment is the mesmerizing gaming experience offered by PC-based gaming integrated with VR. For instance, the game Elite Dangerous on Oculus Rift requires players to wear a head-mounted display (HMD). It allows them to experience, interact, and control actions in the virtual world with the help of virtual controllers.
Global VR in gaming market by gaming consoles
The global VR content market by gaming consoles is expected to grow at a CAGR of almost 129% by 2020 owing to the launch of a wide range of virtual accessories to support console games. For instance, Sony, which introduced PlayStation, is coming up with PlayStation VR that will be launched in October 2016, which will be sold at a price of USD 399. The PlayStation VR headset, which is expected to be preloaded with 50 games at launch, will be compatible only with PlayStation 4. Similarly, in June 2015, Microsoft partnered with Oculus VR to make Xbox One controller compatible with every Oculus Rift, thus allowing players to stream Xbox One games to VR headsets.
Global VR in gaming market by mobile devices
The global VR content market by mobile device is likely to grow at a CAGR of more than 129% during the forecast period. The integration of VR technology into mobile devices and related games is one of the latest trends witnessed in the market.
Samsung and Google are some of the leading vendors in the market who have integrated VR technology in their smartphones. The mobile gaming segment is one of the fastest-growing segments in the global gaming market. It accounted for more than 30% of the global gaming market in 2015. Technavio expects the global mobile gaming market to post a CAGR of nearly 20% during the forecast period.
“The declining cost of mobile devices and the growing spending capability of the population will further support the growth of the VR gaming market in mobile devices,” says Sunil.
The top five vendors highlighted by Technavio’s hardware and semiconductor market research analysts in this report are:
- Oculus VR
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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