A new report has been published by Transparency Market Research, titled ” Virtual Reality in Gaming Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019 ” .
TMR, a market intelligence company based in the U.S., states that the global virtual reality in gaming market was estimated at US$466.6 million in 2012 and is anticipated to reachUS$5,839.9 million in 2019, expanding at a 39.2 % CAGR from 2013 to 2019. According to this report, the market for virtual reality in gaming is fuelled by numerous factors such as continuous advancements in gaming technologies, namely 3D effects, motion tracking, and user interactive graphics.
The increase in disposable income is also a key factor augmenting the market, as with rising disposable incomes, individuals are inclined towards new innovative reality games and entertainment solutions to entertain themselves. However, the soaring costs of these entertainment sources are amongst the major factors impeding the growth of the market. Nonetheless, cost-effective devices with gesture control and economical sensors for motion tracking are projected to be introduced in the market in the near future, which will stimulate the growth of this market.
On the basis of component, the virtual reality in gaming market is segmented into two components, namely software components and hardware components. Among these two components, in 2012, the software segment was the biggest segment, representing a revenue share of 53.5% in the overall market for virtual reality in gaming.This segment is expected to retain its dominance in the market throughout the forecast horizon owing to consistent advancements in virtual reality technology. The hardware segment is predicted to experience exponential growth in the forecast horizon owing to the utilization of virtual reality products, namely hand gloves, head mounted displays (HMDs), and glasses.
On the basis of type of gaming console from various manufacturers, the virtual reality in gaming market is segmented into Apple Mac, personal computers, Microsoft Xbox, Nintendo Wii, and Sony PlayStation. Amongst these, Sony PlayStation dominated the global market for virtual reality gaming consoles owing to its powerful brand equity in the mobile phone industry, gaming industry, and other consumer electronics.
On the basis of geography, the market for virtual reality in gaming is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). In 2012, North America dominated the global market, accounting for a revenue share of 37.0% owing to the existence of prominent companies such as Take Two Interactive and Electronic Arts Inc. After North America, Europe emerged as the second biggest market and held a revenue share of 31.9%. Nonetheless, Asia Pacific is predicted to exhibit enormous development in the market during the forecast period owing to rising numbers of online gamers along with presence of the topmost gaming manufacturers in this region.Sony Corporation, Electronic Arts Inc., Linden Lab Inc., and Nintendo Company Limited are the dominant companies in the virtual reality in gaming market.