LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global virtual reality (VR) gaming market to grow at an impressive CAGR of over 67% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global VR gaming market for 2017-2021. The report explains the market with a detailed forecast of its revenue along with the number of users and the shipment of the hardware.
The growth of the VR gaming market is positively influenced by the increasing number of VR devices. The global VR gaming market is positively influenced by the increasing adoption of VR gaming among gamers. In 2016, the consumer segment obtained hands-on experience of products of major companies like Oculus VR, Samsung, and Sony. These companies are expected to launch the consumer version of VR headsets during the forecast period.
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Technavio media and entertainment analysts highlight the following three factors that are contributing to the growth of the global VR gaming market:
Growing awareness of VR gaming
The companies like Samsung, HTC, Sony, Oculus VR, and Google are experiencing intense competition in the market. The presence of these brands in the market is expected to increase the awareness of VR technology among consumers. The acquisition of Oculus VR in July 2014 by Facebook for USD 2 billion and Google’s investment in Magic Leap are some of the major developments in the VR market in the past three years.
Ujjwal Doshi, a lead media and entertainment services research analyst at Technavio, says, “Leading smartphone vendors came up with VR headsets that can be integrated with smartphones to provide an enhanced viewing and gaming experience. For instance, Samsung introduced Gear VR, and HTC introduced VIVE. The increasing awareness of VR technology will drive the global VR gaming market during the forecast period.”
Increasing adoption of mobile gaming
The versatile nature of smartphones and tablets has made gaming easy and accessible to users. Thus, mobile devices have become the most common medium of gaming. In 2016, globally 66% mobile device users played games on their devices at least once a month, with 7% of them being VR gamers.
“During the forecast period, the number of mobile device gamers is likely to increase to 77%, with 15% of them being VR gamers. The VR technology on mobile devices is growing at the fastest rate. Its increasing popularity will drive the growth of the VR gaming market during the forecast period,” adds Ujjwal.
Growing adoption of VR headsets
As a result of the technological advances, the gaming market is growing at a fast rate. Being the highest adopter of VR content, the gaming market is supporting the sales of VR headsets. The increasing emergence and adoption of VR headsets will drive the share of VR content in the gaming market. The VR technology creates a simulated environment through VR hardware and software.
Thus, it provides the closest real-life experience of all other devices. It uses synchronized sound and sight with data suites and VR sensor-enabled headsets. This has increased the number of gamers who prefer VR consoles over traditional gaming devices.
- Oculus VR
- ZEISS International
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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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