GOOG - Virtual Reality (VR) in Gaming Market Latest Growth Trends Analysis And Forecast by 2024
The technological developments in gaming software and hardware are expected to drive the growth of the global virtual reality in gaming market during the forecast period. Integration of audio and video graphics into an immersive virtual world for gaming purposes has gained huge popularity in the gaming community in the recent years. Advanced technologies, such as interactive graphics and three-dimensional (3D) effects provide real-time experience to the gamer, due to which virtual reality in gaming market is estimated to grow in the near future.
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It has been observed that cost of acquiring the equipment and the lack of standout content are hampering the adoption of high-end VR headsets. With these barriers hampering the market growth and VR technology is struggling to gain traction among mainstream consumers, hardware providers in the virtual reality in gaming market are focusing on reducing the cost of their headsets to encourage mass adoption. For instance, during 2017–2018, HTC slashed the price of its Vive VR kit by $200, bringing it down to $599 from $799. Besides, VR content creators are experimenting with narratives and skills to deliver compelling content through VR headsets.
The growing popularity of online gaming is one of the key factors, pushing the growth of the virtual reality in gaming market. Also, VR gaming hardware production leaders like Google, HTC Corporation, and Sony Corporation are developing more mobile and affordable VR headsets. New innovative technologies of VR headsets, which provide freedom of movement along with recreation of basic senses such as sight, hearing, balance, and acceleration, will push the market growth of VR content.
Globally, the North American virtual reality in gaming market is expected to hold the largest share during the forecast period. Big gaming studios in Canada, such as Ubisoft Entertainment, Capcom Co. Ltd., and Electronic Arts (EA) Canada Inc., are expected to push the market growth in terms of VR content development.
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The major drivers pushing the growth of VR in gaming market include development of compact VR gaming devices, constant innovation by gaming industry as well as rise in disposable incomes throughout the globe. VR technology in gaming devices enabling users to move around and interact with the objects of the game, which in turn, providing the user to experience a 3D environment. Thus, these factors are furnishing robust growth to the market and are expected to drive the market in the coming years.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include the U.S., Canada, France, the U.K., Spain, Italy, Germany, China, Russia, Japan, India, Indonesia, Saudi Arabia, U.A.E., South Africa, Brazil, Mexico, and Argentina.