Global Virtual Reality Gaming Market: Snapshot
Virtual reality (VR) gaming involves a user to experience a three-dimensional environment and interact with that environment during a game. It is the application of a three-dimensional artificial environment to computer games that has become reality using bio-sensing technology. Virtual reality environments are created using VR software and are presented to the user in a manner that they supersede real environments. It makes gamers to develop disbelief over real environments and make them believe the VR environment to be real.
In the simplest form, a VR game may involve a 3D image that can be looked into interactively on a computing device with the help of a mouse, manipulating keys, or touch screen. The add-ons to provide a more immersive virtual gaming experience involves virtual reality headsets, wrap-around display screens, and virtual reality rooms equipped with wearable computers and sensory components.
One of the crucial features of VR is incredible potential for interaction and communication. It involves interacting with characters that are both virtual and artificial, blurring distances and geography.
However, the technology is still in its nascent stage with apparent limitations. This is related to disconnect and lack of natural interaction at the time of putting on the headset. The first big threshold of visual and auditory aspects have been achieved, however, the interaction aspect requires a bunch of work.
With the advancement of technology, virtual reality gaming has reached the next level. The VR headsets that are currently used offer a great experience with little nausea or lag, two areas that needed corrections on account of historical data.
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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.