The virtual reality in gaming market was approximately USD 1.4 billion in 2014. Gaming software and hardware advancements are estimated to propel market sales during the forecast phase. Moreover, altering lifestyles and rising disposable earnings among clients will significantly drive market demand. Big companies such as Sony Corporation and Microsoft Corporation have hugely invested in the research of VR (virtual reality) hardware.
Various hardware products and VR headsets are provided by these companies. Client expectations towards enjoying real games environment have resulted in the creation of consoles that develop illusions of real life games. Furthermore, the pragmatic depiction of environment and players during gaming makes it eye-catching.
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The virtual reality in gaming market is divided into components, consoles, and regions. Software and hardware are the components. Hardware occupied more than 55 % of the market in 2014. The segment includes wearable instruments like motion trackers, body suits, and headsets, among others. Rising acknowledgement of virtual reality, online games, and 3D experience is accountable for propelling the software segment. The companies developing VR applications and games concentrate on the functioning and design of games. Publishers call third-party developers to develop system titles. One of the Information Technology portals, VR Engage, offers interactive environment. Cerebral Academy and Wii Fit softwares endorse health and communicative teaching in kids via VR games. Deeming market consoles, game organizations have hugely spent on VR hardware that will meet the VR environment requirements. Hardware is an essential part of VR games, offers the experience of real environment, and motivates the user by offering advanced graphics and 3D visuals during gaming.
Post the achievement of Kinect and Xbox consoles for virtual reality games, Xbox 360 has been launched by Microsoft Corporation. Sony Corporation has also announced a latest product, PS4 head-mounted display, with advanced features. With regards to regions, around 35% of the total demand for the virtual reality in gaming market was captured by North America in 2014. The reasons for the same are continual internet connectivity and usage of innovative VR gaming in the region. Asia Pacific is projected to surface as the most swiftly expanding market. This is due to high disposable earnings and tech-friendly client base. Main players of the virtual reality in gaming market comprise Sony Corporation, Microsoft Corporation, Sega Corporation, Activision, and Nintendo Co. Ltd.
Information Source: Grand View Research