Virtual reality is an artificially created environment that employs software and equipment to simulate reality. The experience for a user is as close to a real environment as is technologically possible, due to animation graphics and interactive features available in virtual reality gaming devices. Of all the types of virtual reality gaming, 3D image is the simplest that gives an interactive experience on a personal computer.
Additionally, virtual reality in gaming includes sound and graphics technology, wherein the use of head mounted displays (HMDs) and other gear such as glasses or gloves are part of the gaming experience. Virtual reality is duplication of the real environment through gaming for the purpose of training and education. The gear used for virtual reality gaming, such as gloves and HMDs, are equipped with sensors that keep track of user movements. The sensors feed the data into the system, which analyzes and transforms the action and sends it back to the display hardware.
Consistent Technological Advancement to Drive the Virtual Reality in Gaming Market
Global virtual reality in gaming market is driven by rising disposable incomes, wherein it offers a novel entertainment avenue for users. Consistent advancement in gaming technology such as 3D effects, motion tracking, and interactive graphics are driving the growth of the virtual reality gaming market. However, high cost and maintenance issues associated with virtual reality gaming devices are restraining the growth of the market. To overcome the problem, affordable motion tracking sensors and devices for gesture control will be launched in the market in coming years.
The global virtual reality gaming market was worth US$466.6 million in 2012 and is expected to exhibit dynamic growth at a CAGR of 39.2% between 2013 and 2019. The market is expected to be worth US$5,839.9 million by the end of 2019.
Large Product Portfolio Credited for Sony PlayStation’s Lead in the Console Segmentation of the Market
The global virtual reality gaming market is classified on the basis of console type and components. The components for virtual reality for gaming are of two types, namely software and hardware. Of the two, software components held a 53.5% revenue share of the total market in 2012. The software components will enjoy their position in the virtual reality gaming market in coming years due to continuous technological advancement in gaming and virtual reality software. Hardware will also exhibit substantial growth in coming years due to growing use of virtual reality gear such as gloves, glasses, and HMDs.
The various types of gaming console in the virtual reality in gaming market are Microsoft Xbox, Sony PlayStation, Apple Mac, Nintendo wii, and personal computers. Sony PlayStation dominates the virtual reality gaming market owing to its large product portfolio and high brand equity in the areas of consumer electronics, cellular phones, and gaming.
Presence of Leading Product Manufacturers to Propel the Asia Pacific Regional Market
On the geographical scenario, the global virtual reality gaming market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). Regionally, North America led the market, accounting for 37% of the market in 2012, due to consistent advancement in gaming technology, popular use of virtual reality gaming gear, and presence of leading gaming companies such as Take Two Interactive and Electronic Arts Inc.
Europe, accounting for a 31.9% revenue share of the global virtual reality for gaming market in 2012, followed North America. Asia Pacific will exhibit tremendous growth in coming years owing to growing presence of online gaming in the region and presence of leading gaming product manufacturers in South Korea and China.
The global virtual reality in gaming market comprises multinational and regional vendors. Some of the major corporations in the market are Sony Corporation, Linden Lab Inc., Electronic Arts Inc., and Nintendo Company Limited.