Virtual Reality in Gaming Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027


Posted March 24, 2021 by shrushtig

Virtual reality refers to a simulated environment created by using software and hardware, in order to provide real environment experience to users. Virtual reality is experienced through sound and sight.
 
Market Dynamics- Drivers
Rapid innovation in technology is expected to drive growth of the global virtual reality in gaming market during the forecast period
Gaming industry is rapidly adopting advanced technologies than other entertainment sectors. End users are increasingly expecting real environment of games, due to advancement in technology. One of the key advantages of VR is that it provides a realistic representation of the player during the game, which makes it more intuitive and lucrative for existing users. Besides, graphics play a vital role in the realistic gaming experience. Technologies such as 3D effects and interactive graphics provide real-time experience to the user. For instance, the gaming device such as Oculus Rift 3D gaming glasses that are equipped with two high definitions (HD) screens for both the eyes provides a better view during the game. The feeling of real presence can be achieved on five aspects including interaction, emotions, immersion, real-time and cognitive science. Thus, these factors are expected to drive growth of the global virtual reality in gaming market during the forecast period.
Rising disposable income of consumers is expected to propel the global virtual reality in gaming market growth over the forecast period
Users are seeking new and advanced technology in entertainment, due to rising disposable income. According to the U.S. Bureau of Economic Analysis, the total disposable personal income in the U.S. increased to US$ 12,822.6 billion in April 2014 from US$ 12,778.0 billion in March 2014. Virtual reality in gaming provides an attractive source of entertainment as user can experience the real environment during the game.

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Furthermore, according to the World Bank, the average purchasing power parity per capita of the U.S. in 2012 was USD 52,610. Hence, these factors are expected to propel the global virtual reality in gaming market growth over the forecast period.
Market Dynamics- Restraints
High cost of reality gaming devices is expected to restrain growth of the global virtual reality in gaming market growth over the forecast period
The basic cost of virtual reality gaming devices is significantly is high as compared to conventional video games. Since designing virtual reality game system involves a significant investment, the average VR gaming devices are expensive. For instance, For instance, the total cost to create a virtual reality system with a virtual environment is between US$ 20,000 to US$ 25,000. Some of the virtual reality helmets cost around US$ 2,000. The introductory price for Sony PlayStation 4 was US$ 399 and the price range for the game is between US$ 40 and US$ 100. Hence, these factors are expected to restrain growth of the global virtual reality in gaming market during the forecast period.
High complexity associated with virtual reality gaming device is expected to hinder the global virtual reality in gaming market growth over the forecast period
The technology involved in virtual reality is highly complex and is operated by limited users. Many games use massively multiplayer online game architecture, which is difficult to upgrade if needed by the user. Further, the demand for better characters and stories in the game increases the complexity of visual display. Efficient streaming of content to wireless portable devices and for game download has also been an important issue. Streaming of media plays a prominent role in delivery of dynamic content to personal computer (PC) based virtual reality gaming. Hence, these factors are expected to hamper the global virtual reality in gaming market growth over the forecast period.
Market Opportunities
Development of comfortable and compact VR gaming can present lucrative growth opportunities
Currently, the various input devices used for virtual reality games including glasses or goggles, head-mounted display (HMD), gloves, data suites, joysticks, and workbenches are quite expensive and uncomfortable to use. Furthermore, there are haptic devices that enable a user to feel a sense of touch when they operate an object within a virtual environment. However, virtual reality gears and devices are incomprehensible and uncomfortable. Major market players are focused on research and development activities, in order to provide more comfortable and compact VR gaming devices. As a result of this, the gears will be lighter, smaller, and affordable. The bulky head-mounted display would be replaced with small-sized lighter models that are comfortable to use and become more compact.
Research and development activities by market players can provide major business opportunities
Key companies in the market are focused on research and development activities, in order to innovate novel products and expand the market presence. For instance, in April 2014, Electronic Arts Inc. launched the FIFA World Cup game for XBOX 360 and PS3 console as a standalone product. Furthermore, in December 2013, Nintendo Co. Ltd. Introduced a new game with working title Hyrule Warriors, a hack and slash action video game.

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Last Updated March 24, 2021