Published on : May 04, 2016
Virtual reality is an artificial environment created with the help of software and virtual reality devices, wherein a user experiences a real environment due to graphics and interactive features offered by virtual reality gaming devices. The use of sound and graphics technology in games where the users wear gloves, head mounted displays, and glasses as part of their experience is the concept of virtual reality in gaming. Virtual reality offers simulation of real time environment for education and training purpose through a story or a game.
According to a report published by a market intelligent company, Transparency Market Research, the global virtual reality in gaming market which was valued at US$466.6 mn in 2012, is projected to reach US$5,839.9 mn in 2019, expanding at a CAGR of 39.2 % from 2013 to 2019.
Growing Inclination towards New Innovative Reality Games Boosts Virtual Reality in Gaming Market
The global virtual reality market in gaming is driven by the rising disposable income of the people. Advancements in gaming technology such as 3D effects, motion tracking, user interactive graphics, and others. The growing inclination of consumers towards new and innovative reality games and entertainment solutions for an enriched and exciting experience is boosting the global virtual reality in gaming market.
Software Components Segment to Witness the Highest Growth in Virtual Reality in Gaming Market
The global virtual reality in gaming market is segmented on the basis of components into: software components and hardware components. Out of these, the software component held the highest revenue share of 53.5% in the overall virtual reality in gaming market in 2012 and is expected to retain its dominance in the future. The hardware component segment is also expected to witness exponential growth in the coming years due to the utilization of virtual reality products such as head mounted displays and glasses.