Published on : May 26, 2016
Virtual reality (VR) is an artificial environment that is created with the help of software and various virtual reality devices. Virtual reality enables a user to experience an environment that feels very real owing to the rich graphics and interactive features offered by the virtual reality devices. Virtual reality is extensively used in gaming, wherein the use users have to wear head mounted displays, gloves, and glasses to experience the sound and graphics. Virtual reality is not just useful in the gaming industry; they are utilized for interactive learning, education, and training purposes. The devices such as head mounted displays, gloves, and sensors are used to track the movement of the users, carrying the data back to the system, thus resulting in a response in accordance with the movement made by the user.
According to a report published by a market intelligent company, Transparency Market Research (TMR), the global virtual reality in gaming market which was valued at US$466.6 mn in 2012, is expected to reach US$5,839.9 mn in 2019, expanding at a 39.2 % CAGR from 2013 to 2019. Increase in the disposable income is considered as the major growth driver, leading to high demands from consumers for entertaining games.
Asia Pacific to be the Fastest Growing Market for Virtual Reality
In 2012, North America accounted for 37.0% share in the global virtual reality gaming market, in terms of revenue. The market in the region is driven by the availability of advanced gaming technology. Popularity of virtual reality gaming products is also boosting the market in the region. Asia Pacific is expected to be the fastest growing region in the market owing to an increase in the number of online gamers.
Software Components to Dominate the Virtual Reality Market
The virtual reality market is segmented on the basis of components into hardware and software, out of which the software segment held a share of 53.5% in the virtual reality in gaming market. The software component segment is expected to dominate the market in the future due to consistent advancements in virtual reality.