Albany, NY -- (SBWIRE) -- 10/18/2016 -- The global market for virtual reality in gaming is primarily driven by well-established multinational players, such as Sony, Nintendo, Electronic Arts (EA) Sports, Linden Lab, Sega, and Activision Publishing, finds a report by Transparency Market Research (TMR).
The market demonstrates a highly consolidated and competitive landscape. The top four companies, namely, Sony, EA Sports, Nintendo, and Activision, held over 85% of the overall market in 2012. These companies are mostly engaged in frequent mergers, acquisitions, and strategic alliances to expand their geographical presence. However, a shift in their focus towards product innovation and advancement in current offerings in a bid to meet the expectations of customers is likely to be observed in the coming years.
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Boosted by the constant search of customers for better sources of entertainment, the market for virtual reality in gaming is likely to offer a worldwide opportunity worth US$5.8 bn by 2019, says an analyst at TMR. Analysts estimate the market to increase at an exponential CAGR of 39.20% during the period from 2013 to 2019. A number of gaming consoles by various manufacturers are available in the global market. Among them, Sony's PlayStation takes the lion's share. By 2019, the sales of PlayStation is likely to cross US$2.1 mn, much higher than that of other manufacturers.
Continual Advancement in Gaming Technologies to Ensure North America's Dominance
Analysts have studied the global market for virtual reality in gaming on the basis of its geographical segmentation in this report. North America, among all the geographical segments, has emerged as the key contributor to the overall market.
The continual advancement in gaming technologies and an upswing in the popularity of virtual reality gaming devices, such as head-mounted displays, are the key factors that have been boosting the market for virtual reality in gaming in North America. The regional market is expected to maintain its progression, increasing at a CAGR of 38.40% during the forecast period.
Asia Pacific and Europe are also projected to exhibit a healthy rise in the adoption of virtual reality in gaming in the coming years, the research study finds.
Increasing Launch of Virtual Reality-based Gaming Consoles to Boost Market Growth
"With constant technological advancements in the gaming industry, the expectations of customers are ascending at a rocket's speed. As of now, users are keen on having the experience of playing the game in its real environment," states the author of the study. These expectations have prompted the advent of virtual reality in gaming.
Although currently in a nascent stage, virtual reality has grabbed the attention of almost all the leading players in the global gaming industry. A number of gaming consoles, equipped with virtual reality devices, are already in the market and the count will continue to go up in the near future. All these factors points towards a thriving future of the market for virtual reality in gaming, says a TMR research analyst.
High Cost of Virtual Reality Devices to Limit Adoption
In spite of the forward-looking trends, the worldwide market for virtual reality may witness some hindrances in its growth trajectory over the forthcoming years. As virtual reality devices are integrated with highly expensive hardware and software, their overall cost goes up, making them unaffordable to middle-class customers. This, in turn, is limiting the user base of virtual reality technology, and consequently, will reflect negatively on the overall market in the long run.
Apart from this, the complex process of the upgradation of virtual reality gaming devices is also expected to limit their adoption, hampering the market's growth to some extent in the forthcoming years.