New York City, 05 Feb 2020:According
to a new study published by Polaris Market Research, the global virtual
reality (VR) in gaming market is anticipated to reach USD 48.2
billion by 2026. The market for VR in gaming is propelled by factors including,
increasing disposable income of people worldwide and continuous improvement in
existing gaming technologies including, 3D effects, motion tracking, and
interactive graphics for drawing users’ attention. With the increase in
spending capacity of people, people are demanding for new sources of
entertainment and VR games offers a unique way of entertainment.
The hardware component segment of
VR in gaming market held more than 50% of the market share in 2016 and is
further expected to lead during the forecast period. The high-cost of hardware
components is the major factor for the increasing growth. However, with the
increasing demand for these products, the prices are expected to decrease in
the near future.
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The
hardware segment is expected to grow very rapidly, the software segment is
anticipated to experience modest growth. Adoption of the virtual reality
technology has raised user expectation for enhanced software solutions, hence
increasing challenges for developers than before. By Geography, North America
region accounted for the largest share for VR gaming in terms of revenue globally
in 2017.
The growth
of North American market is attributed to accessibility of advanced gaming
technology as well as acceptance and adoption of VR gaming products including
head mounted displays. Further, Europe accounted for the second dominating region
in 2017. However, Asia Pacific is projected to witness the highest growth
during the forecast period attributed to constantly increasing online gamers in
developing countries such as China and India and a strong gamers base in
countries such as Japan, Korea, Singapore, Malaysia and Indonesia.
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The players operating in the market
are constantly focusing on development of new products to efficiently compete
in the highly aggressive market for VR gaming. For instance, Sony launched
Project Morpheus VR heads, a head mounted display device that offers high
resolution and efficient tracking accuracy. The major players operating in the
Virtual Reality in Gaming include Microsoft Corporation, Sony Corporation,
Electronic Arts, Nintendo Company Ltd., Linden Labs, Samsung Electronics Co.
Ltd., Facebook (Oculus), Google, Inc., HTC Corporation, and Tesla Studios among
others. Companies including Microsoft, Sony and Nintendo are the major players
operating in the market.
About
Polaris Market Research
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global market research and consulting company. The company specializes in
providing exceptional market intelligence and in-depth business research
services for our clientele spread across different enterprises.
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Us:
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Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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