Abuzz with the steady influx of new and more innovative technologies and products, the global market for virtual reality in gaming features a highly dynamic vendor landscape and cut-throat competition among some of the leading and internationally most acclaimed gaming companies, observes Transparency Market Research in a recent report. Traditionally dominated chiefly by technology giants such as Apple, Sony, Microsoft, and Nintendo, the market is steadily becoming more fragmented as new, small and medium-sized companies as well foray into the market with innovative product offerings. However, powerful brand equity allows traditional leaders an upper hand, which continue to hold a significant share in the overall market.
For achieving recognition and consumers in the highly competitive market, companies need to put more emphasis on innovative marketing strategies and R&D activities aimed at the development of new product varieties. Focus on emerging regional markets with rising disposable incomes and improved networking infrastructures could also allow companies to gain a better footing in the market.
According to the report, the global virtual reality in gaming market is expected to exhibit an exponential CAGR of 39.2% CAGR over the period between 2013 and 2019, rising to a revenue opportunity of US$5.83 bn in 2019.
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North America Remains Most Lucrative Regional Market
Of the key components of a typical virtual reality product made for gaming applications, the software segment presently accounts for the larger share as compared to the hardware segment. The trend continues to remain strong and the software is expected to retain its position as the leading contributor to the global market over the forecast period as well.
Geographically, the market in North America presently accounts for the dominant share in the overall market, thanks to the affluent consumer base and the large population of hobbyist as well as professional gamers in the region. The presence of some of the leading companies in the field and easy availability of newest versions of virtual reality products in the region also contribute to the strong growth prospects of the market. Over the forecast period, however, the market in Asia Pacific is expected to demonstrate massive development, thanks to the rising population of affluent middle-class people and the rising numbers of online gamers.
Rising Disposable Incomes in Emerging Economies Drive Market
Some of the key factors working in favor of the global market for virtual reality in gaming market are the vast advancements in technologies surrounding imaging, networking, and the increased availability of smart devices incorporated with a variety of sensors designed specifically for gaming applications. The market is also driven due to the vast rise in disposable incomes of people across emerging economies in the past few years. This scenario has led to a vast rise in target consumers for companies operating in the virtual reality in gaming market.
However, the high costs of advanced products is the key challenge ahead of the market, limiting it to a small share of affluent consumers. Nevertheless, the rising demand is compelling companies to introduce low cost products, allowing them to tap price-sensitive masses as well. In the near future, this trend will drive the market.