MARKET OVERVIEW

• VR technology provides the gamer with 360 degrees vision, complete immersion, excellent sound, and heightened realism. Users can also control and adjust the game environment to suit their requirements due to the availability of controllers. The controllers thus allow users to have enhanced interaction with the VR surroundings.
• Despite the increased adoption of this technology in gaming, VR headsets are still expensive for the typical user. As such, VR gaming companies established gaming clubs and centers at public locations such as malls and business centers to enable its familiarization with the public. Thus, the consumer base of VR games has been experiencing significant growth.
• Most computer games can now be transformed into VR format, thus providing users with new and better interaction.

MARKET SIZE AND GROWTH

• The market size for the global VR gaming market was valued at $10.3 billion in 2018. It is expected to grow at a CAGR of 25.5% from 2019 to reach $40.2 billion in 2024.
• The market was valued at $8.2 billion in 2017.

MARKET BREAKDOWN

• Software constitutes the more significant segment of the global VR gaming market compared to the hardware segment.
• By device, PCs occupy the largest segment of the market, ahead of gaming consoles and mobile devices.
• The games in the global VR gaming market are categorized into "racing games, adventure games, fighting games, shooting games, mystery thriller games, puzzle games, science fiction games, and others."
• Some key players in the market include "Fove, Google, HTC, Facebook, Razor, Samsung, Sony, Zeiss International, AMD, GoPro, Largan Precision, Nvidia, and Qualcomm," among others.