Virtual Reality in Gaming Market, By Type (Software and Hardware), By Console type (MAC, X-BOX, Play Station, PC, and Nintendo Wii), and By Region (North America, Europe, APAC, RoW) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023

Code : CMI4197

Pages :150

Formats :

Excel and PDF

Industry : Consumer Electronics

Market Challenges And Opportunities

Market Opportunity

Development of comfortable and compact VR gaming can present lucrative growth opportunities

Currently, the various input devices used for virtual reality games including glasses or goggles, head-mounted display (HMD), gloves, data suites, joysticks, and workbenches are quite expensive and uncomfortable to use. Furthermore, there are haptic devices that enable a user to feel a sense of touch when they operate an object within a virtual environment. However, virtual reality gears and devices are incomprehensible and uncomfortable. Major market players are focused on research and development activities, in order to provide more comfortable and compact VR gaming devices. As a result of this, the gears will be lighter, smaller, and affordable. The bulky head-mounted display would be replaced with small-sized lighter models that are comfortable to use and become more compact.

Research and development activities by market players can provide major business opportunities

Key companies in the market are focused on research and development activities, in order to innovate novel products and expand their market presence. For instance, in April Electronic Arts Inc. launched the FIFA World Cup game for XBOX 360 and PS3 consoles as a standalone product.

Market Restraint

High cost of reality gaming devices is expected to restrain growth of the global virtual reality in gaming market growth over the forecast period

The basic cost of virtual reality gaming devices is significantly is high as compared to conventional video games. Since designing virtual reality game system involves a significant investment, the average VR gaming devices are expensive. For instance, For instance, the total cost to create a virtual reality system with a virtual environment is between US$ 20,000 to US$ 25,000. Some of the virtual reality helmets cost around US$ 2,000. The introductory price for Sony PlayStation 4 was US$ 399 and the price range for the game is between US$ 40 and US$ 100. Hence, these factors are expected to restrain growth of the global virtual reality in gaming market during the forecast period.

High complexity associated with virtual reality gaming device is expected to hinder the global virtual reality in gaming market growth over the forecast period

The technology involved in virtual reality is highly complex and is operated by limited users. Many games use massively multiplayer online game architecture, which is difficult to upgrade if needed by the user. Further, the demand for better characters and stories in the game increases the complexity of visual display. Efficient streaming of content to wireless portable devices and for game download has also been an important issue. Streaming of media plays a prominent role in delivery of dynamic content to personal computer (PC) based virtual reality gaming. Hence, these factors are expected to hamper the global virtual reality in gaming market growth over the forecast period.