VR Gaming Market | Growing Popularity of 360-degree Content to

VR Gaming Market | Growing Popularity of 360-degree Content to Boost the Market Growth | Technavio

LONDON — (BUSINESS WIRE) — November 5, 2020 — The global VR gaming market size is poised to grow by USD 206.19 billion during 2020-2024, progressing at a CAGR of over 70% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global VR Gaming Market 2020-2024 (Graphic: Business Wire)

The rising popularity of 360-degree videos, one of the key VR gaming market driver, will positively impact market growth. 360-degree videos are made utilizing enhanced camera systems with the capability to record the whole 360-degree angle sets at once. This enables viewers to watch videos at any angle with options to pan and rotate the videos as well. As far as the gaming experience is concerned, gamers can shift the viewing angles with a VR headset providing an immersive environment, this, in turn, drives global VR gaming market growth.

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Report Highlights:

The major VR gaming market growth came from hardware segment. In the hardware segment, we include VR devices specific to the gaming market, such as VR gaming headsets. Major suppliers of hardware devices like Oculus VR, Sony, Samsung, and Google, as well as smaller start-ups, are expected to change the dynamics of the global gaming market. There will be intense competition among players based on the design and the pricing of VR devices.
Europe was the largest VR gaming market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising awareness of augmented reality (AR) and virtual reality is most likely to drive the demand for head-mounted displays (HMDs) in this region. Additionally, the growth of the gaming market in the region due to the increased penetration of smartphones will significantly drive VR gaming market growth in this region over the forecast period.
The global VR gaming market is fragmented. Activision Blizzard Inc., Alphabet Inc., Electronic Arts Inc., HTC Corp., Nintendo Co. Ltd., Razer Inc., Samsung Electronics Co. Ltd., Sony Corp., Unity Technologies Inc., and Carl Zeiss AG. are some of the major market participants. To help clients improve their market position, this VR gaming market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the VR gaming market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Enhanced Consumer Experience Provided by VR Technology will be a Key Market Trend

One of the major trends driving market growth is the enhanced consumer experience provided by VR technology. Virtual reality technology is safe to use and also provides a life-like experience for users at any location. This is increasing the demand for virtual reality from consumers and is inducing companies to incorporate the technology into both their hardware and software segments by collaborating with key vendors. Additionally, since the technology allows students and trainees to learn practically in a virtual world, it also finds significance in military and aviation training and is also being adopted by medical institutions as well.

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VR gaming Market 2020-2024: Key Highlights

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist VR gaming market growth during the next five years
Estimation of the VR gaming market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the VR gaming market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of VR gaming market vendors

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Executive Summary

Market Landscape