The global VR gaming market to grow at a CAGR of 67.03% during the period 2017-2021.
The report, Global VR Gaming Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is growing popularity of 360-degree videos. Following the development of 3D, 4D, and 5D contents, advances in technology in the global VR content market have led to the introduction of VR and 360-degree videos. VR is the recent advance in the entertainment sector and is making its way to various digital arenas. As of 2016, the VR content market is emerging as one of the mainstream platforms for gaming. This has led to the technological transformation of the digital world. In 2016, leading companies such as Facebook, Sony, and HTC have launched their VR devices Oculus Rift, Project Morpheus, and VIVE, respectively. With these companies launching their products, the market will observe more new VR devices during the forecast period.
According to the report, one driver in market is growing awareness of VR gaming. The companies like Samsung, HTC, Sony, Oculus VR, and Google are experiencing intense competitions in the market. The presence of these brands in the market is expected to increase the awareness of VR technology among consumers. The acquisition of Oculus VR in July 2014 by Facebook for $2 billion and Google's investment in Magic Leap are some of the major developments in the VR market in the past three years. In addition, leading smartphone vendors came up with VR headsets that can be integrated with smartphones to provide an enhanced viewing and gaming experience. For instance, Samsung introduced Gear VR, and HTC introduced VIVE. The increasing awareness of VR technology will drive the global VR gaming market during the forecast period.