With the VR industry steadily gaining pace, the market is expected to soar in the near future. Analysts at Ken Research published a report with some promising numbers for the VR industry.
Here’s what they stated:
Global VR gaming market by type (hardware, software and accessories), by devices (PC, consoles and mobile), by distribution channel (traditional stores and online stores) and by regions (EMEA, America and APAC), company profile of major players including Sony, Valve Software, HTC, Google, Samsung, Leap Motion, TCL, Nvidia, Ubisoft, Razer, Oculus and Electronics Art
- The VR gaming market is expected to be driven by the emergence of virtual theme parks and arcades in future.
- Smartphone integrated VR gaming applications will drive the VR gaming market in future.
Analysts at Ken Research in their latest publication Global VR Gaming Market Outlook to 2022 – by Hardware, Software and Accessories (Motion Sensor, Masks & Gloves, Bodysuits and Others) and by Devices (PC, Consoles and Mobiles) believe that technology advancement, correct positioning, tapping into new geography, focusing on mobile applications and tie-ups, and M&A will aid the global VR market.
Global VR market is expected to register positive CAGR of around 54.6 per cent during the period 2017 to 2022. The expected increase in the number of VR arcades worldwide will make a positive impact on the market.
The emergence of virtual theme parks is one of the biggest technological progresses of amusement parks which have made a positive impact on the VR gaming industry. Landmark Entertainment is planning to build the world’s first ever VR theme park in China by 2018. Oriental Science Fiction Valley in Guizhou province in China opened in 2017 is another example of such setup. It spans 330 acres and has 35 different VR attractions including shooters, virtual roller coasters, and guided spaceship tours of the region’s most scenic spots within its various sci-fi-inspired buildings. Another VR theme park opened in New York which is a massive playhouse dubbed VR World that offers 50 interactive experiences taking place in unique virtual dimensions on themes including art, music, science and fun games. Hero Central at Empire City Damansarain Malaysia set to open in 2018 will be one of the largest virtual reality parks in the world.
Smartphone-integrated VR headsets will propel the growth of the global VR gaming market. Leading smart phone companies such as Samsung and HTC have already entered the market with VR headsets such as Samsung Gear VR, HTC VIVE and others. They offer benefits such as portability, un-tethered aspect and ease of use and it can be used as a stand-alone device. The rapid growth of the smart phone market will increase the adoption of smart phones and tablets to provide an immersive experience in VR gaming.