Market Trends of VR in Gaming Industry
This section covers the major market trends shaping the VR in Gaming Market according to our research experts:
Premium Mobile Platform Contributing to the Growth of Market
- Mobile virtual reality (VR) gaming is the most affordable experience for consumers who want to explore VR gaming without spending a substantial amount of money. Also, the portability and massive install base of smartphone users across the world are leading to its widespread adoption. According to Plink, there are about 2.2 billion mobile gamers worldwide.
- With the increasing number of mobile gamers, the mobile VR gaming market is expected to gain significant traction as players offer various accessories, such as a head-mounted display, for a smooth VR gaming experience for mobile-based gamers.
- The most widely known VR headsets for mobile phones are Samsung Gear and Google Daydream. The lower price compared to console and PC headsets and mobile headsets are often bundled with premium phones are vital factors driving the market.
- Moreover, 5G technologies are also driving the mobile-based VR gaming market. For instance, in February last year, HTC announced Viverse, a metaverse environment that includes its 5G products, Vive VR devices, associated efforts, and partners such as ENGAGE and VRChat.
- While VR for mobile gaming currently provides a less immersive experience than console and PC-based VR, its adoption is expected to increase during the forecast period due to a range of technological advancements in the mobile VR environment. Also, with the growth of smartphones, there is massive potential for the VR gaming market during the forecast period.
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Asia-Pacific Region to Witness Significant Growth
- Asia-Pacific is expected to hold a significant share owing to the presence of large and several emerging economies, such as India and China, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in VR gaming in the region.
- Due to the rising adoption of VR technology in the country, China is expected to account for a prominent share of the region. Also, the Chinese market for VR is expected to increase due to increased government policy support and the rolling out of technologies, such as 5G, in the country. According to the industry regulator, China's virtual reality (VR) market is forecast to expand significantly.
- Also, many regional players are building new games with more realistic in-game features that drive the market.
- Virtuleap launched the Enhance VR brain training app in China in partnership with the HTC Viveport China team. Enhance VR offers a daily workout of mini-games designed to assess and train different cognitive skills such as memory, problem-solving, flexibility, speed, motor skills, spatial orientation, and spatial audio awareness.
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