LONDON — (BUSINESS WIRE) — March 17, 2016 — According to the latest research study released by Technavio, the global virtual reality (VR) market is expected to reach over to USD 13.05 million by 2019.
This research report titled ‘ Global Virtual Reality Market 2015-2019’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.
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“In 2014, the mobile gaming market accounted for 27% of the global video gaming market. The market is expected to capture one-third of the global gaming market over the forecast period. The major driver being the smartphone penetration, which is expected to build a huge market for mobile gamers. This would encourage developers to create more games, opening up opportunities for VR headset manufacturers. This will result in gamers to move from traditional gaming platforms to mobile gaming during the forecast period,” said Navin Rajendra, one of Technavio’s lead analysts for human machine interface research.
Top three segments of the global virtual reality market:
- Military and aviation
The emergence of many VR gaming hardware-manufacturing vendors such as Oculus, Sony, and Samsung will trigger the adoption of technology into the gaming industry. Technavio researchers estimate that the technology will reach a user base of 10 to 11 million in 2016-2017.
Based on the usability of VR technology, the video gaming market can be segmented into the following:
PC gaming: PC gaming integrated with VR offers an immersive gaming experience. For instance, the game "Elite Dangerous" for the Oculus Rift has the player wear a headset, enabling him to see and interact with the virtual world through virtual controllers. However, high bandwidth requirements rule out the usage of wireless technologies, limiting the movements of the user in front of the PC. In addition, the 1080p resolution available in HMDs is not having a great impact to the user when it comes to PC gaming.
Console gaming: In 2014, Sony forayed onto the VR gaming market with the development of Project Morpheus for PlayStation4. Sega had also introduced the technology in Sega VR in 1993, which failed due to the lack of proper safety measures. Microsoft is also expected introduce a VR headset for Xbox in 2015. These headsets, especially the ones developed by Sony and Microsoft, are expected to be expensive. This can pose as a major challenge as gamers are reluctant to buy expensive console-specific accessories.
Mobile gaming: The integration of the VR and AR technologies in mobile games is one of the latest trends in the market. Products such as Samsung Gear VR and Google cardboard have integrated the technology in their cellphones. The mobile gaming segment is expected to be a major contributor in the global mobile gaming market, with its revenue growing to double by 2015-2016 from 13 billion in 2013. This presents a huge opportunity for VR game developers and hardware manufacturers to develop innovative games.
In e-commerce, shopping VR kits will allow consumers to get a 360-degree immersive view of the product and shop. VR displays in retail stores will also allow users to create their own 3D image likeness. Virtual reality shopping is likely to be a major trendsetter in retail segment. Marketing agency SapinetNitro worked with Luxury boutique, The Line, to give a VR demonstration that takes people into the brand's Manhattan store. Unlike traditional shopping, VR experience provides the chance to virtually explore the store and retrieve information such as price and product description.
Military and aviation
VR technology is used in the military sector to simulate training and to analyze and track military maneuvers.
Some of the key uses of HMDs in the defense sector include:
- Situational awareness
- Night vision systems
- Visual enhancement
- Security monitoring
- Simulation and training
- Maintenance and inspection
- Remotely-piloted vehicle interface