LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global virtual reality market is expected to grow at a CAGR of almost 49% during the forecast period.
This research report titled ‘Global Virtual Reality Market 2017-2021’ provides an in-depth analysis of the market 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 geographical regions.
Currently, the VR market is experiencing explosive growth worldwide. With the increased popularity of 360-degree videos and VR gaming, the demand in the VR market is growing. The launch of many new VR devices, such as Sony PlayStation VR, HTC VIVE, and Oculus Rift, has led to an increase in VR adoption. The availability of low-cost VR cardboard devices is a major reason for the high popularity of the VR hardware sector. With the use of specialized sensors, software, and 3D sounds, vendors are offering users immersive VR experiences. The growth of VR content is driven by the increase in the sales of popular HMDs, such as Samsung Gear VR and Google Cardboard.
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Technavio’s media and entertainment research analysts categorize the global virtual reality market into the following segments by platform. They are:
- PCs
- Mobile Devices
- Consoles
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The top three revenue-generating platform segments of the global virtual reality market are discussed below:
PCs
VR-integrated PCs are very popular as they provide an advanced VR experience. The current VR PCs have improved hardware tracking, ultra-smooth frame rates, and high-resolution textures. With the newest generation of graphics cards from NVIDIA and AMD and the latest processors from Intel and AMD, VR technology in high-performance PCs offers users a seamless and enhanced VR experience.
According to Ujjwal Doshi, a lead media and entertainment services research analyst from Technavio, “Players wear Oculus Rift that allows them to experience, interact, and control their actions while also providing a complete immersive experience of the virtual world with the help of virtual controllers. During the forecast period, the PC segment is expected to witness a slight decrease in its market share compared to other platforms. This is because of the popularity of mobile VR, which is currently gaining traction in the VR market. Also, other factors such as the low bandwidth of VR gaming limits players to PCs.”
Mobile Devices
The global VR market has seen major changes since the launch of high-quality tethered systems, such as Facebook's Oculus Rift and HTC's VIVE, to easily affordable platforms, including Samsung's Gear VR and Google's Daydream. This is the fastest-growing segment of the global VR market.
“Mobile gaming is witnessing exponential growth, which is because a huge population is able to afford a smartphone with great games. Currently, mobile VR gaming is one of the most exciting genres. This segment is driven by the high growth of the mobile device segment and the popularity of VR,” adds Ujjwal.
Consoles
Consoles held the third-largest share of the global VR market by platform. This is mainly because various game developers are optimizing the games for VR headsets. Sony introduced VR in its video game consoles with the launch of PlayStation VR on October 13, 2016. PlayStation VR, which is preloaded with 50 games, is compatible only with PlayStation 4. In February 2017, Sony unveiled its latest PlayStation 4 consoles with the PlayStation VR in India.
Game developers are creating content, upgrading consoles, and expanding the functionalities of hardware to enhance the user experience. The consoles offer the capabilities of both high-dynamic range and 4K gameplay. This is driving the adoption of consoles for VR gaming.
Some of the key vendors highlighted by Technavio’s research analysts in this report are:
- Netflix
- Samsung Electronics
- Valve
- 360 Labs
- Koncept VR
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