Growing Mobile Gaming Market Predicted to Help the Global Virtual Reality Market Record a CAGR of over 96% Until 2019, Says Technavio
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Growing Mobile Gaming Market Predicted to Help the Global Virtual Reality Market Record a CAGR of over 96% Until 2019, Says Technavio

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:

Gaming

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.

E-commerce

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

Military

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:

Training: HMDs integrated with VR are used for the following training purposes:

Simulation: In the military sector, simulators use sophisticated computer models to replicate a vehicle’s capabilities and limitations within a stationary and safe environment. They are also used to familiarize soldiers with navigation and effective operations.

Aviation: The need to improve operations, safety, and situational awareness are some of the key factors necessitating the use of HMDs in the aviation sector. Earlier, companies developed AR-enabled HMDs solely for navigation and tactical information. However, HMDs today include aspects of VR that allow a pilot to connect the virtual world with reality.

Some of the key products integrated with HMDs in the aviation sector are as follows:

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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