Virtual Reality Shaping the Future of the Gaming Industry
Global virtual reality in gaming market was worth USD 466.6 million in 2012 and is expected to reach USD 5,839.9 million by 2019, growing at a CAGR of 39.2% by 2019
Virtual reality (VR) is a computer-simulated environment. Created with the help of software, it imitates the physical presence of users in a fictional world, enabling them to interact with that environment. The emergence of VR has had the biggest impact on the gaming market in the global arena. The market has been hugely benefited from the experience offered to the user by VR technique of being in and interacting with a 3-D environment during the game.
The popularity of VR in the gaming market has been growing immensely. According to a report published by Transparency Market Research (TMR), the global market for virtual reality in gaming stood at US$466.6 mn in 2012. Analysts expect it to rise at a CAGR 39.20% during the period from 2013 to 2019 and reach an estimated value of US$5,839.9 mn by the end of 2019.
Sony to Launch PlayStation VR Project, Microsoft to Introduce Xbox Two
VR is considered to be the future of video gaming. Market players are increasingly focusing on introducing innovative products to provide users with rich experience. Apple, Nintendo, Microsoft, and Sony are the major companies, leading the virtual reality market in gaming.
On account of its robust brand reputation, Sony dominates the market for VR in gaming. The company is expected to introduce its PlayStation AR project by the end of 2016. Following the trend, Microsoft is also gearing up to launch Xbox Two by sometime in 2018.
Nintendo Wii: Virtual Boy to Virtual Reality
Nintendo, on the other hand, is currently exploring the potential of virtual reality. 20 years ago, it had launched the world’s first 3D video game console, which was capable of displaying real 3D graphics. However, the project proved to be a failure and that is why the company is in no hurry to venture into this market.
Apple, however, does not want to be left far behind. Recently, the company has started selling View-Master Virtual Reality, VR headsets made by Mattel, on its online site. Experts anticipate Apple to roll out VRs, specially designed for iOS, in the next two years.
Colopl to Invest US$50 mn to Develop Virtual Reality Games
Colopl, a Japan-based mobile game publisher, has set aside US$50 million for the research and development of virtual reality games. The amount is said to be the highest investment in this market. CGP Games has raised US$30 mn for VR games while Oculus VR bagged an investment of US$10 mn from Facebook.
Other prominent players such as Linden Lab Inc., Activision Publishing Inc., Electronic Arts Inc., Sega Corp., HTC, Kaneva LLC, and Avatar Reality Inc. are also looking to strengthen their position in the gaming market by incorporating virtual reality in their products.