Virtual Reality and other advanced technological trends are here to stay. The Global Virtual Reality market size is expected to reach $42.50 billion by 2025, as it is registering a CAGR of 32.75%. VR is bringing a significant shift in how users interact with the environment and the objects present around us. The adoption and utilization of Virtual Reality are boosting the global demand for the VR market. The players can explore the 3D generated environment that is near to the real-life world. The gaming sector and the gambling sector, especially online casino and sports betting, are rapidly evolving with VR.
The use of VR across different sectors and gaming and gambling is also making a huge difference. The sectors like real estate, education, healthcare, and entertainment use VR technology to train their employees. The conferences and meetings are becoming possible in real-time too.
Easily Accessible VR Headsets and Games
The affordability of VR cameras is also increasing because they are now becoming independent accessories on users’ Smartphones. The users use almost 98% of the mobile-based VR headsets. The active players of VR technology in the market are Oculus Rift, Samsung Gear VR, Google Daydream VR, and Sony Playstation VR.
These advanced and powerful VR tools are making gaming more comfortable and entertaining. The introduction of VR headsets for an affordable rate and designing addictive games increase youngsters’ curiosity.
According to reports by NewGenApps, the worldwide user base of the VR games will rise to 216 million users by the year 2025. The use of mainstream VR headsets, wearable, and accessible headsets are increasing manifold. Even the sports broadcasters, SKY uses VR to bring an immersive experience for its viewers. The Football pundit Jamie Carragher re-enacted the goal by Adama Traore in 2019 using Virtual Reality.
The iGaming sector is central to VR technology, as many headsets are designed to support online gaming and gambling. NetEnt gaming software provider offered the VR version of their popular game ‘The Gonzo’s Quest slot’. This VR version came with the rapid adoption of VR in the online gaming sector.
Few more VR-based games are launched in February 2021 by Facebook. The social media platform announced more than 60 games for the VR headsets like Oculus Quest and Oculus Quest 2. The game ‘The Walking Dead: Saints and Sinners’ by Skydance made almost $29 million. These latest news forms have hit the market mainly when VR is finally making big in the gaming sector.
In the words of Lewis Ward, the Research Director of Gaming, VR/AR, and esports at International Data Corporation, “If you go three to four years back, you will not find many gaming titles that have crossed million dollars. But, these VR-based games’ profitability shows that it is an important benchmark in the gaming industry. Since the Quest Line’s announcement, the VR-based gaming stuff can streamline on PC-based platforms with the Facebook surge. Even the PC gamers are doing quite well.”
VR Becoming a Fully Immersive Gaming Segment
VR is rapidly becoming the fully immersive sector that will hold a significant market share soon. During the forecast years, this sector is going to hold a CAGR of 32.75%. Even the big tech giants like Microsoft introduced the Microsoft Layout that works as the VR headsets’ mobile application. Moreover, the VR devices used presently are the head-mounted display that will stay in the forecast years. The Gesture Tracking Device is expected to gain popularity because of its application in the defense, architecture, and design sectors.
The VR market will be significantly ruled by the consumer sectors that include entertainment and gaming sectors. This segment has the highest penetration in using VR headsets. This immersive technology is providing the users an entirely new virtual world. During the coming years, the consumer segment will widely rule the VR market with consumer applications.
Talking about VR’s future in today’s gaming market, the web-based VR devices will witness a considerable boost. The in-depth analysis of the Virtual Reality market will help the investors to make an informed decision. Even this will help them to create better future opportunities and face the present challenges of this market. The rapid digitization of the gaming market and the advanced technologies will soon remove any VR-based challenges.
The only thing that experts are looking forward to is to educate the manufacturers to provide user-friendly devices to the players. It will help remove the significant challenges and obstacles in the VR-based gaming industry created by the complicated devices. Despite all the above things, the key market players are entering this market to make it more desirable and constructive.