Smartphones are the fastest growing platform for virtual reality gaming
The smartphone era has revolutionized the way human beings handle technology. Almost every aspect of daily life – be it commercial and financial transactions, e-commerce, or for that matter, even gaming – is ruled by smartphones with people relying on their mobile devices to carry out routine day-to-day tasks. In the gaming arena as well, smartphones have changed the entire paradigm of the gamer’s experience. With virtual reality games fast gaining popularity across the globe, it is not surprising that gaming enthusiasts are turning to their smartphones for an enhanced immersive gaming experience. This probably explains why the smartphone platform will hold a market share of more than 45% in the global virtual reality gaming accessories market by the end of the forecast period in 2025. Virtual reality gaming through PC is likely to stay on at the second position in the global virtual reality gaming accessories market, with a market share of just under 35% by 2025 end.
Factors boosting the growth in adoption of smartphones in the global virtual reality gaming accessories market
Several factors contribute to the growing adoption of smartphones as a tangible platform for virtual reality gaming. An increasing growth in adoption of smartphone based VR headsets and other gaming accessories owing to the feasibility of playing VR games without any connected cables and devices is the primary driver pushing the market towards high revenue growth. This is also likely to boost the demand for VR gaming products in the near future. This growing adoption of smartphones for VR gaming has led to an increase in revenue contribution to the GDP through the use of mobiles, especially in geographies such as APAC and North America. Also, worldwide spending on ICT is increasing significantly every year. The main reasons for this increased spending is the growing use of smartphones to access the internet and continuous launches of new technologies in the market across domains such as IT, media and entertainment, etc. These factors are anticipated to significantly boost revenue growth in the global VR gaming accessories market.
Smartphone segment will remain the most attractive segment by platform during the forecast period
The smartphone segment is estimated to be valued at just under US$ 5 Bn by the end of 2017 and this is anticipated to increase to more than US$ 14 Bn by the end of 2025. This is reflective of a CAGR of 14.2% during the forecast period. The PC segment is estimated to reach a market valuation of more than US$ 10 Bn by 2025 end, witnessing a growth rate of 16.8% in terms of value. The Gaming Console segment is anticipated to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 19.1% during the forecast period.
Opportunities for key players operating in the global virtual reality gaming accessories market
The increasing adoption of smartphones compatible with VR devices presents lucrative opportunities for companies in the global virtual reality gaming accessories market. This is also augmented by a growing global adoption of gaming consoles equipped with VR technology. The VR gaming accessories market is rapidly growing owing to an increase in the use of mobile based headsets that provide a seamless gaming experience without the use of any cables attached to PCs or gaming consoles. As a norm, companies are moving towards the next level of gaming technology namely virtual reality and this is further boosting revenue growth of the global virtual reality gaming accessories market. Virtual reality gaming is a very lucrative field and provides numerous opportunities for market players to expand their business and increase the customer base. In order to fully leverage the innumerable opportunities presented by the global virtual reality gaming accessories market, companies need to focus on launching innovative mobile headsets and other VR gaming accessories to stay ahead of competition in this highly competitive market.
Virtual reality has caught the world by storm and the combined effect of virtual reality and gaming has created a new breed of technology hungry individuals with a zeal for exploring hitherto unseen dimensions that define the VR and gaming industry. Persistence Market Research decided to explore the different facets of the virtual reality gaming industry – more specifically the VR gaming accessories market – in a new report titled “Virtual Reality Gaming Accessories Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025,” which focuses on the different types of VR gaming accessories and presents a forecast for the global virtual reality gaming accessories market over an eight year assessment period from 2017 to 2025.
The highlight of this report is a detailed section on the virtual reality gaming accessories market view point. This section focuses on the macroeconomic factors likely to influence revenue growth of the global virtual reality gaming accessories market over the eight year forecasted period. An opportunity analysis of the global market along with a brief market snapshot is presented in this section. We have also touched upon the global regulations pertaining to virtual reality as well as a detailed pricing comparison of the various VR gaming accessories products currently available in the market. The subsequent sections dive into the various regional markets for virtual reality gaming accessories and these sections present a historical market analysis for the period 2012 – 2016 along with a detailed forecast for the assessment period 2017 – 2025. In these sections, we have also listed the regional market dynamics (drivers, restraints, trends) and presented an impact analysis of the drivers and restraints on the regional virtual reality gaming accessories markets. A regional market attractiveness analysis and market presence (intensity map) concludes these sections.
The most important section of the report features the competition scenario in the global virtual reality gaming accessories market. This section is intended to provide a dashboard view of the key companies operating in the global market and includes information such as market structure, market share analysis, and competition intensity mapping by market taxonomy. We have also profiled some of the top companies operating in the global virtual reality gaming accessories market and provided details such as company overview, key financials, business strategies, and recent market developments. The last part of the report outlines the global virtual reality gaming accessories market forecast on the basis of components, platform, sales channel, and region. Towards the end of the report, we have briefly mentioned the research methodology adopted to arrive at the global market estimations.
The Persistence Market Research methodology is a combination of in-depth primary and secondary research used to arrive at the exact market data and relevant information. The data thus gathered is validated using the triangulation method where primary and secondary data is integrated with Persistence Market Research analysis to arrive at the final data points. This data is then analyzed and scrutinized using advanced tools to obtain relevant and useful insights into the global virtual reality gaming accessories market. Our primary research comprises identifying key opinion leaders, designing a comprehensive questionnaire, conducting in-depth interviews, and ensuring adequate coverage across the global virtual reality gaming accessories market value chain. We have also conducted a detailed company analysis including identification of the key market participants and a detailed study of their key strengths and product portfolio. Our desk research includes a study of industry experts, market developments and market changing aspects / dynamics, different products available in the global virtual reality gaming accessories market, and pertinent insights based on these findings.
Global Virtual Reality Gaming Accessories Market: Taxonomy