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.
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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.
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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.