TechNavio's latest industry research report shows that from 2016 to 2020, the global virtual reality gaming market will increase by 84.4%.
The report pointed out: TechNavio analysts predict that the global VR game market will grow steadily over the next four years, and by 2020, its compounding rate will exceed 84%. In addition, the report's summary also stated that this market research analysis confirmed that people's growing awareness of VR technology is one of the main factors in the growth of VR game market.
The report predicts that the United States will be the main source of income for the VR game market. Examples include the increased awareness and growth brought to the public by big companies such as Google, Samsung and Sony.
"Technology giants such as Sony and Microsoft use VR technology, and companies such as Apple and Google, which have a large user base in the mobile game space, have entered the VR market, which will drive growth in the US market."
According to the report, the prices of VR devices and accessories will also drop because of investments from large companies like Google.
The report concludes: “The price reduction of products is mainly due to the growth of hardware manufacturers, and the introduction of low-cost VR equipment by technology giants like Google will exacerbate the competitive environment in the market.â€
Although many companies currently have a large portion of the hardware sector, the report states that game software will surpass the hardware sector in the next four years.
The report concludes that “Although the hardware is currently dominated by the market, users’ awareness of VR technology will lead to growth in sales of VR games and applications, and will subsequently drive growth in market segmentsâ€.
In addition, the forecast is based on PC VR games, and it will continue to dominate the VR game market between 2016 and 2020.
TechNavio's market analysis is consistent with other recent predictions, claiming that the value of the VR industry will reach US$ 162 billion by 2020, and usage in 2017 will increase significantly.
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