The global augmented reality & virtual reality in gaming market was valued at US$ 1340.2 Mn in 2018 and is expected to reach US$ XX Mn by 2023 with a CAGR of 26.6% during the forecast period. The immersive and interactive experience provided by VR games to users is expected to drive the growth of the market. VR racing games, shooter games, horror games, adventure games, and others are some of the various types of VR games. The rising penetration of smartphones and internet has also been accentuating the growth of augmented reality games in recent years. However, health-related issues such as eye problems, simulator sickness, and others associated with augmented reality & virtual reality games are restraining market growth.
The growing demand for VR-enabled fitness games will create opportunities for augmented reality & virtual reality in gaming industry during the forecast period. Nowadays, products such as Oculus Rift and Oculus Quest are gaining attention among fitness studios. As VR gears are expensive, they are mainly in demand among fitness studios rather than among individuals. Thus, there is an increase in the number of VR fitness games like Knockout League by Grab Games and The Thrill of the Fight by Ian Fitz.
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The head mounted display segment dominated the market in 2018 and is expected to show similar trends in the coming years. The rising trend of playing VR games by children, coupled with increasing investments in gaming across the world, is driving the growth of this segment. Worldwide spending on gaming is expected to increase by 9.6% year on year. Moreover, Dubai Internet City, an information technology park developed by the government of Dubai, is planning to invest in the gaming industry in order to improve the gaming sector of the country. This, in turn, is expected to create demand for HMD gaming in Dubai. Further, the handheld segment is expected to grow at the fastest pace with a CAGR of XX% during the forecast period.
Based on regions, North America dominated the market in 2018 and is expected to show similar trends in the coming years. The increasing use of virtual reality by Americans is expected to drive the growth of the augmented reality & virtual reality gaming industry in the region. According to market statistics, 78% Americans have started getting familiar with VR technology in recent days, which is expected to propel the VR gaming industry in the region. Asia Pacific is expected to grow at the fastest pace with a CAGR of XX% during the forecast period. Increasing consumer spending on gaming is driving the growth of the augmented reality & virtual reality in gaming industry across the APAC region. In APAC region, 19.3% of overall AR VR spending came from gaming in 2019, which is expected to drive the growth of the segment during the forecast period.
The major players in the augmented reality & virtual reality in gaming industry are mainly focusing on mergers and acquisitions, product expansion, partnerships, and other such strategies for strengthening their market presence. Sony dominated the VR technology and had accounted for 1.7 million shipments in 2017, which is followed by Oculus and HTC. HTC accounted for the shipment of approximately 800,000 units of VR devices, while Oculus accounted for the sale of approximate 1.7 million units of VR products in 2019.