The VR gaming market will be worth just over US$40 billion in 5 years

According to a new report, the virtual reality (VR) gaming market will grow from its most recent US$10.3 billion valuation to one of $40.2 billion in 2024. This is likely to be driven by advancements in VR equipment design and function. However, the cost of the same is also thought to be what is holding this market back at present.

by Deirdre O Donnell, 2019/05/16

The market analysis group ResearchandMarkets have assessed the VR gaming space. It reports that, whereas this sector was worth US$10.3 billion worldwide in 2018, it will be worth an estimated $40.2 billion by 2024. Therefore, it could grow at a compound annual rate (or CAGR) of 25.5% over the next 5 years.

That sounds like a healthy amount of growth. However, ResearchandMarkets also finds that the price of VR headsets remains prohibitive enough to affect the growth of the market at this point. It has also found that the companies operating in this space have addressed this issue by setting up dedicated VR 'arcades' aimed at both adult and younger consumers. These areas tend to be located in commercial spaces such as malls.

This new report also states that PCs are the most prominent platform for VR gaming, whereas consoles and mobile devices come in second and third respectively. It also lists the biggest players in this market, in terms of either hardware or software. They include: AMD, Facebook, Fove, Google, GoPro, HTC, Largan Precision, NVIDIA, Qualcomm, Razer, Samsung, Sony and Zeiss International.