The demand for virtual reality in gaming is primarily driven by the rising adoption of advanced VR hardware and accessories among gamers. The increasing number of small and start-up companies is entering the market with innovative software and content offerings. Besides, developments in 5G technology, innovative gaming content, and cloud-based gaming technology are some of the key drivers of the market. Further, as a part of the business strategy, prominent players are launching advanced hardware and accessories.
In January 2020, Sony Corporation declared the launch of PlayStation 5 in the upcoming year. The launch will help to boost the adoption of VR in the gaming industry.
In April 2021, Sony Corporation announced the launch of its next-generation PlayStation VR for PS5 next year. The newly launched PSVR2 will run on a single cord connection to reduce play’s mess.
Key players in the market are focused on adopting cloud models in VR gaming. This adoption would aid the users with an improved gaming experience and allow them to customize their gaming library. Also, instant access to the stored virtual reality games is possible through cloud-based gaming solutions from any location and on any platform. Owing to this, the adoption of cloud gaming is considered one of the emerging trends for this developing market. Also, these games based on the cloud offer a wide range of features, including unlimited live streaming, storage capability, links between the connected device, and others.
The rising demand among the users for cloud-based virtual reality software is expected to boost the market size. Key players are completing strategic partnerships and collaborations to strengthen their market position using cloud technology in the virtual reality gaming industry. For instance, in May 2019, Microsoft Corporation completed a partnership with Sony Corporation to develop an advanced cloud gaming platform and online content streaming solutions. This partnership is also expected to support the overall market growth worldwide. Similarly, other companies in the gaming industry, such as NVIDIA Corporation, Advanced Micro Devices, and Huawei Technologies, are investing in the development of advanced hardware based on GPU-as-a-service cloud capabilities. This is expected to boost virtual reality (VR) in gaming market share.