ICT & Electronics Global Virtual Reality Market Outlook | Page 3

during 2015-2021. Further, high personal disposable income of the population is
anticipated to drive the growth of virtual reality market in North America region.
Asia Pacific is forecasted to witness robust growth over the forecast period.
Availability and increasing adoption of low cost smartphones are propelling the
growth of the virtual reality market in the Asia Pacific region.
Growth in Global Video Games Industry
Global video games industry revenue is anticipated to augment at a compound
annual growth rate (CAGR) of 6.1% during 2015-2019. This expansion of gaming
industry is likely to encourage more experiments in terms of quality and
providing enhanced VR (virtual reality) experience to the gamers. This in-turn is
expected to benefit both the VR hardware and software content developers and
foster their market over the forecast period.
Rising Penetration of Smartphones
In view of increasing users' appetite, most of the virtual reality providers are
currently focusing on developing certain VR (virtual reality) contents and devices
that are compatible with smartphones. Users can easily access and experience
virtual reality just by pairing these devices with their smartphones. It is
anticipated that rising penetration of smartphones (global penetration of
smartphones in 2011 was 9.7% and is expected to reach around 37% by 2018) to
further boost the development of smartphone based virtual reality applications
and fuel the growth of global virtual reality industry in future.
The report titled “Virtual Reality Market : Global Demand Analysis &
Opportunity Outlook 2023 ” delivers detailed overview of the global virtual
reality market in terms of market segmentation by hardware, by software, by
devices, by immersion, by end user and by region.
Further, for the in-depth analysis, The Virtual reality technology is not timeworn
and still in its transition phase. Owing to which, various technical and other