The use of virtual reality in the gaming market involves the creation of games as well as the gear that would provide the simulated 3D environment. The gear has evolved quickly in recent years, as have the games that can be played in VR. Today, you can play all types of role-playing, action, casino and relaxing games with VR headsets. Many more games are in the pipeline, while the gear has evolved tremendously and has become readily available to the general market.
The Growth Statistics
Despite being around for some time, VR technology has still not caught up with the general population, largely due to the expensive gear and conditions required to make it work. It is expected that with lighter and cheaper gear, fewer technical hitches and better adoption procedures, the technology is likely to grow faster and better.
However, even with this slowdown, it has seen almost exponential growth. VR gaming revenue was slightly more than $400 million in 2007. However, it grew to a whopping $1.1 billion in 2020 and is expected to jump to a whopping $2.4 billion in 2024. On the other hand, the VR software and hardware market hit a whopping $2.6 billion in the year 2020 and is expected to hit about $5.1 billion by 2023.
On the other hand, the VR gaming market has seen higher growth than the rest of the technology elements. This market was valued at $11.56 billion in 2019 but is expected to hit over $92.3 billion before the end of the decade.
The VR market is still held by large and notable tech companies. However, several newcomers are now tilting the balance with their innovative products. As of now, Facebook leads with a market share of 38.7%, while Sony owns about 21.9%. The new tech companies that have joined the space include Oculus and PlayStation VR.
What Is the Future of VR Gaming?
Several things will play into the future of VR gaming. It will enhance the growth of the market and improve the gaming experience. Here are some of the things that will come into play in the future in this market.
You will Play VR Games on your phone
One of the greatest technological leaps is enabling gamers to play VR titles on their smartphones. Most of the VR games today are played on desktops in special conditions. However, it is expected that the market will grow with new mobile technologies incorporating AR and VR into their makeup.
North America continues to have the greatest share of the mobile VR market. However, the Asia-Pacific market is likely to expand the most. India, China and Japan, along with South Korea, will be the next stop for VR gaming gear and software technologies.
The growth of mobile VR is still in its infancy. This is because most mobile devices on the market lack a few features that can enable them to transform into great VR gear. Besides, the number of VR games that are available on mobile devices is still low. However, leading gaming companies are looking at ways to improve the user experience and game design.
AR will Be the Future of VR Gaming
One of the reasons why VR is expensive is that the conditions must be right for the simulated environment to render right. This is the reason why people have to wear bulky gear to enjoy the full capabilities of virtual reality. However, AR (augmented reality) superimposes the digital images and footage on the natural environment, enabling the user to enjoy a changed reality without moving from the natural feedback.
These two technologies have existed hand in hand for some time. However, AR promises to provide a better user experience in gaming than VR. This is because players will not need expensive gear and can play on the go, a characteristic that mobile gaming is famed for.
Crypto Gaming Enhances VR Technology
Crypto gaming enhances virtual gaming in several ways. First, crypto is a borderless digital currency that allows players from all over the world to transact with their gaming platforms with ease. With VR content, players will need a currency that can work in their virtual environment without the need for exchange and use limitations. Cryptocurrency fits the bill comfortably.
The blockchain technology is also revolutionizing the gaming platform with distributed gaming. Games are entertaining, transparent, and safe. The rise of crypto gaming will provide the casino gaming market with new relaxing titles for a better user experience.
Rise to Social Gaming with VR
One thing that has not yet caught up with remote gaming is the social side of gaming. Most of the time, players are competing against the machines. In casino gaming, there is the RNG software that basically determines the next symbol. However, with the rise of VR, social gaming will be a reality.
It will be possible for players to take an avatar in the gaming field and interact with fellow players with lots of ease. In casino gaming, players will be able to feel the chips on a roulette gaming table or interact with characters in the slots pages. Currently this experience is unavailable but may soon be the norm on platforms such as Fairspin Casino. Check out the Fairspin Casino review and know what is on offer.
With augmented reality, it will also be possible to interact with the environment you are in while gaming, such as the case with Pokémon Go. This way, you can play together with friends and loved ones wherever you are while still enjoying the best of nature.
Virtual reality is going to revolutionize how people play games on their mobile devices, desktops and smart screens. It will enable them to collaborate with others when gaming and interact with the elements of the game. All this enhances the playing experience and enjoyment. The technology is growing and could be the future of video and casino gaming.