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Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End

George Miller

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Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End
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The Global Virtual Reality in Gaming Market is expected to be valued at US$ 38,331.5 million by 2027, exhibiting a CAGR of 28.6% during the forecast period of 2020 to 2027, as highlighted in a report published by Coherent Market Insights.

Virtual reality is the use of computer technology to create a simulated environment using computer software and hardware technologies. VR technology has been used in many applications including entertainment and gaming. Virtual reality in gaming is referred to the use of sound and graphics technology in games where the user wears gloves, head-mounted display (HMD), and glasses as a part of their experience. There are several equipped to these devices that record the movement.

Growing digitization and advancement in technology is expected to boost the global virtual reality in gaming market growth over the forecast period
Over the years, both developed and emerging economies have witnessed massive digitization. This is complemented with advancements in technology, in order to expand the use of virtual reality devices. There are various technological advancements are expected in the near future namely wide field-of-view AR displays, transition from PC-based to standalone mobile VR devices, 5G mobile devices, and more. Such technological advancements enhance the user experience and reduce the latency up to a significant level. Hence, these factors are expected to drive growth of the global virtual reality in gaming market growth over the forecast period.

Launch of novel products can present lucrative growth opportunities for market players
Key players are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in May 2014, Electronic Arts Inc. launched EA Sports NHL 15, the first title in a new generation of hockey games. In August 2013, Nintendo Co. Ltd. introduced a 2DS handheld gaming device. The device enabled the user to play 3DS and all other games with the device. Furthermore, in February 2014, Sony Corporation launched its virtual reality headsets named HMZ- T3Q VR.

Challenges associated with user-friendly VR are expected to hamper the global virtual reality in gaming market growth over the forecast period
Despite its various advantages such as enhanced quality and realistic experience, many VR devices are not user friendly. Some of those devices are complicated to use and require adequate training long before they used for gaming experience. Manufacturers are required to provide a user-friendly device that can be operated by a layman as well. Hence, such factors are expected to hamper the global virtual reality in gaming market growth over the forecast period.

North America Trends

According to Coherent Market Insights’s study among regions, North America is expected to witness significant growth in the global virtual reality in gaming market during the forecast period. This is owing to the large presence of major VR companies across the region. Furthermore, growing investment in cutting-edge technologies is expected to propel the global virtual reality in gaming market growth over the forecast period.

Europe Trends

Europe is expected to register robust growth rate in the global virtual reality in gaming market over the forecast period. This owing to constant digitalization of various industries across the region. Furthermore, high growth of VR market in France is expected to boost the regional market growth over the forecast period.
Global Virtual Reality in Gaming Market – Impact of Coronavirus (Covid-19) Pandemic
The countries such as China and India, are play crucial role in the supply chain of virtual reality in gaming market. In the span of lockdown the supply chain in these countries mainly disturbed. Many industries were forced to close down their manufacturing site or remained operational with limited people working on the shop floor, which lowered the production capacity of factories. Further, demand for non-essential products decreased during the pandemic. This hindered the market growth during the pandemic.

Competitive Section
Key companies operating in the global virtual reality in gaming market are Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation.

Key Developments

Major companies are focused on research and development activities, in order to enhance the market presence. For instance, in May 2020, Oculus VR, a subsidiary of Facebook Inc., announced that it is developing a new Quest VR headset of 90Hz for the smoother gaming experience.
Key market players are involved in collaborations and partnerships, in order to gain a competitive edge in the market. For instance, in December 2017, Sega Corporation collaborated with StarVR to introduce premium VR arcade experience in Japan.

Balkans

Zitro’s Link King is Now Being Played in Macedonia

George Miller

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Zitro’s Link King is Now Being Played in Macedonia
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Zitro reports its entry into a new European market. This time around, the successful game Link King is the first Zitro game to hit North Macedonia. This is one more step in the ambitious growth plans, which Zitro is committed to accelerating, as the world moves past the pandemic.

The multigame Link King is satisfying both the operator and the players, as Soren Dano, General Director of Casino Apollonia has stated: “Our Casino is full of gaming options that no slot lover should miss, but Zitro’s Link King has been brought in to complete the Casino’s games offering, giving our clients an eye-catching spectacle of games, fun, joy, and excitement, thanks to its frequent prizes”.

For her part, Nadège Teyssedre, Zitro Sales Director for EMEA, comments: “We are very proud to have reached Macedonia, with a game like Link King that has surpassed the most established brands around the world. Being present at the Apollonia Casino is a new milestone for us. One more achievement in our expansion on the European continent. On behalf of Zitro, we want to convey our gratitude to the incredible team at Casino Apollonia for their trust in us”.

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Balkans

AdmiralBet to offer NSoft’s virtual games

George Miller

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AdmiralBet to offer NSoft’s virtual games
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AdmiralBet Serbia now offers NSoft’s premium content to its players on admiralbet.rs. The engaging content pack includes draw-based Lucky Six, Lucky X and Next Six together with Dog races and Virtual Greyhound Races, Virtual Horse Races and exciting Virtual Motorcycle Speedway.

“We are very excited to welcome AdmiralBet. This operator is a name in the industry with significant market share and they already have very engaging content to offer to the players. We believe that our games will help them boost their business even further. It is always exciting to watch how the engagement of the players develops with different operators and different markets,” stated Dalibor Ostojić, Regional Sales Manager at NSoft.

Working with nearly 200 clients across 44 countries, NSoft has created the suite of products that are easy to integrate to all platforms, customisable by client needs, and release lightning fast to production. This claim is supported by clients’ growth in 2020 by 47.4%.

“We always strive to offer the highest quality service to the players. The market is very competitive which is good as it ensures that we all want to give an added value to our clients.

One way to achieve excellence is by doing business with the top industry suppliers. NSoft is for sure one of them,” Bojan Kesić,  Head of Development and IT at AdmiralBet.

He also stressed that AdmiralBet, as a part of the Novomatic group, a global leader in the industry of games of chance, heavily invests in every aspect of its business.

“We always have in mind the customers we interact with. This is why we collaborate closely with a multitude of content creators that capture the imagination of users around the world, and through cutting-edge technology, we provide the tools and mechanisms to bring their dreams to reality,” concluded Mr Kesić.

AdmiralBet operates in more than 200 bet shops in Serbia together with the online business offering for casino and live casino, sports betting, virtual games wagering and slots.

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Africa

Betsafe Officially Launches in Kenya

George Miller

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Betsafe Officially Launches in Kenya
Reading Time: 2 minutes

 

Bet High Kenya Ltd. is pleased to announce the official launch of its online sports betting brand, Betsafe, with a demonstrable commitment to Kenyan football, responsible gaming, and an exceptional sports betting experience.

“Our Responsible gaming program is unlike any other in this market with the safety of the Kenyan sports betting fans in mind. Our online site contains unique control and safety features directly on the site. Our communication will initially be focused on responsible gaming messages and we will furthermore support “Gamehelp” an organisation that supports Kenyans with gaming problem behaviour. We are also the first gaming company to hire a Responsible Gaming Officer who will be dedicated to pursue and improve us in this area,“ noted Alex Kobia, Acting Managing Director of BetHigh Ltd.

“Betsafe’s commitment to football was demonstrated even before our launch when we signed a three-year sponsorship deal with both Gor Mahia FC and AFC Leopards in June 2020. We are very glad and proud to be able to support two of Kenya’s top-tier football clubs. With two of the largest fan bases in the country, these exciting partnerships provide Betsafe with the perfect platform to engage football fans with our unique offering. This will be followed up by investments and commitment to the progress and positive development of grassroots football and infrastructure that will literally provide the breeding grounds for Kenya’s budding football stars,” Alex Kobia continued.

“In terms of product, our ambition is to deliver an industry leading sportsbetting experience. Quick payouts are essential for both us and our customers and we will do our utmost to ensure that over time we are the best in the industry here. Our brand Betsafe is proven in more than +20 countries, but we have also been working hard to tailor our product to the Kenyan market. In terms of SMS betting, we have a revolutionary innovation that will allow our customers to easily make a bet through SMS without a gameID. Just SMS your bet and stake to #23333 and the bet will be placed. If the customer changes his or her mind the bet can be cancelled within a time window after the bet is placed. We will also be launching this service via Telegram. In the next couple of months, several new product features will be added and launched, such as a jackpots offerings.

“As a Company keen on responsible gaming, we wish to commend and appreciate the recent efforts made by the Kenyan Government in the last couple of years through the Regulator, Betting Control and Licensing Board, to introduce regulations to further regulate the industry and wish to confirm that we will strictly adhere and fully support the Regulator in its objective of ensuring responsible gaming is achieved in the market. We are indeed glad to be entering the market during this interesting time under this new environment that has been enabled by the Regulator.”

“We also wish to highlight that it is our intention to provide jobs in the Kenyan market in this industry which is largely driven on technology, and our objective is to provide jobs to at least 150 Kenyans within the next two years which in our estimation will have the domino effect of providing livelihoods to about 1000 Kenyans.”

“In essence, our ambition is to deliver a trustworthy product with safe and quick pay-outs, innovative betting services, passion, and commitment to Kenyan football, responsible gaming, and outstanding customer support,” Alex Kobia concluded.

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