The global VR gaming market will grow steadily during the next four years and post a compound annual growth rate (CAGR) of more than 84% by 2020. A recent report by market research analysts at Technavio identifies the increasing awareness of VR technology as one of the primary growth factors for this market.

This is largely down to high profile deals that include Facebook’s acquisition of Oculus and Google’s investment in Magic Leap. The report also refers to companies such as The Coca-Cola Company and Nissan that are adopting VR technology as a medium for marketing their products. This rise in adoption across various industries will increase the awareness and acceptance of VR technology, which will, in turn, boost the adoption of virtual reality technology in the gaming market.

Make VR Great Again

The report estimates that America will be the major revenue contributor to the market throughout the next four years. The adoption of VR technology by tech giants such as Sony and Microsoft and the presence of companies such as Apple and Google that have a large user base in the mobile gaming segment will fuel the growth of the market in this region.

PC And Software To Dominate

According to this research, the PC segment dominated the market in 2015 and the report expects this segment to continue its market dominance throughout the next four years.

Technavio predicts that the software segment will dominate the market by the end of the forecast period. Though the hardware segment currently dominates the market, the increased awareness among the customers about VR technology will result in the rise in sales of games and apps, subsequently driving the growth of the market segment.

You can buy the full report for $2,500 here.