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Immersive Technology in Gaming Industry Market Trends

ID: MRFR//10610-HCR | 128 Pages | Author: Ankit Gupta| July 2024

Immersive Technology in Gaming Industry Market Overview


Immersive Technology in Gaming Industry Market Size was valued at USD 8.83 Billion in 2022. The Immersive Technology in Gaming Industry market industry is projected to grow from USD 10.41 Billion in 2023 to USD 86.39 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.6% during the forecast period (2023 - 2032).


Enhanced Gaming Experience, Hardware Advancements, Content Development, Growth of eSports, Health and Fitness Applications, Entertainment Beyond Gaming, Investment and Funding, Advancements in tracking and graphics, Positive user experiences and word-of-mouth recommendations are encouraging more gamers to try immersive technology, are the key market drivers enhancing the market growth.


Figure 1: Immersive Technology in Gaming Industry Market Size, 2023-2032 (USD Billion)


Immersive Technology in Gaming Industry Market Overview..


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Immersive Technology in Gaming Industry Market Trends


Enhanced Gaming Experience is driving the market growth

Gamers seek an immersive experience that makes them feel like a part of the game. This urge is specifically satisfied by VR technology, which takes gamers into virtual worlds. When you put on a VR headset, you stop only managing a character on a screen and instead take on the role of that character, experiencing the game world from their point of view. The adoption of VR in gaming is being fueled by this unmatched level of immersion.


Players' emotions can be strongly evoked through immersive technologies. In VR, the feeling of presence and the capacity to engage more deeply with virtual worlds and characters can elicit powerful emotional reactions. Immersive technology intensifies these emotional experiences, making gaming more intriguing and memorable, whether it is the dread of playing a horror game, the exhilaration of playing a racing simulation, or the wonder of exploring magical realms.


Immersive gaming is characterized by higher levels of engagement. Players can interact with the game environment and objects in VR and AR by making hand motions, body movements, and even vocalizations. Traditional gaming interfaces can't compete with the physicality and engagement that this hands-on approach to gaming brings. Because of the interactivity, players keep coming back for more in search of fresh and different experiences.


Experiences in social gaming are being improved via immersive technologies. In virtual environments where they may communicate and work together as if they were physically present, users can connect with friends and other players in multiplayer VR games. Its appeal is being driven by this social component of VR gaming, especially during times when opportunities for in-person interactions are scarce.


The potential of immersive technology is constantly being pushed by game makers. They are experimenting with novel gaming mechanics, narrative strategies, and visual effects that are only possible in virtual reality or augmented reality. Gamers find this desire for innovation thrilling, and it also draws in new audiences to the gaming sector. Thus, driving the Immersive Technology in Gaming Industry market revenue.


Immersive Technology in Gaming Industry Market Segment Insights


Immersive Technology in Gaming Industry Component Insights


The Immersive Technology in Gaming Industry market segmentation, based on Component, includes Hardware, Head-Mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW), Software/Platform, Services, Professional and Managed. The Hardware segment dominated the market in 2022. Hardware manufacturers have been working to make VR headsets and AR glasses more comfortable, lightweight, and user-friendly. Enhanced ergonomics and reduced bulkiness encourage longer gaming sessions and better user experiences.


Immersive Technology in Gaming Industry Technology Insights


The Immersive Technology in Gaming Industry market segmentation, based on Technology, includes Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR) and 360 Film. The Virtual Reality (VR) segment dominated the market in 2022. VR is firmly entrenched in the world of competitive gaming. Games like "Beat Saber" and "Echo VR" have flourishing e-sports ecosystems that draw both participants and spectators. In addition to deepening the experience, the competitive nature of VR gaming also piques interest in the technology.


Immersive Technology in Gaming Industry Application Insights


The Immersive Technology in Gaming Industry market segmentation, based on Application, includes Training & Learning, Emergency Services, Product Development and Sales & Marketing. The Product Development category generated the most income in 2022. The feeling of touch and engagement in immersive gaming is enhanced by the incorporation of haptic feedback and advanced input devices. Products that give a more immersive tactile experience, such haptic gloves or motion controllers, are the focus of product development efforts.


Figure 1: Immersive Technology in Gaming Industry Market, by Technology, 2022 & 2032 (USD Billion)


Immersive Technology in Gaming Industry Market, by Technology, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Immersive Technology in Gaming Industry Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Immersive Technology in Gaming Industry Market dominated this market in 2022 (45.80%). There is a sizable gaming community in the US. The popularity of Valve Corporation's VR headgear, the Valve Index, serves as a prime illustration of the market's need for immersive technology. One of the biggest names in the gaming business, Valve, saw the promise of virtual reality and produced the Index headgear, which offers premium VR experiences and works with well-known titles like "Half-Life: Alyx." The overwhelmingly positive response from gamers in North America demonstrates the market's hunger for immersive gaming. Further, the U.S. Immersive Technology in Gaming Industry market held the largest market share, and the Canada Immersive Technology in Gaming Industry market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: IMMERSIVE TECHNOLOGY IN GAMING INDUSTRY MARKET SHARE BY REGION 2022 (USD Billion)


IMMERSIVE TECHNOLOGY IN GAMING INDUSTRY MARKET SHARE BY REGION,


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Immersive Technology in Gaming Industry market accounts for the second-largest market share. Europe's diverse cultures and historical richness serve as an inspiration for immersive gaming experiences. One notable example is "Assassin's Creed" by Ubisoft, a game series that explores different historical settings, including Renaissance Italy, ancient Egypt, and Viking-era Norway. Ubisoft, headquartered in France, leverages Europe's cultural diversity to create captivating game worlds that resonate with a audience. Further, the German Immersive Technology in Gaming Industry market held the largest market share, and the UK Immersive Technology in Gaming Industry market was the fastest growing market in the European region.


The Asia-Pacific Immersive Technology in Gaming Industry Market is expected to grow at the fastest CAGR from 2023 to 2032. China, Japan, and South Korea are among the Asia-Pacific nations that dominate the mobile gaming industry. Games like "Pokémon GO" (created by Niantic) are a prime example of how augmented reality and mobile gaming have combined. The popularity of the game encouraged many mobile gamers in the area to start using AR technology. Moreover, China’s Immersive Technology in Gaming Industry market held the largest market share, and the Indian Immersive Technology in Gaming Industry market was the fastest growing market in the Asia-Pacific region.


Immersive Technology in Gaming Industry Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Immersive Technology in Gaming Industry market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Immersive Technology in Gaming Industry industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Immersive Technology in Gaming Industry industry to benefit clients and increase the market sector. In recent years, the Immersive Technology in Gaming Industry industry has offered some of the most significant advantages to medicine. Major players in the Immersive Technology in Gaming Industry market, including Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG, CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, LLC, HCL Technologies Limited, Honeywell International, Inc., HTC Corporation, Immersive Media Company, Immersive Technologies Pty Limited, Lockheed Martin Corporation, Magic Leap, Inc., NCTech Limited, Oculus (Facebook Technologies, LLC.), Samsung Group, Sony Corporation, Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, Zeality Inc. and others, are attempting to increase market demand by investing in research and development operations.


Google LLC (Google), an affiliate of Alphabet Inc., provides online search and advertising services. The company's primary business segments include advertising, search, platforms and operating systems, enterprise products, and hardware. These are just a few of the products and services it provides: Google Search, Google Chrome, Google Docs, Google Calendar, Google Photos, Google Meet, Google Drive, Google Finance, Google Play Books, Google News, Google Earth, Google Ad Manager, Google Play, AdMob, Google Maps, AdSense, Gmail, Google Groups, and YouTube. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. Google's main office is located in Mountain View, California, in the United States.


HCL Technologies Ltd (HCL) is a provider of software and IT infrastructure services. The company offers a wide range of services in the following areas: industry software services, engineering and R&D services, cybersecurity, cloud native services, digital and analytics services, DRYiCE, IoT works, HCL software services, SIAM/XaaS products & advanced services. The following sectors are served by HCL: banking, finance, manufacturing, telecommunications, retail and CPG, media and entertainment, life sciences, insurance, capital markets, oil and gas, mining and natural resources, automotive, chemical and process industries, high-tech, industrial manufacturing, energy and utility, healthcare, travel, transportation, hospitality, and logistics. The company operates an international offshore infrastructure in addition to a network of offices across the Americas, Asia-Pacific, the Middle East, Africa, and Europe. HCL's headquarters are in Noida, Uttar Pradesh, in India.


Key Companies in the Immersive Technology in Gaming Industry market include




  • Acer Inc.




  • AVEVA Group PLC




  • Atheer Inc.




  • Barco NV




  • Blippar Ltd.




  • Carl Zeiss AG




  • CM Labs Simulations Inc.




  • EON Reality, Inc.




  • FAAC Incorporated




  • Google LLC




  • HCL Technologies Limited




  • Honeywell International, Inc.




  • HTC Corporation




  • Immersive Media Company




  • Immersive Technologies Pty Limited




  • Lockheed Martin Corporation




  • Magic Leap, Inc.




  • NCTech Limited




  • Oculus (Facebook Technologies, LLC.)




  • Samsung Group




  • Sony Corporation




  • Unity Software Inc.




  • Varjo Technologies Oy




  • VI-grade GmbH




  • Zeality Inc.




Immersive Technology in Gaming Industry Industry Developments


Nov 2022: Customers can now experience their favorite sports in 180-degree virtual reality thanks to Meta's launch of the XTADIUM app on Meta Quest.


Immersive Technology in Gaming Industry Market Segmentation


Immersive Technology in Gaming Industry Component Outlook




  • Hardware




  • Head-Mounted Display (HMD)




  • Gesture Tracking Devices (GTD)




  • Projectors & Display Walls (PDW)




  • Software/Platform




  • Services




  • Professional




  • Managed




Immersive Technology in Gaming Industry Technology Outlook




  • Mixed Reality (MR)




  • Virtual Reality (VR)




  • Augmented Reality (AR)




  • 360 Film




Immersive Technology in Gaming Industry Application Outlook




  • Training & Learning




  • Emergency Services




  • Product Development




  • Sales & Marketing




Immersive Technology in Gaming Industry Regional Outlook




  • North America








    • U.S.




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America






 

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