Virtual Reality in Gaming Market will exhibit a CAGR of 31.80% in the forecast period of 2022-2030 and is expected to reach USD 73.4 Billion by 2030.
Globally, the Size of Virtual reality in gaming market is set to grow at a CAGR of 31.80% to hit USD 73.4 Billion by 2030 driven by the indefinite benefits of VR gaming are constantly boosting the market growth.
Virtual reality refers to an application form that is designed to provide a three-dimensional gaming experience by using a three-dimensional virtual or artificial environment. Using these systems enhances the look and feel of the environment during a game. The virtual reality software controls and creates an artificial environment. The ability to provide an advanced and extraordinary gaming experience has increased the demand for virtual reality in the gaming industry.
The most popular and common form of the AR/VR gaming industry is the way it explores the three-dimensional image on the computer. So, virtual reality in the gaming industry implies the utilization of graphics and sound technology in games. With this technology, gamers can wear head mount displays or HMDs, gloves, and glasses to enjoy the top-level quality of gaming. The gloves, glasses, head-mounted displays, and sensors track every movement done by the user. All the data collected from the motion is then received by the system, which in turn helps in analyzing the data. Virtual reality in gaming market facilitates the simulation of real-time atmosphere for several purposes through games. Such innumerable benefits of VR gaming boost the global virtual reality in the gaming industry to a greater extent.
Over the years, the technological advancement in virtual reality in the gaming industry boosts market growth to optimum levels. New developments in the field of making more comfortable and compact gaming devices with virtual reality are one of the factors that lead to the expansion of virtual reality in gaming market size. The usage of a three-dimensional real-time environment has increased the demand for global virtual reality in the gaming market. With the rise in disposable income, virtual reality in the gaming industry is also growing. Constant innovations in the AR/VR gaming industry by manufacturers propel the increase of virtual reality in the gaming market share.
The report depicts the global virtual reality in gaming market insights along with the valuation and growth rate of the market during the forecast period. It provides a VR gaming market analysis on the COVID-19 impact and discusses the market dynamics along with the opportunities and restraints. It describes the segmentation of global virtual reality in gaming industry and provides information about the key market players that can boost the market trends in the forecast years. The report also sheds light on the several geographies that have a major influence on the global virtual reality in the gaming industry.
The COVID-19 outbreak has had a severe impact on the global economy and created a health crisis all over the world. The business and working sector has faced various challenges in continuing their work and has to bear financial losses. During the COVID-19 pandemic, industrial work and production unit operations were put at a halt which created breakage in the supply chain. Many projects were stopped or delayed for an unknown time period. The occurrence of the pandemic resulted in adversely affecting several industries. However, the global virtual reality in the gaming market maintained steady growth as the demand for Virtual reality in the gaming industry continued to take rise.
During the lockdown, people shifted more towards indoor gaming activities and opted for virtual gaming devices, which upsurge the growth of the virtual gaming market. The rapid increase in the demand for these devices will raise the virtual reality in the gaming industry share in the upcoming years.
The VR gaming market is rising exponentially over the years and is expected to attain its momentum during the forecast years. Modern innovations in virtual reality in the gaming industry by manufacturers have enhanced the growth of virtual reality in gaming market size. The primary driving force of the virtual reality gaming system is the utilization of a three-dimensional real-time environment with advanced graphics and sound technology. Gamers get a unique and delightful experience using virtual gaming devices which track down their motion and act accordingly in real time. With the constant development to build more comfortable and compact virtual gaming devices, the virtual reality in the gaming industry demand escalates.
According to the VR gaming statistics, the market demand is rising due to the upsurge in disposable income. Virtual gaming devices provide an excellent consumer experience, which results in the requirement of more and more latest technologies in the global virtual reality in gaming industry. The indefinite benefits of VR gaming are constantly boosting the market growth.
With the advent of the latest technologies in the Virtual reality gaming market, the market potential is taking greater heights. The usage of a three-dimensional environment in virtual reality gaming systems provides a better gaming experience to the users which is one of the biggest benefits of VR gaming. The advanced features of graphics and sound technology, along with sensors, glasses, gloves, and head-mounted displays, provide gamers with a virtual reality impact on gaming. Further development of virtual devices in compact form is elevating the demand for global virtual reality in the gaming industry. As per the VR gaming market analysis, the market growth is increasing rapidly due to consistent modern innovations and improved disposable income. In the upcoming times, the numerous opportunities will propel the virtual reality in gaming market growth to optimum levels.
The outbreak of the COVID-19 pandemic is a major restraint to the growth of global virtual reality in the gaming industry. All industrial operations and production units were closed for an uncertain time period during the lockdown, and many projects got delayed. The reductions in industrial operations hindered the growth of Virtual reality in gaming market share. However, the rising demand for virtual gaming devices enhanced the global virtual reality gaming market potential. As people stayed mostly at home during the lockdown, the focus shifted more toward virtual reality gaming systems which in turn balanced the virtual reality market growth.
Along with several advantages of virtual reality in the gaming industry, some challenges exist that can restrain the overall growth of the market. People have less awareness about such technologies, which constrains the expansion of the VR gaming market size. The compatibility issues of virtual gaming devices and limitations to the software and hardware of these devices hinder the growth of virtual reality in the gaming market share.
The VR gaming market analysis shows that the overall market valuation will reach stupendous heights in the upcoming years. The virtual reality revenue generation in the market will exceed the earlier historic growth by the end of the year 2030. According to the VR gaming statistics, the rising demand for virtual gaming systems will fuel the growth of the VR gaming market Share.
The global virtual reality gaming market trends are fragmented into different parts on the basis of software compatibility, hardware, and region.
The VR gaming market analysis is done in various geographical regions such as Europe, North America, Asia-Pacific, and the rest of the world. North America accounts for the largest virtual reality in gaming market share due to the increased completion among developers and reduced prices of such devices. The escalation in consumer preference for smart devices and rising demand for advanced technologies in AR/VR gaming industry will boost the global virtual reality in gaming market growth in the forecast period. In the Asia-Pacific region, the growing demand for smart gadgets and technological developments is expected to elevate virtual reality in the gaming industry share.
|Market Size||USD 73.4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Hardware, Compatibility|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Google (U.S.), Electronic Arts Inc (U.S.),HTC Corporation (Taiwan), Newzoo (Netherlands), SAMSUNG (South Korea), Kaneva (U.S.), LEAP MOTION INC. (U.S.), Sony Corporation (Japan), Oculus VR LLC (U.S.), VirZOOM Inc (U.S.), ZEISS International (Germany)|
|Key Market Opportunities||The virtual reality in gaming market growth to optimum levels|
|Key Market Drivers||
The global virtual reality in the gaming market is predicted to reach nearly USD 73.4 Billion by 2030 at a 31.80% CAGR over the forecast period of (2022-2030).
The significant factors contributing to the growth of the virtual reality in gaming market are the use of the three-dimensional environment, developing compact and comfortable virtual reality gaming devices, rising demand for the latest technologies in the gaming industry, increase in disposable income and continuous innovation by virtual reality manufacturers.
For the purpose of this study, Market Research Future has segmented the virtual reality in gaming market into software, hardware, application, and region.
Google (U.S.), Electronic Arts Inc (U.S.), Newzoo (Netherlands), Oculus VR, LLC (U.S.), HTC Corporation (Taiwan),Kaneva (U.S.), Sony Corporation (Japan), SAMSUNG (South Korea), ZEISS International (Germany), VirZOOM, Inc (U.S.), and LEAP MOTION, INC. (U.S.)
The geographical analysis of the global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).