The global virtual reality in gaming market is reaching astonishing heights in recent years and will continue to evolve in the near future. The valuation of virtual reality in gaming market is estimated to reach around 14.6 billion by 2023, and the CAGR of the market is going to attain 30.5 percent in the assessment period from 2017 to 2023.
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 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 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 (VR) in gaming market facilitates simulation of real-time atmosphere for several purposes through games. Such innumerable benefits of VR gaming boost the global virtual reality in gaming industry to a greater extent.
Over the years, the technological advancement in virtual reality in gaming industry boosts the 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 (VR) in gaming market size. The usage of a three-dimensional real-time environment has increased the demand for global virtual reality in gaming market. With the rise in disposable income, virtual reality in gaming industry is also growing. Constant innovations in the AR/VR gaming industry by manufacturers propel the increase of virtual reality in 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 VR gaming market analysis on the COVID19 impact and discusses the market dynamics along with the opportunities and restraints. It describes the segmentation of global virtual reality in gaming market and provides information about the key market players that can boost the market in forecast years. The report also sheds light on the several geographies that have a major influence on the global virtual reality in gaming industry.
COVID 19 Analysis
The COVID 19 outbreak has 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, the 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 gaming market maintained steady growth as the demand for Virtual reality in gaming industry continued to take a 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 gaming industry share in the upcoming years.
Virtual reality (VR) in gaming market is rising exponentially over the years and is expected to attain its momentum during the forecast years. Modern innovations in the virtual reality in gaming industry by the manufacturers have enhanced the growth of the virtual reality in gaming market size. The primary driving force of the market 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 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 virtual reality (VR) in gaming market, the market potential is taking greater heights. The usage of a three-dimensional environment in the virtual reality gaming systems provides a better gaming experience to the users that is one of the biggest benefits of VR is gaming. The advanced features of graphics and sound technology, along with sensors, glasses, gloves, and head-mounted displays, provide gamers virtual reality impact on gaming. Further development of virtual devices in compact form is elevating the demand for global virtual reality in 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 for the growth of global virtual reality in 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 the VR gaming market share. However, the rising demand for virtual gaming devices enhanced the global virtual reality in gaming market potential. As people stayed mostly at home in the lockdown, the focus shifted more towards virtual reality gaming systems which in turn balanced the virtual reality market growth.
Along with several advantages of virtual reality in gaming industry, some challenges exist that can restraint the overall growth of the market. People have less awareness about such technologies, which constraints 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 gaming market share.
Value Chain Analysis
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 2023. 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 in gaming market is fragmented into different parts on the basis of software compatibility, hardware, and region. The virtual reality game market segmentation on the basis of software compatibility includes smartphones, MMOs, Box PC, tablets, consoles, web games, and others. The hardware segment of the VR in gaming market consists of devices, headsets, glasses, gloves, and many more. On the basis of region, virtual reality in gaming market comprises several geographical areas like Europe, North America, Asia-Pacific, and the rest of the world.
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 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 gaming industry share.
Competitive Landscape of the market
The prominent market players of the global virtual reality in gaming market are:
Frequently Asked Questions (FAQ) :
The global virtual reality in the gaming market is predicted to reach nearly USD 14.6 billion by 2024 at a 30.5% CAGR over the forecast period of (2017-2023).
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).