Press release
Global Virtual Reality in Gaming Market is expected to reach $58.6 billion by 2030
The global virtual reality in gaming market is expected to grow at a CAGR of 16.0% during the forecast period 2022-2030 with its market size $58.6 billion by 2030. The increasing disposable income in developing countries and the introduction of a large number of gaming devices are factors pertaining towards the growth of the virtual reality market in the gaming sector across the globe.Virtual reality is the technology that enables the user with an environment that is interactive and engaging in a computer-generated arena and that is further roused in accordance with the graphics requirements of a particular game. It has been observed that virtual reality technology in gaming sector assimilates auditory and virtual feedbacks that enable the gamer to get involved in a fictional area where with the use of stimulation physical presence of a player is ensured.
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Market Segmentation
Insight by Components
Based on components, the global virtual reality in gaming market is categorized into hardware and software, wherein the hardware category accounted for the largest share in 2020. The growth of this category is attributed towards increasing accessibility and availability of VR wearables and accessories across the globe. Furthermore, it has been observed that there are several devices available for users such as gloves, head mount displays, VR hands, backpacks, motion-sensing devices, masks, and bodysuits.
Insight by Compatibility
On the basis of compatibility, the global virtual reality in gaming market is divided into gaming consoles, PCs and mobile devices. Among these three categories, the gaming consoles category accounted for the largest share in 2021. Consoles are easy to handle, easy to use, cost-efficient and do not require the constant revamping of hardware that further eliminates the requirement of developing technical skills.
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Industry Dynamics
Growth Drivers
Global virtual reality in gaming market has been driven by several key factors, predominantly increasing the disposable income of people in the emerging economies and the increasing involvement of young generation in the gaming area. It has been observed that there are several small companies in developing economies that are developing the latest VR devices that help gamers to completely involve and engage themselves in the game.
Virtual reality in gaming market gives the player an experience of playing inside the game itself. Along with this the gamer can customize and change the simulated environment according to the preference and requirement of the players. Thus, in turn, driving the growth of the market.
Challenges
Lack of awareness about virtual reality technology and high costs of virtual reality headsets are hindering the growth of the virtual reality in gaming market, globally. To overcome such a challenge, the vendors of virtual reality in gaming are creating gaming clubs for their target base in order to extend awareness about these devices and enhance their market growth.
Industry Ecosystem
Globally, virtual reality in gaming industry players is leveraging market growth by developing new products and make it a more cost-effective option through the development of innovative solutions. The vendors for virtual reality are further emphasizing upon availing various solutions to users such as advanced technology that will ensure better delivery of gaming experience.
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Geographic Overview
Geographically, North America has accounted for the largest share in virtual reality in gaming market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the increasing deployment of gaming sectors and extensive influence of games amongst the young generation in the region. Furthermore, the key providers of virtual reality in gaming reside in this region and are further consuming their resources to make these games adaptable on the virtual reality.
Asia-Pacific virtual reality in gaming market is expected to witness the fastest growth during the forecast period due to a large number of population and their increasing acceptance for gaming technology. It has been observed that there have been many official gaming influencers who are officially popular gamers and whose job are confined towards indulging others into games. Many gaming companies are hiring such influencers to promote the use of virtual reality headsets for gaming purpose that is further bolstering the growth of the virtual reality in the gaming market in this region.
Competitive Insight
Key players in virtual reality in gaming market are launching new products in order to engage a large consumer base. For instance, in 2016 Sony Corporation had launched a new headset further targeting new and expanding its existing consumer base.
Some of the key players operating in the global virtual reality in gaming market are Kaneva, Linden Research Inc., Nintendo Co. Ltd, Nvidia, Qualcomm, Microsoft Corporation, HTC Corporation, Sony Corporation, and Samsung Electronics Co. Ltd.
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