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Virtual Reality In Gaming Market Opportunities And Strategies 2024-2033 | Insights, Demand, Outlook
Virtual Reality In Gaming Market
The Business Research Company offers in-depth market insights through Virtual Reality In Gaming Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The virtual reality in gaming market size has grown exponentially in recent years. It will grow from $15.26 billion in 2023 to $19.62 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to consumer demand for immersive experiences, growth of high-end gaming platforms, content development and game titles, enhanced hardware capabilities.
The virtual reality in gaming market size is expected to see exponential growth in the next few years. It will grow to $55.21 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to emergence of cloud gaming platforms, focus on social and multiplayer gaming, innovation in input devices and controllers. Major trends in the forecast period include storytelling and narrative-driven VR games, VR fitness and wellness gaming, user-generated content and modding, integration of haptic feedback technology, VR game streaming and subscription services.
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Market Segmentation:
The virtual reality in gaming market covered in this report is segmented -
1) By Component: Software, Hardware
2) By Types Of Games: Racing, Adventure, Fighting, Shooting, Mystery Thriller, Puzzle, Science Fiction, Other Types
3) By Device: Personal Computers, Gaming Consoles, Mobile Devices
4) By End-User: Commercial Space, Individual
Major Driver - Virtual Reality's Surge In Gaming Market Driven By Increased VR Device Adoption
The increase in adoption of VR devices is driving the growth of virtual reality in the gaming market going forward. Virtual reality systems create a virtual experience that appears to be real, allowing the user to interact with the 3D world and feel the scenes and objects as if they were real. In the latest generation of computer games, VR devices are employed to make the players feel immersed in the game. For instance, in August 2023, according to the report by Statista, the German-based online platform that collects and visualizes data, the market size for virtual reality head-mounted displays (HMDs) in 2020 amounted to $5.5 billion. Subsequently, the adoption of VR devices witnessed significant growth, with projections indicating an ascent to $18.6 billion by 2026. Notably, approximately 5.5 million units of augmented and virtual reality devices were slated for shipment in 2020. Therefore, the increasing adoption of VR devices is expected to propel the growth of virtual reality in the gaming market in the coming years.
Competitive Landscape:
Major companies operating in the virtual reality in gaming market report are Alphabet Inc., Samsung Electronics Co Ltd., Microsoft Corporation, Facebook Technologies LLC, Intel Corporation, Qualcomm Inc., Sony Interactive Entertainment LLC, Advanced Micro Devices Inc., Nvidia Corp, Nintendo Co Ltd., ZEISS Group AG, Valve Corporation, Electronic Arts Inc., Epic Games Inc., Razer Inc., Unity Software Inc., Sixense Enterprises Inc., HTC Corporation, Pimax Innovation Inc., Varjo Technologies Oyj, Oculus HR Ltd., Starbreeze Studios AB, Vuzix Corporation, Subpac Inc., Virtuix Inc., bHaptics Inc., Sensics Inc., Manus VR B.V., Fove Inc., Kaneva LLC, TPCAST Technology Inc., Infinadeck Corporation, Dexta Robotics Corporation Limited, Teslasuit Inc., YUR Inc.
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Top Trend - Redefining Virtual Reality Gaming
Major companies in the virtual reality gaming market are focused on developing innovative products, such as the mixed reality headset, to contribute to the market's growth. A mixed reality headset combines elements of both augmented reality (AR) and virtual reality (VR), seamlessly blending digital and physical environments to provide users with interactive and immersive experiences. For instance, in September 2023, Meta Platforms, Inc., a US-based social technology company providing solutions for social networking, advertising, and business insights, launched the Meta Quest 3-a mixed reality headset with advanced features for immersive VR experiences. Poised to redefine virtual reality gaming, this product leverages its advanced features to deliver unparalleled and transformative gaming experiences for enthusiasts worldwide, thereby contributing to the advancement of virtual reality in the gaming market.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Virtual Reality In Gaming Market Characteristics
3. Virtual Reality In Gaming Market Trends And Strategies
4. Virtual Reality In Gaming Market - Macro Economic Scenario
5. Virtual Reality In Gaming Market Size And Growth
…..
27. Virtual Reality In Gaming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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