In terms of revenue, the Global Virtual Reality in Gaming Market is expected to reach USD 37 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 30.40% from 2022 to 2028.
Virtual Reality (V.R.) has improved gaming by transporting players inside their screens in real-time. In order to increase user engagement and immersion, the industry now provides players with enticing virtual accessories. As technologies like motion tracking, 3D effects, and interactive graphics get more sophisticated, they are better able to capture players' interest, which will propel the industry forward. Furthermore, as their disposable income rises, users are expected to try out increasingly cutting-edge forms of entertainment, such as virtual reality games.
The sector is expected to increase as a result of the rapid improvement in the development of virtual reality peripherals, which the compatible computers and gaming consoles will strengthen. Several new companies are entering the Virtual Reality in Gaming market, which bodes well for the industry of wearable components like Head-Mounted Displays (H.M.D.s), bodysuits, motion trackers, gloves, and so on. At first, only a select number of countries will have access to the devices. For example, the H.T.C. Vive was only released to the public in 24 countries at launch.
Key Developments in the Industry:
· In the month of May of 2020, Apple Inc. bought NextVR, a startup that specialises in creating content for V.R. headsets, including sports and other genres. Apple's progress in creating virtual reality and augmented reality headsets, as well as related software and content, will benefit from this purchase.
· The San Francisco virtual reality studio Sanzuru Games was purchased by Facebook in February of 2020. Since Sanzuru Games has developed four games for the Oculus Rift, including "Asgard's Wrath" and "Marvel Powers United V.R.," Facebook's purchase of the firm will help it expand into the Virtual Reality in Gaming market. Additionally, the company has developed a wide variety of games for consoles and mobile platforms, including both original works and licenced adaptations of popular franchises like Sonic and Spyro.
· In May of 2021, HTC VIVE released not one but two new virtual reality headsets: the PC-connected H.T.C. Vive Pro 2 and the mobile H.T.C. Vive Focus 3. The company has set its sights on growing its share of the immersive technology market with the release of this new product.
· Sandbox V.R., a Hong Kong firm founded in July 2019, developed hyperrealistic V.R. games. It has dabbled in location-based virtual reality games.
· In order to broaden its offerings, Hong Kong-listed Beijing-based maker of online and mobile games Yunyou Holdings bought virtual reality company Beijing XiguaHuyu Entertainment Technology in August 2019.
· Working with the H.T.C. Viveport China team, Virtuleap released their Enhance V.R. brain training app in the country in January of 2020. Each day, you can challenge yourself to a new set of minigames in Enhance V.R. that are designed to test and improve your motor skills, spatial awareness, and other cognitive abilities like memory, problem solving, flexibility, and speed.
Technology advancements in areas like augmented reality, virtual reality, the Internet of Things, better frame rates, 3D graphics, and cloud streaming were made possible by the ever-increasing need for more powerful game consoles. One of the main things driving the market is the integration of these new technologies. Furthermore, the increasing demand for virtual reality peripherals such as motion sensing devices, bodysuits, head-mounted displays, gloves, masks, treadmills, backpacks, and 3D headphones is anticipated to fuel market expansion.
Gaming industry leaders like Microsoft and Sony are putting their resources into developing and releasing cutting-edge consoles and peripherals. For instance, Sony announced the release of PlayStation 5 for the next year in January 2020. The release will speed up the rate at which the gaming industry adopts virtual reality.
In addition, Sony revealed plans to release PlayStation VR 2.0 for PS5 in April 2021. The recently released PSVR2 just requires a single cord connection, making for cleaner gameplay. In addition, major players are pouring resources into R&D to create optical gaming devices that utilize this technology. As a result, the market is projected to expand throughout the anticipated time frame as consumers increasingly invest in optical gaming devices and high-end consoles.
Geographically, the market is anticipated to have the considerable market expansion, with the highest growth rate over the anticipated period.New foundational technologies like AR/VR, 5G, 3D audio, sophisticated graphics, and others are fueling the region's expansion. Companies like Electronic Arts Inc., Google LLC, Leap Motion Inc., Facebook Technologies L.L.C., Microsoft Corporation, and others all have a hand in driving the market forward in the region. Players in this area are prioritising research and development of cutting-edge technology and software. For instance, Oculus released their all-in-one Virtual Reality in Gaming system, Oculus Quest, in September 2018.
The Global Virtual Reality in Gaming Market is Segmented as follows
- Connecting Device
- Gaming Console
- PC/ Desktop
- Commercial Space
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Virtual Reality in Gaming Market is
bHaptics Inc. (South Korea), Facebook Technologies, LLC./Oculus (US), Google VR (US), HTC Corporation (Taiwan), SAMSUNG Electronics Co. Ltd. (South Korea), Sony Interactive Entertainment LLC (US), TESLASUIT/ VR Electronics Limited
The Global Virtual Reality in Gaming Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|