Market Research Future Insights
Virtual Reality in Gaming Market Size was valued at USD 10.8 billion in 2022. Virtual reality in gaming industry is projected to grow from USD 14.2344 Billion in 2023 to USD 74.61594 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2023 - 2030). Virtual reality refers to an application form that is designed to offer a three-dimensional gaming experience by consuming a three-dimensional virtual or artificial environment. Using these systems improves the look and feel of the environment during a game. The virtual reality software controls and generates an artificial environment. The ability to offer an advanced and extraordinary gaming experience has augmented 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 discovers three-dimensional images on the computer. So, virtual reality in the gaming industry implies the use of graphics and sound technology in games. With this technology, gamers can wear head-base displays or HMDs, gloves, and glasses to enjoy the top-level quality of gaming. The gloves, glasses, head-mounted displays, and sensors track each movement done by the user. All the data collected from the motion is then conventional by the system, which in turn aids in analyzing the data. Virtual reality in the gaming market facilitates the imitation of real-time atmosphere for numerous purposes through games. Such innumerable aids of VR gaming boost the global virtual reality in the gaming industry to a larger extent.
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Key Players
Some of the key market players are Kaneva (U.S.), LEAP MOTION INC. (U.S.), Sony Corporation (Japan), Oculus VR LLC (U.S.), Google (U.S.), Electronic Arts Inc (U.S.), HTC Corporation (Taiwan), Newzoo (Netherlands), SAMSUNG (South Korea), VirZOOM Inc (U.S.), and ZEISS International (Germany)
Regional Analysis
North America is anticipated to dominate in terms of market share in 2020. The growth in this region is due to the advent of core technology such as augmented reality (AR) and virtual reality, 3D audio,5G, advanced graphics, and others. Also, the market growth is driven by the existence of key companies such as Electronic Arts, Inc., Google LLC, Leap Motion, Inc., Facebook Technologies, LLC, and others in the region.
Europe is anticipated to grow significantly due to the increasing demand for virtual reality devices in gaming tournaments in countries such as Germany, Spain, and others. These tournaments are based on progressive games with built-in VR technology.
Asia Pacific is anticipated to grow with the highest CAGR during the estimated period. Emerging countries such as India, China, South Korea, and Indonesia would subsidize the market growth in the region.
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Market Segmentation
The global Virtual Reality in Gaming Market has been segmented into components and device
Based on components, The Global Virtual Reality in Gaming Market has been segmented into hardware, software, and content. Hardware is anticipated to dominate the market in terms of revenue during the estimated period. Hardware contains devices such as consoles, head-mounted devices, controllers, keyboards, gloves, headphones, bodysuits, and others. The hike in revenue is primarily due to the demand and sales of VR-based hardware in the gaming industry. Key players in the market such as Razer, Inc., Leap Motion Inc., and VirZoom, Inc. are focused on the development of advanced hardware-based technology for gaming drives. With the development of advanced hardware, market growth is anticipated to boost during the forecast period.
Based on devices, The global Virtual Reality in Gaming Market has been segmented into mobile, console/PC, and standalone. Console/PC is anticipated to dominate the market by holding an extreme share during the imminent period. The growth is driven by the increasing demand for 3D gaming consoles based on cloud services among the end-users. To involve enriched 3D graphics with splendid sound effects, users are absorbed in investing in advanced 3D consoles, devices, and headphones/speakers.
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