Status : Published Published On : Jan, 1970 Report Code : VRICT5076 Industry : ICT & Media Available Format : Page : 176
2022
2030

Global Virtual Reality in Gaming Market – Analysis and Forecast (2022-2030)
Industry Insights by Components (Hardware and Software), by Compatibility (Gaming Consoles, PCs and Mobile Devices)

Industry Overview

The global virtual reality gaming size to grow from USD 20.2 billion in 2021 to USD 58.6 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 16.0% from FYI 2022 - 2030. During the forecast period, a substantial growth rate is anticipated in the worldwide virtual reality gaming industry. The global expansion of the virtual reality market in the gaming industry is attributed to a number of causes, including rising disposable income in developing nations and the introduction of several gaming devices.

The technique known as virtual reality provides users with an immersive, interactive world in a computer-generated setting that is further enhanced in accordance with the graphic requirements of a certain game. It is been noted that virtual reality technology in the gaming industry combines auditory and virtual feedback to let players immerse themselves in a made-up world where, through the application of a stimulus, the physical occurrence of players is safeguarded.

Market Segmentation

Insight by Components

The market is categorized into hardware and software, based on components. Between the two, the hardware category accounted for a higher proportion of the virtual reality in the gaming market in 2020. Growing accessibility and availability of VR gear and accessories around the world are credited to this category's expansion. Additionally, it has been noted that a variety of gadgets, including bodysuits, masks, backpacks, VR hands, and gloves, are available for users.

Insight by Compatibility

The virtual reality gaming market is categorized into personal computers, game consoles, and mobile devices, based on compatibility. Among these, the gaming consoles category accounted for the largest market share in 2020. This is because consoles are lightweight, inexpensive, and do not require ongoing hardware upgrades, and also there is no longer a need to build technical expertise.

virtual reality gaming Market Report Coverage

Report Metric

Details

Historical Period

2018–2021

Base Year Considered

2021

Forecast Period

2022 - 2030

Market Size in 2021

$20.2 Billion

Revenue Forecast in 2030

$58.6 Billion

Growth Rate

CAGR 16.0%

Segments Covered in the Report

By Component, By compatibility.

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and the Rest of the World

 

Industry Dynamics

Growth Drivers

The growing disposable income of people in emerging economies and the surging interest of young people in the gaming industry are the two main drivers of virtual reality in the gaming market. It has been noted that a number of small businesses in developing nations are creating the newest VR technology that enables players to immerse themselves fully in the game.

The use of virtual reality in the gaming industry allows users to experience playing inside the game. Additionally, the gamer can alter the simulated environment to suit the preferences and needs of players, subsequently fueling the market's expansion.

Challenges

The market growth for virtual reality in gaming is being hampered by low consumer understanding of the technology and costly headgear prices. In order to overcome this obstacle, virtual reality game suppliers are setting up gaming clubs for their target demographic in an effort to raise awareness of their products and accelerate market expansion.

Industry Ecosystem

Players in the virtual reality gaming sector are exploiting market expansion globally by creating new products and making them a more affordable option by creating creative solutions. Vendors of virtual reality are putting even more emphasis on providing users with a range of options, like cutting-edge technology that will guarantee a better delivery of the gaming experience.

Geographic Overview

Geographically, North America accounts for the greatest market share for virtual reality video games, and it is projected to lead the industry over the coming years as well. This is ascribed to the expansion of the gaming industry and the widespread use of games among the young population in the region. Additionally, major virtual reality game developers are based in this area and are expending additional efforts to make these games compatible with virtual reality.

However, due to its huge population and rising acceptance of gaming technology, the APAC virtual reality gaming market is predicted to grow at the quickest rate throughout the forecast period. It has been noted that there have been numerous official gaming influencers who are well-known players and whose job is to entice people to play games. Moreover, the regional market is expanding as a result of the numerous gaming companies that are employing such influencers to promote the use of virtual reality headsets for gaming purposes.

Competitive Insight

A wide consumer base is being engaged by the introduction of new products by major participants in the virtual reality gaming sector. For instance, Sony Corporation introduced a new headset in 2016 that targets both potential new customers and existing ones, whose number is increasing rapidly.

Some of the major players operating in the global virtual reality in gaming market include Nvidia, Linden Research Inc., Kaneva, Sony Corporation, Qualcomm, Nintendo Co. Ltd, HTC Corporation, Microsoft Corporation, and Samsung Electronics Co. Ltd.

Recent Development by Key Players

NextVR, a business that offers sports and other content for virtual reality headsets, was bought by Apple Inc. in May 2020. The purchase will assist Apple in creating VR and AR headsets, as well as the software and content that goes with them

Shizuru Games, a Bay Area VR studio, was bought by Facebook in February 2020. Given that Sanzuru Games has produced a total of four games for the Oculus Rift, including "Asgard's Wrath" and "Marvel Powers United VR," the acquisition will assist Facebook in examining VR game developers. Additionally, it has produced a number of games for consoles and mobile devices, including original IP-based games and licensed games featuring characters like Sonic and Spyro.

The virtual reality gaming Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2022–2030.

Segments Covered in the Report

  • By Components
    • Hardware
    • Software
  • By Compatibility
    • Personal Computers
    • Game Consoles
    • Mobile Devices

Region Covered in the Report

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World (RoW)
    • Brazil
    • Saudi Arabia
    • South Africa
    • U.A.E.
    • Other Countries

Frequently Asked Questions

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.
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.
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.
On the basis of compatibility, the global virtual reality in gaming market is divided into gaming consoles, PCs and mobile devices.
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.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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