Increasing demand for the advanced gaming consoles enables with technologies like AR/VR/AI, IoT, 8k resolutions, cloud streaming and others are one of the major drivers for the market.
According to the current analysis of Introspective Market Research, the global Virtual Reality in Gaming market was valued at USD 9.75 Billion in 2019 and is expected to reach USD 85.35 Billion by the year 2027, at a CAGR of 31.31%.
Virtual Reality involves the user to have an almost live experience in the game with a 3-D environment and sound effects. The application uses the bio-senses technology for the virtual experience. Various virtual reality scenarios are created for the live-experience for a user using virtual reality software. In laymen terms, a virtual reality gaming is an application where the user believes he is having a live experience with the virtual environment.
Advancement of virtual reality technology in gaming devices provides users to view, move around, and interact with the objects of the game. With that, users can sense their physical presence during the gaming process. This kind of imaginary presence in a 3-D environment is an all-selling feature for VR games. Many organizations are now adapting these 3-D technologies in video games increasing the growth of the VR in gaming market. Increasing awareness of virtual reality technology is a major factor for the steep growth rate of the virtual reality gaming market. With rising income and technology, majority of population is expected to purchase VR devices such a VR headset in the upcoming years. Thus, in recent decades, rising awareness about the benefit of VR technology acts as a major driving factor for this market.
In terms of region, the global Virtual Reality in Gaming market can be divided into North America, Europe, MEA, Asia Pacific, and Latin America. Currently, APAC is dominating the market, followed by North-America. North America is expected to hold a dominant share of the Virtual reality in gaming market during the forecast period. The market in North America is expected to expand significantly due to a surge in spending on technology by companies in the U.S. Europe is also anticipated to offer large amount of growth opportunities to key industry players in the Virtual reality in gaming market in the few years. A larger percentage of younger population use head mounted display and other VR devices in their computer games. Rising use of computers and mobile devices increases demand for VR gaming technology, thus boosting the demand for VR gaming in North America and Europe.
Further Key Findings From The Report Suggest:
- Virtual Reality in Gaming market might have a restraint due to high cost of the product but it’s still growing because of the high demand form the younger generation.
- Additionally, the market share and value owing to the research and development in of Artificial Intelligence is on the rise, particularly for the major key players like Sony, Asustek, Microsoft etc.
- Additionally, the market share and value owing to the research and development for the advanced Artificial Intelligence and AR technologies, particularly for the large organization is increasing the market.
- Extensive research and development in global IT and Telecom industry on account of mutable needs has promoted the development of Virtual Reality in Gaming market.
- China has emerged as a major producer of Voice Cloning and houses the largest production capacity for the chemical.
- The growth in end use industries, the economic and industrial growth in developing regions of the globe, are expected to drive the growth of global Virtual Reality in Gaming market over the forecast period.
Key participants: International Microsoft Corporation, Facebook Technologies LLC., Nvidia Corporation, HTC Corporation, Unity Technologies, Oculus VR, Samsung Group, Magic Leap Inc., NextVR Inc., Firsthand Technology Inc., and many others.
For this report, Introspective Market Research have segmented the Virtual Reality in Gaming markets market on the basis of Gaming Devices (PC, Stand-alone, Console, Cartridges, Smartphones), by User type (Commercial Space and Individual), by Gaming type (Hardware and Software), by Compatibility (MMOs, Smartphones, Casual Web Games, Console), by Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM