Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The global virtual reality in gaming market size was valued at USD 6.26 billion in 2020. The market is projected to grow from USD 7.92 billion in 2021 to USD 53.44 billion in 2028, exhibiting a CAGR of 31.4% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Virtual Reality in Gaming Market Forecast, 2022-2028.”
Industry Development
September 2020: Ubisoft Entertainment SA included Splinter Cell and Assassin's Creed in its VR collection. Through these novel acquirements, the company is shifting towards establishing its business in the market.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 31.4% |
| 2028 Value Projection | USD 53.44 billion |
| Base Year | 2020 |
| Virtual Reality in Gaming Market Size in 2020 | USD 6.26 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | Component, Device and Geography |
| Virtual Reality in Gaming Market Growth Drivers | Launch of Unconventional Gaming Accessories and Devices to Fuel Market Growth |
Increasing Demand for VR Gaming amid Pandemic to Thrust Market Prospect
The COVID-19 pandemic obstructed the global economy of every industry. In the early period of the pandemic, a substantial deterioration was witnessed in general sales of VR gaming devices and gadgets. The closure of industrial divisions majorly crushed the production scale of hardware in the gaming industry. Likewise, the investment picture and other commercial tactics were put to a temporary freeze owing to the absence of functionality.
Nevertheless, the general gaming industry is anticipated to increase with a substantial CAGR during the forecast period. The primary statistics displayed a sharp upsurge in sales and playing interval of online games amid and post lockdown. For example, in March 2020, Verizon Communication US documented a 75% escalation in gaming traffic during top hours.
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Drivers and Restraints
Launch of Unconventional Gaming Accessories and Devices to Fuel Market Growth
The surging demand for innovative gaming consoles facilitated with technologies such as 4K and 8K resolution, AR/VR, IoT, cloud steaming, 3D graphics, and others is one of the crucial driving factors. Similarly, the increasing demand for virtual reality accessories such as head-mounted displays, motion-sensing devices, gloves, treadmills, masks, bodysuits, 3D headphones, and bag packs is projected to enhance the virtual reality in gaming market growth. Several significant companies in the gaming industry, such as Microsoft Corporation and Sony Corporation, among others, are concentrating on introducing advanced gaming consoles and accessories built on VR proficiencies. For example:
In January 2020, Sony Corporation confirmed the introduction of PlayStation 5 in the forthcoming year. This presentation is anticipated to augment the implementation of virtual reality in the gaming sector.
Likewise, in April 2021, Sony Corporation proclaimed the unveiling of its new-generation PlayStation VR for PS5 in the upcoming year. The freshly introduced PSVR2 shall function on a solo cord association in order to decrease the playing clutter.
Moreover, vital companies are considerably financing in the research and development section for the improvement of optical gaming devices grounded on virtual reality technology. This is expected to bolster the market growth during the mentioned timeframe.
Segmentation
On the basis of components, the market is segregated into hardware, software, and content. In terms of region, the market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
On the basis of devices, the market is classified into mobile, console/PC, and standalone. Console/PC is projected to lead the market by holding the majority of the shares in the foreseeable future.
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Regional Insights
North America to Dominate Backed by Introduction of Advanced Technologies
North America held the maximum virtual reality (VR) in gaming market shares and is anticipated to lead the market share in 2020. The growth in this region is owing to the introduction of fundamental techniques such as augmented reality (AR), 5G, virtual reality, 3D audio, advanced graphics, among others.
Europe is estimated to grow expressively owing to the growing demand for virtual reality devices in gaming events in leading nations such as Germany, Spain, Italy, and others. These competitions are centered on progressive games with built-in virtual reality technology.
Asia Pacific is estimated to grow with the maximum CAGR during the mentioned time period. Developing nations such as India, China, South Korea, and Indonesia are likely to support the growth of the market in this region.
Report Coverage
The report delivers a thorough study of the segments and a comprehensive analysis of virtual reality in gaming industry. A thoughtful assessment of the contemporary market trends as well as the future opportunities are offered in the report. It further shares an exhaustive examination of the regional insights and their function in shaping the virtual reality in gaming market growth. The COVID-19 impacts have been revealed to the report to aid shareholders and business professionals to comprehend the risks and draw out a strategy to tackle them. It further focuses on the important players and their significant tactics to maintain their leading positions.
Competitive Landscape
Important Players Focus on Fortifying their Market Positions with Continuous Developments
The significant players in the gaming industry are fixated on emerging prototypes for software, gaming hardware, and content. The players are financing in building progressive virtual reality headsets to provide immersive and communicating gaming encounters to the gamers. Similarly, the prominent players are participated in several procurements, collaborations, partnerships, and unions to magnify the market manifestation. For example, in June 2017, Apple, Inc. attained SensoMotoric, which is an instrument supplier company of eye-tracking solutions.
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List of Key Players in Virtual Reality in Gaming Market:
- Microsoft Corporation (Washington, U.S.)
- Facebook LLC (Oculus VR) (California, U.S.)
- Nvidia Corporation (California, U.S.)
- HTC Corporation (Taoyuan City, Taiwan)
- Unity Technologies (California, U.S.)
- Magic Leap, Inc. (California, U.S.)
- Firsthand Technology Inc. (Washington, U.S.)
- Apple Inc. (California, U.S.)
- Sony Corporation (Tokyo, Japan)
- Ubisoft Entertainment SA (Montreuil, France)
Major Table of Contents:
- Global Virtual Reality in Gaming Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts by Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Content
- By Device (Value)
- Mobile
- Console/PC
- Standalone
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts By Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Content
- By Device (Value)
- Mobile
- Console/PC
- Standalone
- By Country (Value)
- United States
- By Device
- Canada
- By Device
- United States
- By Component (Value)
- Europe Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts By Segments, 2017-2028
- By Component (Value)
- Hardware
- Software
- Content
- By Device (Value)
- Mobile
- Console/PC
- Standalone
- By Country (Value)
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- By Component (Value)
- Global Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts by Segments, 2017-2028
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