Westford, USA,, April 09, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Virtual Reality in Gaming market will attain a value of USD 162.71 billion by 2030, with a CAGR of 30.27% over the forecast (2022-2030). The growing popularity of cutting-edge VR hardware and accessories among players is the main factor fueling the demand for Virtual Reality in Gaming. New small and start-up businesses are joining the market with cutting-edge software and content products. Additionally, some of the major market factors include advancements in 5G technology, creative gaming material and cloud-based gaming technology. Furthermore, leading companies are introducing advanced hardware and accessories.
According to the SkyQuest's, VR gaming includes a 3D world that gives the player on a computer the ability to feel physically present in the game's surroundings with the aid of a mouse, touch screen and other tools. Gamers can engage with, observe and move around the items in the game environment to the various accessories affiliated with VR technology, such as virtual reality headsets, wrap-around display displays, virtual reality rooms equipped with wearable computers and sensory components. 61% of respondents in a global poll of leaders from technology companies, startup founders, investors, and advisors agreed that gaming would dominate investment in the creation of VR technology.
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Browse in-depth TOC on "Virtual Reality in Gaming Market"
- Pages - 242
- Tables - 88
- Figures - 63
"Virtual Reality in Gaming" refers to a new variety of computer games that incorporate virtual and augmented reality and give players a wholly realistic first-person view of gaming. Through a variety of VR gaming equipment and accessories such as VR headsets, glove-mounted sensors and hand controllers, players can experience the world of game.
Prominent Players in Virtual Reality in Gaming Market
- Microsoft Corporation
- Facebook LLC
- HTC Corporation
- Unity Technologies
- Magic Leap, Inc.
- Firsthand Technology Inc.
- Apple Inc.
- Sony Corporation
- Ubisoft Entertainment SA
- Oculus VR (Facebook Technologies LLC)
- Valve Corporation
- Intel Corporation
- Virtuix Omni
- Nintendo Co. Limited
- Samsung Corporation
- Google LLC
Individual User Segment Is Growing In Market Due To Increasing Availability And Affordability of VR Equipment, As Well As the Growing Popularity of VR Gaming among Consumers
In 2021, the Individual user segment led the market for virtual reality entertainment, and it is anticipated that it will continue to throughout the forecast period. The segment dominance in the market is being confirmed by the simple accessibility and availability of VR games at users' residences as well as the gradual decline in hardware costs. Industry firms are creating inexpensive devices to enter the market and expand their client base. For instance, the cardboard headgear from Google, LLC is an HMD that can be paired with a smartphone to allow users to experience the virtual world of an electronic game.
North America dominated the Virtual Reality in Gaming market. The expansion of the region's market can be credited to the increase in demand for high-end VR gaming devices that feature technologies like VR/AR, 8K and 4K resolutions, IoT, cloud streaming and 3D visuals. For the North America region, the United States and Canada are significant contributors. The United States is anticipated to hold a majority of the market share in North America during the forecast period. Core technological advancements like augmented reality (AR), virtual reality (VR), 5G, 3D audio, improved visuals, and others have sped up this sector's development.
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Commercial Space Segment Is Growing Due to Rising Popularity of VR Technology
The commercial space segment is anticipated to witness the highest growth with a CAGR of more than 32.0% from 2022 to 2030. Due to their capacity to let users fully disconnect from the real world and experience the virtual world made in that place, VR gaming zones and arcades are growing in popularity across the globe. Children are drawn more too public places like arcades, cafes and theme parks because these establishments provide better virtual reality gameplay experiences at affordable hourly rates.
Asia Pacific is anticipated to expand at the highest CAGR during the forecast period. The expansion of the market would be aided by emerging countries such as India, South Korea, China and Indonesia. The biggest gaming audiences and websites are found in countries such as India, Indonesia, Japan, Australia and more, according to Comscore MMX statistics. Opportunities on the market in the area are being driven by this.
A comprehensive analysis of the major players in the Virtual reality in gaming market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Virtual reality in gaming Market
- In March 2022, The National Football League and StatusPRO, Inc., a sports technology and entertainment firm, collaborated to develop a virtual reality NFL-licensed game.
- In December 2021, GameWorks, a company that specializes in e-sports and amusement, began using virtual display technology that Brelyon, an MIT spin-off that is creating a new category of ultra-immersive display technologies were deploying. A number of GameWorks sites across the country have Brelyon's large-format gaming platforms available.
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Key Questions Answered in Virtual Reality in Gaming Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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