New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Virtual Reality in Gaming Market Information by Hardware, Compatibility, and Region - Forecast till 2030”, the market of Virtual Reality in Gaming could thrive at a rate of 4.72% between 2022 and 2030. The market size will be reaching around USD 74.61594 billion by the end of the year 2030.
Virtual Reality in Gaming Market Synopsis:
Virtual Reality (VR) in gaming is a technology that creates a simulated environment using computer graphics, sounds, and other sensory stimuli that a user can interact with. VR in gaming provides an immersive gaming experience that makes the user feel as if they are actually in the game world. It requires the use of a headset and specialized input devices that track the user's movement and actions to simulate their presence in the virtual environment.
The use and application of virtual reality in gaming have expanded rapidly in recent years. VR in gaming can be used for various gaming genres, such as first-person shooters, role-playing games, and racing simulators. It allows gamers to interact with the game world more naturally and intuitively, providing a more realistic gaming experience. VR in gaming can also be used for educational purposes, such as training simulations for military personnel or medical professionals.
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Virtual Reality in Gaming Market Competitive Landscape:
The affluent companies in the Virtual Reality in Gaming industry include
- Electronic Arts Inc
- HTC Corporation
- Newzoo
- SAMSUNG
- Kaneva
- LEAP MOTION INC.
- Sony Corporation
- Oculus VR LLC
- VirZOOM Inc
- ZEISS International
Scope of the Report - VR in the gaming market:
| Report Metrics | Details |
| Market Size by 2030 | USD 74.61594 billion |
| CAGR during 2022-2030 | 4.72% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Key Market Opportunities | Virtual reality in gaming to optimum levels |
| Key Market Dynamics | Virtual gaming devices provide an excellent consumer experience The indefinite benefits of VR gaming |
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Latest Industry Updates (March 2021)
Virtual Reality in Gaming Market is the partnership between Oculus, owned by Facebook, and the game development company Respawn Entertainment, which was announced in March 2021. The partnership aims to bring more high-quality VR games to the Oculus platform, including an upcoming first-person shooter game titled "Medal of Honor: Above and Beyond.
Virtual Reality in Gaming Market USP Covered:
Virtual Reality in Gaming Market Drivers -
The VR in gaming is the increasing popularity of gaming as a form of entertainment, the growing demand for immersive gaming experiences, and the advancements in VR technology that have made it more accessible and affordable for consumers. Additionally, the COVID-19 pandemic has led to an increase in demand for VR in gaming as more people have turned to gaming as a way to pass the time while stuck at home.
Virtual Reality in Gaming Market Restraints -
One of the market restraints for VR in gaming is the high cost of VR equipment, which can be a significant barrier for some consumers. Additionally, VR in gaming is still a relatively new technology, and not all game developers have the expertise or resources to create high-quality VR games.
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COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the Virtual Reality in Gaming Market. With people spending more time at home, there has been an increased demand for gaming, and VR in gaming has provided an escape for many gamers. However, the pandemic has also disrupted supply chains, causing delays in the production and distribution of VR equipment.
In the post-COVID-19 scenario, the VR in gaming market is expected to continue to grow as more people have become familiar with the technology during the pandemic. The demand for immersive gaming experiences is also likely to increase, with more game developers focusing on creating VR games.
Virtual Reality in Gaming Market Segmentation:
- By Hardware -The hardware in the market includes Headsets, Glasses, Devices, and Gloves.
- By Compatibility -By Compatibility, the segment includes MMOs, Smartphones, Casual Web Games, and Console
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Virtual Reality in Gaming Market Regional Insights:
The Virtual Reality (VR) gaming market has seen significant growth in recent years, with North America being the largest market. This is due to the high adoption of gaming and the presence of major players in the region, such as Oculus and Sony. The availability of high-end VR devices and software has also played a role in the region's dominance in the market. Further, Europe is also a significant market for VR in gaming, with a growing demand for immersive gaming experiences. The region has a large gaming community, and game developers are increasingly focusing on developing VR games. The demand for VR in gaming is also being driven by the increasing adoption of advanced technologies such as artificial intelligence and the Internet of Things.
Additionally, the Asia Pacific region is expected to witness significant growth in the VR gaming market in the coming years, driven by the increasing popularity of gaming and the growing middle-class population with disposable income to spend on entertainment. The region has a large and growing gaming community, with China being the largest gaming market in the world. The increasing adoption of smartphones and the availability of affordable VR devices are also expected to contribute to the region's growth in the market.
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