Virtual Reality in Gaming Market
Global Virtual Reality in Gaming Market to Grow at a CAGR of 23.5%, during Forecast Period
Published | 01 October 2022
Global Virtual Reality in Gaming Market is booming as a result of more people using connected devices like smart TVs, projectors, monitors, smartphones, and others in gaming, as well as more people using three-dimensional real-time environments with cutting-edge graphics and sound technology.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Virtual Reality in Gaming Market was worth USD 8.48 billion in the year 2021. The market is projected to grow at a CAGR of 23.5%, earning revenues of around USD 39.18 billion by the end of 2028. The global virtual reality gaming market size is being driven by an increase in disposable income and advancements in gaming technologies such as interactive graphics, 3D effects, and motion tracking. Because of the increase in disposable income, users are looking for new entertainment sources and VR gaming systems. In gaming, virtual reality refers to applications in which users interact with a 3D (three-dimensional) environment while playing. These experiences are made possible by virtual reality in gaming devices' interactive features and graphics. The market is also being propelled by an increase in demand for VR gaming accessories. Wireless controllers, gloves, head-mounted displays, motion-sensing devices, and bodysuits outfitted with cutting-edge motion sensors are among the VR gaming technology accessories. The market's key players are focused on R&D in gaming software, hardware, and services. However, the high price of the VR components, in turn, may act as a huge restraining factor for the market growth.
Increasing Cloud Technology and Virtual Reality Gaming Integration
Businesses in the market are implementing cloud technology to provide improved gaming experiences. The ability to modify game libraries and store games for quick user profile access is made possible by cloud technology. The technology also provides a wide range of features, such as live streaming, limitless storage, and connected devices, which will help the future of the online gaming industry. The use of the cloud lessens the need for expensive offline gaming DVDs and discs. Numerous gamers are greatly discouraged from purchasing expensive gaming equipment due to the high initial cost, but thanks to recent advancements in cloud computing technology, this is no longer the case.
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New Technologies and Better Graphics Performance
The development of new technologies, such as 4K displays, Ultra-High Definition (UHD), and Full High Definition (FHD), has increased the use of TVs for gaming and watching movies. The increase in investments in cutting-edge technologies has also fueled the popularity of virtual reality in the gaming sector. A realistic representation of gameplay in virtual reality (VR) games makes them more user-friendly and profitable for players. In five areas, including interaction, emotions, immersion, real-time, and cognitive science, 3D gaming glasses can aid in achieving the sensation of real presence. The Oculus Rift 3D gaming glasses provide a better view while playing because they have two HD screens for each eye. This results in offering lucrative opportunities for the Global Virtual Reality in Gaming Market during the forecast period (2022-2028).
Challenge: Lack of Knowledge of Developing Nations
The market's steady value increase will be hampered by a lack of technical expertise, lack of awareness, and a lack of specialist knowledge. Particularly in less developed economies. The market's growth will also be slowed by the absence of technologically advanced infrastructure in the developing world. This report on the virtual reality market includes information on recent developments, trade laws, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and local market participants, an analysis of opportunities in terms of emerging revenue pockets, changes in market laws, a strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographic information.
Global Virtual Reality in Gaming Market – By Device
Based on devices, the Global Virtual Reality in Gaming Market is segmented into Console/PC, Mobile, and Standalone. The market for mobile virtual reality gaming is predicted to grow at the fastest rate of all of these. The primary factors influencing this growth are smartphones' portability and reasonably low price. The growing availability of high-end smartphone features and processors in devices with mid-range price tags is a significant contributor to the market's expansion. During the anticipated period, all of these drivers will contribute to the growth of the global virtual reality gaming market (2022-2028).
Impact of COVID-19 on Global Virtual Reality in Gaming Market
The global economy was hampered by the COVID-19 pandemic in every sector. The general sales of VR gaming equipment and gadgets experienced a sharp decline in the early stages of the pandemic. The scale of hardware products in the gaming industry was severely harmed by the closure of industrial divisions. Similar to the investment strategy, other commercial strategies were temporarily put on hold due to functional issues. Nevertheless, the gaming industry as a whole is anticipated to expand at a sizable CAGR during the forecast period. According to early data, both before and after the lockdown, online game sales and playtime significantly increased. For instance, Verizon Communication US reported in March 2020 that during peak hours, gaming traffic increased by 75%.
The leading market players in the Global Virtual Reality in Gaming Market are Unity Technologies, Inc., UBISOFT ENTERTAINMENT SA, Surreal VR Studios, Sony Interactive Entertainment LLC, Samsung Corp., Oculus (Facebook Technologies, LLC.), NVIDIA Corp., Nintendo Co., Ltd., Advanced Micro Devices, Inc., Arctic Sun VRVR, bHaptics, Inc., Cloudhead Games Ltd., Firsthand Technology Inc., GoogleLLC, HTC Corp., Microsoft, Inc., nDreams Ltd., Niantic, Inc., and other prominent players. The Global Virtual Reality in Gaming Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Virtual Reality in Gaming Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Virtual Reality in Gaming Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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