USD 7.1 billion
Virtual Reality in Gaming Market Size, Share, Growth Analysis, By Component (Hardware, Software), By Connecting Device (Gaming Console, PC/ Desktop), By End User (Commercial Space, Individual), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2048 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
88
|Figures:
76
Virtual Reality in Gaming Market Insights
Global Virtual Reality in Gaming Market size was valued at USD 7.1 billion in 2022 and is poised to grow from USD 10.41 billion in 2023 to USD 92.49 billion by 2031, growing at a CAGR of 31.4% in the forecast period (2024-2031).
The rapid breakthrough in the creation of virtual reality peripherals, which will be supported by compatible computers and game consoles, is expected to boost market growth. With multiple firms going into the virtual reality gaming area, the industry for wearable components such as Head-Mounted Displays (HMDs), bodysuits, motion trackers, gloves, and others is likely to see a surge in demand from gaming enthusiasts. The devices will be introduced gradually in a few nations at first. For example, HTC Vive was initially commercially available in only 24 countries.
Furthermore, investors and entrepreneurs have shown intense interest in the virtual reality field. Significant investments in immersive technology by tech-based organizations signal a new trend in the entertainment and computing industries. According to NASSCOM, content creation tools have garnered 43.5% of overall VR funding in the last five years. This highlights the increased importance of quality content production in order to maintain the interest, demand, and supply of immersive experiences through virtual reality.
US Virtual Reality in Gaming Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Individual
Fastest Growth
Individual
Growth Rate
31.4% CAGR
Global Virtual Reality In Gaming Market ($ Bn)
Country Share for North America Region (%)
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Virtual Reality in Gaming Market Segmental Analysis
Global Virtual Reality Market is segmented by component, by Connecting Device, by End User and by Region. Based on component, the market is segmented into Hardware, Software. Based on Connecting Device, the market is segmented into Gaming Console, PC/ Desktop, Smartphone Based on End User, the market is segmented into Commercial Space, Individual. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Virtual Reality in Gaming Market Analysis by user outlook
Individual user segmented dominated the virtual reality in gaming market in 2021 and is predicted to maintain its dominance throughout the forecast period. The easy accessibility and availability of VR games at users' homes, as well as falling hardware prices over time, is confirming the sector supremacy in the market. Industry firms are developing low-cost gadgets in order to enter the market and expand their client base. For example, Google, LLC's cardboard headset is an HMD that may be used with a smartphone to experience the simulated world of an electronic game.
Global Virtual Reality In Gaming Market By User outlook
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Virtual Reality in Gaming Market Regional Insights
In 2021, North America dominated the worldwide virtual reality gaming market. During the forecast period, it is expected to maintain its dominance. The rise in demand for advanced VR gaming consoles equipped with technologies such as VR/AR, 8K and 4K resolutions, IoT, cloud streaming, and 3D graphics can be attributed to the region's market growth. The United States and Canada make important contributions to the North American market. During the projected period, the United States is expected to control more than half of the market in North America. The introduction of core technologies such as augmented reality (AR) and virtual reality, 5G, 3D audio, enhanced graphics, and others has fueled growth in this region. Furthermore, the presence of significant firms such as Electronic Arts, Inc., Google LLC, Leap Motion, Inc., Facebook Technologies, LLC, Microsoft Corporation, and others in the region drives market growth. This region's players are focused on investing in the development of innovative hardware and software. For example, in September 2018, Oculus unveiled Oculus Quest, an all-in-one gaming gadget based on virtual reality technology.
The Asia Pacific virtual reality in gaming market is expected to grow at the fastest rate during the forecast period as disposable income rises and the popularity of VR gaming and mixed reality in gaming grows in the area. The United Arab Emirates (UAE) is the regional leader in the Middle East and Africa virtual reality gaming business. Several firms are creating VR products in the UAE, making it an appealing option for the region's market.
Global Virtual Reality In Gaming Market By Region
- Largest
- Fastest
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Virtual Reality in Gaming Market Dynamics
Virtual Reality in Gaming Market Drivers
New technologies and improved graphics performance are propelling the virtual reality in gaming market
- The development of new technologies such as Full High Definition (FHD), Ultra-High Definition (UHD), and 4K displays has increased the use of televisions for watching movies and playing video games. Increased investment in innovative technologies has also aided the expansion of virtual reality in the gaming business. VR in gaming provides a more realistic picture of games, making it more intuitive and profitable for players. 3D gaming glasses can assist in achieving a sense of genuine presence in five areas: interaction, emotions, immersion, real-time, and cognitive science. The Oculus Rift 3D gaming glasses include two HD screens for each eye and provide a superior vision during games.
Virtual Reality in Gaming Market Restraints
A negative health impact could stymie market growth
- Prolonged use of virtual reality in gaming may be harmful to the gamers' health. For instance, the technology employs devices that resemble movement, although there is no actual movement by the gamer. This can cause motion nausea in the gamers. Furthermore, because of the potential for addiction, it might have an influence on the gamer's mental health. According to psychologists, technology removes reality, and players may lose their sense of realism. The violent and unlawful game material may lead to the gamer becoming addicted to committing crime in real life. The growing popularity of immersive and interactive games is projected to have a negative impact on players' well-being. This is predicted to stifle the expansion of the VR gaming sector.
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Virtual Reality in Gaming Market Competitive Landscape
The global virtual reality in gaming market is consolidated, with a few large-scale manufacturers holding the lion's share of the market. To increase their market share, most companies are investing heavily in research and development. Key players' primary strategies include product portfolio expansion and mergers and acquisitions. Key market companies are also investing in the development of enhanced virtual reality hardware based on cloud-based GPU-as-a-service capabilities.
Virtual Reality in Gaming Market Top Player’s Company Profiles
- Meta
- Google VR
- Sony Interactive Entertainment LLC
- Microsoft Corporation
- HTC Corporation
- Samsung Electronics Co., Ltd.
- Unity Technologies
- Crytek GmbH
- Valve Corporation
- Epic Games, Inc.
- NVIDIA Corporation.
- Sixense Enterprises, Inc.
- Virtuix Holdings, Inc.
- Survios, Inc.
- MindMaze SA
- WorldViz LLC
- Starbreeze AB
- Groove Jones
- HTC VIVEPORT
- Varjo Technologies
Virtual Reality in Gaming Market Recent Developments
- In March 2022, The National Football League has partnered with StatusPRO, Inc., a sports technology and gaming firm, to create a virtual reality NFL-licensed game.
- In December 2021, Brelyon, an MIT spin-off pioneering a new category of ultra-immersive display technologies, has struck a deal to deploy virtual display technology for e-sports with GameWorks, an e-sports and entertainment firm. Brelyon's large-format gaming stations will be accessible at GameWorks locations around the United States.
- In April 2021, Oculus VR collaborated with indie studio Armature and publisher Capcom to release the Resident Evil 4 VR remake on Oculus Quest 2. The parent firm, Facebook, is clinging on to its Quest for Exposure.
Virtual Reality in Gaming Key Market Trends
- Cloud models are being adopted by key market players in VR gaming. This adoption would provide customers with a better gaming experience and enable them to personalize their game collection. Additionally, cloud-based gaming systems enable rapid access to saved virtual reality games from any place and on any device. As a result, cloud gaming is regarded as one of the growing trends in this developing business. Furthermore, these cloud-based games include a wide range of features, such as unrestricted live streaming, storage capability, links across linked devices, and others. The growing customer demand for cloud-based virtual reality software is likely to drive market growth. In the virtual reality gaming sector, key firms are finalizing strategic alliances and collaborations to boost their market position through the use of cloud technology. In May 2019, for example, Microsoft Corporation announced a collaboration with Sony Corporation to develop an innovative cloud gaming platform and online content streaming solutions. This collaboration is also predicted to assist global market growth. Other gaming firms, such as NVIDIA Corporation, Powerful Micro Devices, and Huawei Technologies, are similarly investing in the development of advanced hardware based on GPU-as-a-service cloud capabilities. This is predicted to increase the market share of virtual reality (VR) in gaming.
Virtual Reality in Gaming Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Virtual reality in gaming market analysis, The use of virtual reality in the gaming industry is being shaped by 5G-based VR cloud games. 5G VR is a gaming cloud that blends virtual reality, the cloud, and 5G connectivity. The largest virtual reality gaming firms are focusing on producing VR cloud games based on 5G in order to provide their clients with low latency and high bandwidth services. For example, in May 2020, Canadian VR games studio Archiact merged with Chinese consumer technology company Migu Co. Ltd. to deliver VR games to its 5G cloud gaming platform. Working with Migu, according to Archiact, will allow it to develop the 5G VR cloud gaming vision and expand the accessibility of VR.
| Report Metric | Details |
|---|---|
| Market size value in Gaming | USD 7.1 billion |
| Market size value in 2031 | USD 92.49 billion |
| Growth Rate | 31.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Virtual Reality in Gaming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Virtual Reality in Gaming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Virtual Reality in Gaming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Virtual Reality in Gaming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Virtual Reality in Gaming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Virtual Reality in Gaming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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