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

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.