Virtual Reality in Gaming Market Forecasts to 2028 – Global Analysis by Device (Gaming Consoles, Personal Computers, Mobile Devices), Segment (Hardware, Software, Compatibility), Application (Offshore, Onshore), Age Group (Adults, Children), Types of Game

Virtual Reality in Gaming Market Forecasts to 2028 – Global Analysis by Device (Gaming Consoles, Personal Computers, Mobile Devices), Segment (Hardware, Software, Compatibility), Application (Offshore, Onshore), Age Group (Adults, Children), Types of Games and By Geography

According to Stratistics MRC, the Global Virtual Reality in Gaming System Market is accounted for $10.56 billion in 2022 and is expected to reach $59.54 billion by 2028 growing at a CAGR of 33.4% during the forecast period. Virtual reality is a term used to describe a software application that uses a three-dimensional virtual or artificial environment to give a three-dimensional gaming experience. The look and feel of the environment during a game is improved by using these systems. An artificial environment is created and controlled by the virtual reality programme. The demand for virtual reality in the gaming business has grown as a result of its capacity to deliver a cutting-edge and exceptional gaming experience. A three-dimensional virtual or artificial environment is used in virtual reality applications to create a three-dimensional gaming experience. The look and feel of the environment during a game are improved by using these systems

According to the Gaming & Media report, Oculus VR, a US-based company that develops virtual reality platforms and products sold over 1 million units of Quest 2 VR headsets in Q4 2020. Therefore, the increasing adoption of VR devices is expected to propel the growth of virtual reality in gaming market in the coming years.

Market Dynamics:

Driver:

Modern innovations in the virtual reality in gaming

The industry for VR gaming has been growing rapidly over time and is anticipated to pick up steam in the next years. The size of the virtual reality in gaming market has increased due to recent developments made by manufacturers in the sector. The use of a three-dimensional, real-time environment with cutting-edge visuals and sound technologies is the main factor propelling the VR gaming market. Virtual gaming equipment that tracks a player's motion and reacts in real time gives them a unique and enjoyable experience. The demand for virtual reality in the gaming business is growing as more comfortable and portable gaming devices are constantly being developed.

Restraint:

Outbreak of the COVID 19

The COVID 19 pandemic outbreak is a significant barrier to the expansion of the worldwide virtual reality gaming market. During the lockdown, all manufacturing facilities and production lines were shut down for an unknown amount of time, which caused numerous projects to be postponed. The market share growth of VR gaming was hampered by the reduction in industrial operations. However, the potential for the global virtual reality gaming market was increased by the growing demand for virtual gaming equipment. The focus switched more toward virtual reality gaming systems as a result of people staying largely at home during the lockdown, which in turn helped to balance the growth of the virtual reality sector.

Opportunity:

Latest technologies in VR gaming

The market potential is increasing as a result of the introduction of the most recent technology in the VR gaming industry. One of the major advantages of virtual reality gaming is the utilization of a three-dimensional environment, which offers gamers a better gaming experience. Virtual reality effects on gaming are made possible by the cutting-edge characteristics of graphics and audio technology, as well as sensors, glasses, gloves, and head-mounted displays. The game industry's need for virtual reality is rising as tiny virtual gadgets continue to be developed. According to a market analysis of VR gaming, the market is expanding quickly because of ongoing modern developments and rising disposable income.

Threat:

Less awareness about VR gaming

Virtual reality has many benefits for the gaming industry, but there are also certain drawbacks that could slow the market's overall expansion. Because fewer people are aware of such technologies, the scale of the VR gaming market is restricted. The rise of virtual reality's gaming market share is hampered by the incompatibilities of virtual gaming equipment and its software and hardware constraints.

Covid-19 Impact:

The COVID 19 epidemic has had a significant negative impact on the international economy and sparked a global health crisis. The labour and commercial sectors have experienced numerous difficulties in carrying out their work and have incurred financial losses. The industrial work and production unit operations were stopped during the COVID 19 epidemic, which caused a breach in the supply chain. Numerous projects were put on hold or delayed indefinitely. The pandemic's occurrence had a negative impact on a number of businesses. However, as demand for virtual reality in the gaming business grew, the market for virtual reality in gaming continued to expand steadily.

The hardware is expected to be the largest during the forecast period

The market is divided into three categories based on the components: content, software, and hardware. During the projection period, hardware is anticipated to rule the market with the biggest share. Devices including consoles, head-mounted displays, controllers, keyboards, gloves, headphones, bodysuits, and others are considered hardware. The increase in revenue is mostly attributable to the gaming industry's demand for and sales of VR-based devices. Important industry participants including Razer, Inc., Leap Motion, Virtuix, and VirZoom, Inc. are concentrating on the creation of cutting-edge hardware-based technologies for gaming. During the projection period, market growth is anticipated to pick up due to the development of improved hardware.

The mobile segment is expected to have the highest CAGR during the forecast period

The market is divided into three segments based on kind of device: mobile, console/PC, and standalone. During the projection period, the mobile and standalone categories are anticipated to expand with a sizable CAGR. The demand for mobile-based virtual gaming is being driven by the expanding availability of high-tech cellphones and internet capabilities. On their mobile, users can install gaming applications based on this technology to access content. Significant investments from leading companies like Oculus VR Quest and HTC VIVE Focus are also being driven by the expanding gaming possibilities on standalone devices.

Region with highest share:

North America is anticipated to hold a disproportionately large share of the market over the projected period. The development of key technologies including augmented reality (AR), virtual reality (VR), 5G, 3D audio, sophisticated graphics, and others has contributed to this region's growth. The presence of important corporations in the area also contributes to the market's growth. The participants in this area are concentrated on funding the creation of cutting-edge hardware and software.

Region with highest CAGR:

The region with the highest CAGR during the forecast period is Asia Pacific. Emerging nations like India, South Korea, China, and Indonesia will help the regional market expand. According to Comscore MMX data, certain nations have the biggest gaming audiences and websites. The market opportunities in the area are being driven by this.

Key players in the market

Some of the key players in Virtual Reality in Gaming market include Linden Labs, Sony Corporation, Microsoft Corporation, Facebook/Oculus VR, Electronic Arts, Google Inc., HTC Corporation, Samsung Electronics Co. Ltd., HTC Corporation, Leap Motion, Apple Inc., Telsa Studios, Virtuix Omni, Qualcomm Incorporated, Lucid VR, Zeiss International, and Kaneva.

Key Developments:

In February 2020, Facebook, a US-based social networking service company acquired Sanzaru Games for an undisclosed amount. This acquisition enabled Facebook's persistent interest in propping up VR gaming firms and aligning them around their goals while allowing them to operate autonomously. Sanzaru Games is a US-based video game development company.

In May 2020, Apple Inc. acquired NextVR, a startup that provides sports and other content for virtual-reality headsets. The acquisition will help Apple’s development of VR and AR headsets with accompanying software and content.

Devices Covered:
• Gaming Consoles
• Personal Computers
• Mobile Devices

Segments Covered:
• Hardware
• Software
• Compatibility

Age Groups Covered:
• Adults
• Children

Types of Games Covered:
• Racing
• Fighting
• Adventure
• Mystery Thriller
• Shooting
• Puzzle
• Science Fiction
• Other Types of games

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements