Major players in the virtual reality in gaming market are Facebook Technologies LLC., Google, HTC Corporation, Samsung Electronics Co. Ltd., Fove Inc., Sony Interactive Entertainment LLC, Nintendo Co. Ltd., Razer Inc., Oculus HR, Microsoft Corporation, ZEISS Group, Advanced Micro Devices, Sega Corporation, Kaneva LLC, Nvidia, Qualcomm, bHaptics Inc., and Electronic Arts Inc.,
The global virtual reality in gaming market grew from $12.15 billion in 2022 to $15.67 billion in 2023 at a compound annual growth rate (CAGR) of 29.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The virtual reality in gaming market is expected to grow to $44.5 billion in 2027 at a CAGR of 29.8%.
The virtual reality in the gaming market includes revenues earned by entities by offering hardware and software devices in a gaming industry that offer the ability to take players into the game in real-time.Virtual reality technology uses computing hardware, software, and other VR peripherals to create virtual environments that immerse the user in the game’s 3D environment.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Virtual reality (VR) is an artificial environment created with software that is presented to the user so that the user stops believing and accepts it as a real environment.
North America was the largest region in the virtual reality in gaming market in 2022. The regions covered in the virtual reality in gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of components in virtual reality in gaming are software and hardware.The virtual reality gaming software builds immersive 3D environments which can be used in VR games.
The virtual world is created by software developers who create a virtual environment for users so that they can interact with the place and objects in that environment.The different types of games include racing, adventure, fighting, shooting, mystery thriller, puzzle, and science fiction and use various devices such as personal computers, gaming consoles, and mobile devices.
It is used by several verticals including commercial space and individuals.
The increasing adoption of VR devices is driving the growth of virtual reality in the gaming market.Virtual Reality systems create a virtual experience that appears to be real, allowing the user to interact with the 3D world and feel the scenes and objects as if they were real.
In the latest generation of computer games, VR devices are employed to make the players feel immersed in the game.For instance, 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 the gaming market in the coming years.
5G-based VR cloud games are shaping virtual reality in the gaming market. 5G VR cloud is a combination of cloud, virtual reality, and 5G connectivity in gaming. Major companies operating in virtual reality in the gaming sector are focused on developing 5 G-based VR cloud games to offer customers low latency and high bandwidth services. For instance, in May 2020, Archiact, a Canada-based VR games studio merged with Migu Co. Ltd., a China-based consumer technology company to bring VR games to its 5G cloud gaming platform. Archiact states that by teaming with Migu, it will be able to work together to establish the vision of 5G VR cloud gaming, making VR even more available.
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.
The countries covered in the virtual reality in gaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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