The Global Virtual Reality in Gaming Market, By Type (Software and Hardware), By Console type (MAC, X-BOX, Play Station, PC, and Nintendo Wii), and by Region (North America, Europe, APAC, RoW) - Global Forecast to 2030, is expected to be valued at US$ 95888.0 million by 2030, exhibiting a CAGR of 29.4% during the forecast period (2022-2030), as highlighted in a report published by Coherent Market Insights.
Virtual reality is the use of computer technology to create a simulated environment using computer software and hardware technologies. VR technology has been used in many applications including entertainment and gaming. Virtual reality in gaming is referred to the use of sound and graphics technology in games where the user wears gloves, head-mounted display (HMD), and glasses as a part of their experience. There are several equipped to these devices that record the movement.
The global virtual reality in gaming market was valued at US$ 9493.1 Mn in 2021 and is expected to exhibit a CAGR of 29.4% during the forecast period (2022 – 2030).
Major companies are focused on research and development activities, in order to enhance their market presence. For instance, in May 2020, Oculus VR, a subsidiary of Facebook Inc., announced that Oculus VR has developed a new Quest VR headset of 90Hz for a smoother gaming experience.
Virtual Reality in Gaming Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 Pandemic has had a significant impact on the gaming industry. The outbreak has forced people to stay indoors, which has resulted in a surge in demand for gaming content. The gaming industry has responded by releasing a number of new and innovative games that take advantage of virtual reality technology. Some of the most popular VR games released in recent months include Beat Saber, Job Simulator, and Superhot VR. These games have been extremely successful in providing people with a much-needed distraction from depression caused due to staying home for a long time.
Thus, the demand for virtual reality in the gaming market has shown significant growth during the COVID-19 Pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 150 market data tables* and 90 figures* on “Global Virtual Reality in Gaming Market - Global Forecast to 2030
Key Trends and Analysis of the Global Virtual Reality in Gaming market:
- Among regions, North America is expected to witness significant growth in the global virtual reality in gaming market during the forecast period. This is owing to the large presence of major VR companies across the region. Furthermore, growing investment in cutting-edge technologies is expected to propel the global virtual reality gaming market growth over the forecast period.
- Europe is expected to register a robust growth rate in the global virtual reality in gaming market over the forecast period. This owing to the constant digitalization of various industries across the region. Furthermore, the high growth of the VR market in France is expected to boost regional market growth over the forecast period.
- Some of the major players in the Global Virtual Reality Gaming market are Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation.