How Has The Virtual Reality In Gaming Market Size Evolved Historically?
The virtual reality in gaming market has seen considerable growth due to a variety of factors.
• In recent years, the market size for virtual reality in gaming has witnessed substantial growth. It's expected to expand from $19.24 billion in 2024 to $24.51 billion in 2025, with a compound annual growth rate (CAGR) of 27.4%.
Factors contributing to this growth during the historic period include increased consumer interest in immersive experiences, the rise of high-end gaming platforms, content creation and game title development, along with improved hardware capabilities.
What Is the Forecasted Market Size and Growth Rate for The Virtual Reality In Gaming Market?
The virtual reality in gaming market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness a substantial increase in the near future, the market size for virtual reality in gaming is predicted to reach a whopping $73.24 billion by 2029, growing at a compound annual growth rate (CAGR) of 31.5%.
Several factors contributing to this projected growth during the forecast period include the rise of cloud gaming platforms, increased emphasis on social and multiplayer gaming, advancements in input devices, and controllers. The future market trends are expected to be driven by storytelling and narrative-based VR games, VR fitness and wellness gaming, user-created content and modifications, the incorporation of haptic feedback technology, and VR game streaming and subscription services.
Which Factors Are Boosting Growth In The Virtual Reality In Gaming Market?
The surge in the use of VR equipment is propelling the expansion of the virtual reality gaming sector in the future. Virtual reality technology generates an apparently real digital environment for the user to interact with, giving the sensation of touching and perceiving the scenes and items as if they were tangible. VR gear is utilized in the current generation of computer games to immerse the players in the gaming experience. For example, in March 2023, as per Enterprise Apps Today, a US-based platform that provides insights, statistics, and expert opinions, more than 70.8 million Americans interacted with virtual reality (VR) at least once a month, signifying a significant increase from 6.8 million users in 2022. Additionally, in 2023, around 88% of VR headset users used their devices multiple times a month, with 60% utilizing VR numerous times each week. As such, the rising use of VR equipment is predicted to drive the expansion of the virtual reality gaming sector in the years ahead.
What Are The Main Segments Of The Global Virtual Reality In Gaming Market?
The virtual reality in gaming market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Types Of Games: Racing, Adventure, Fighting, Shooting, Mystery Thriller, Puzzle, Science Fiction, Other Types
3) By Device: Personal Computers, Gaming Consoles, Mobile Devices
4) By End-User: Commercial Space, Individual
Subsegments:
1) By Software: VR Game Titles, VR Development Platforms, Middleware And SDKs
2) By Hardware: VR Headsets, Motion Controllers, Tracking Devices, Haptic Feedback Devices
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What Emerging Trends Are Influencing The Growth Of The Virtual Reality In Gaming Market?
Games facilitated by 5G-based VR cloud technologies are revolutionizing the gaming market. The amalgamation of the cloud, virtual reality, and 5G connectivity has given a new dimension to gaming. Many dominant firms in the gaming space that use virtual reality are channeling their efforts into developing games on the 5G VR cloud, to deliver services of high bandwidth and low latency to their customers. To illustrate, Xbox Cloud Gaming, a cloud gaming platform based in the US by Microsoft, teamed up with Meta, another US-based multinational tech firm, in December 2023. The partnership aimed to provide a multifaceted gaming experience, enhancing the reach of gaming across various platforms, and using rapid 5G connections to predict a surge in 5G-based VR cloud games. This would enable users to enjoy AAA-quality gaming.
Who Are the Key Players in the Virtual Reality In Gaming Market?
Major companies operating in the virtual reality in gaming market include:
• Alphabet Inc.
• Samsung Electronics Co Ltd.
• Microsoft Corporation
• Facebook Technologies LLC
• Intel Corporation
• Qualcomm Inc.
• Sony Interactive Entertainment LLC
• Advanced Micro Devices Inc.
• Nvidia Corp
• Nintendo Co Ltd.
• ZEISS Group AG
• Valve Corporation
• Electronic Arts Inc.
• Epic Games Inc.
• Razer Inc.
• Unity Software Inc.
• Sixense Enterprises Inc.
• HTC Corporation
• Varjo Technologies Oyj
• Oculus HR Ltd.
• Starbreeze Studios AB
• Vuzix Corporation
• Subpac Inc.
• Virtuix Inc.
• bHaptics Inc.
• Sensics Inc.
• Fove Inc.
• Kaneva LLC
• TPCAST Technology Inc.
• Infinadeck Corporation
• Dexta Robotics Corporation Limited
• Teslasuit Inc.
• YUR Inc.
What Is The Most Dominant Region In The Virtual Reality In Gaming Market?
North America was the largest region in the virtual reality in gaming market in 2024. The regions covered in the virtual reality in gaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
