The global Virtual Reality (VR) Gaming Market is valued at USD 6821.4 Million in 2020 and expected to reach USD 40993.1 Million by 2027 with a CAGR of 29.2% over the forecast period
The growing investment by major market players in VR-related games is the major factor driving the growth of the Global Virtual Reality (VR) Gaming Market.
Virtual Reality (VR) Gaming is the new generation of computer games that uses virtual reality technology which offers gamers a first-person perspective of game action. VR games can be played on standalone systems, specialized game consoles or using gaming laptops that can power popular VR headsets such as Oculus Rift, HTC Vive and Lenovo Mirage Solo. Virtual reality gaming includes accessories such as VR headsets, sensor-equipped gloves, hand controllers etc. At present virtual reality systems use either virtual reality headsets or multi-projected environments to create realistic images, sounds and other sensations that simulate a user's mind in a virtual environment. The Virtual reality gaming is becoming popular because it provides gamers a real sense of playing games in reality.
Global Virtual Reality (VR) Gaming market report is segmented on the basis of component, device, and by regional & country level. Based on components, the global virtual reality gaming market is classified as hardware, software and content. Based upon devices, global virtual reality gaming market is classified into mobile, console and standalone.
The regions covered in this Virtual Reality Gaming market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Virtual Reality Gaming is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global Virtual Reality (VR) Gaming market are,
The virtual Reality Gaming market is driven by the factors such as innovative reality immersive technology, increasing popularity among consumers and the regular introduction of new products by major players. The main reason for the growing popularity of virtual reality gaming is a technological innovation that gives totally different experience than traditional games. For instance; the level of immersion it gives to the senses by extending computer displays to 360 degrees, complete gaming simulation environment and degree of matching gaming environment to reality is giving complete different experience to gamers.
The level of penetration of virtual reality gaming can be known from the fact that after the first introduction of VR games, a variety of games has released for commercial virtual reality systems such as Gear VR (Oculus), HTC Vive (HTC and Valve), and PlayStation VR (Sony Interactive Media). After the launch of PlayStation VR by Sony, it has sold more than 5 million headsets till 2019. Oculus Rift is second with 1.5 million shipments, followed by HTC’s Vive with 1.3 million and Oculus Go with 0.7 million. The major benefits of virtual reality gaming are; ability to immerse players into the game in real-time, digital extended reality, more appealing, and having broad scope than traditional games.
Additionally, it is also started to be used in mobile handsets, such as Daydream and GearVR are two of the most popular mobile VR headsets, but are limited only to high-end devices. In fact, Newzoo’s Global Smartphone and Tablet Tracker show that only 9% of smartphones in use are compatible. There is more opportunity for the market due its cutting-edge technology. It is estimated that, by 2025, the delivery of home mounted displays ((HMD) for enterprise VR use cases will reach 41 million devices which includes standalone HMDs, mobile HMDs and PC based HMDs. But, VR is presently limited by complex & large setup and expensive hardware requirements. For which, VR experiences have more applicability on console and PC, rather than on mobile.
North America is dominating the global virtual reality (VR) gaming market with the highest share due to high purchasing power, presence of the developed gaming industry and a number of major market players investing in research & development in VR technology in this region. The USA has leading position in global VR & AR market and R&D for both hardware and software are done in Silicon Valley with IT giants such as Google, Apple and Facebook. Additionally, the content production is centered on major gaming studios in Los Angeles. Due to early development, U.S. provides a favorable environment for VR startups. It has active VR venture capital funds and many companies are willing to invest in early technological startups which are also supplementing the market growth.
Europe is projected to be the second-largest region in the virtual reality gaming market due to the presence of potential buyers who spend money on advanced games and smart devices and ongoing research & development activities in this region. For example; since 1990, EU research funds have supported over 450 projects on VR & AR, due to the availability of public research funding. The example of such research can be known from the example of Practical schools of gaming such as Future games (SE), which have helped to advance computer graphics and software development, while movie-making centers such as Bayerisches Filmzentrum (DE) helped in advance cinematic production and also actively collaborate with universities to innovate new technical solutions for immersive VR experience.
Asia-Pacific is expected to have a high growth rate in the virtual reality gaming market due to the growing number of new VR startup companies, especially in China, Japan, and South Korea, and the presence of major companies such as Sony, HTC & Samsung in this region.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2020:||6821.4 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||29.2%|
|Market Size Expected in 2027:||USD 40993.1 Million|
|Tables, Charts & Figures:||175|
|VR Gaming Companies||Linden Labs, Electronic Arts, Oculus VR LLC, VirZoom Inc., Samsung Electronics Co. Ltd., HTC Corporation, Virtuix,Leap Motion Inc., Newzoo, Kaneva, Sony Corporation, Google Inc., Telsa Studios, Qualcomm Inc., Lucid VR, Others|
|Segments Covered||By Deployment Type, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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