The Virtual Reality in Gaming Market is estimated to be valued at US$ 15895.59 Mn or Mn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual reality in gaming allows players to immerse themselves in virtual environments through headsets and wearable technology. Players can access popular game titles adapted for VR and have completely new experiences. Popular VR games include shooters, puzzle games, adventure titles and VR enhancements of existing franchises. The technology allows for a heightened sense of presence and realism in gaming environments.
Market Dynamics:
Technology Advancements: Continuous innovation and improvements in VR technology is driving the market growth. Major players are focused on developing more powerful and affordable VR headsets. This is increasing accessibility and adoption of VR gaming. Better graphics processing and sensor technology is enhancing gaming experiences.
Driver 2: Immersive Experience: Virtual reality provides a highly immersive gaming experience by blocking out the external world. Players feel truly present inside digital worlds. This level of immersion engages players for longer durations and is attracting many gamers to VR platforms. The realistic and lifelike feel of VR gaming is boosting market demand.
Segment Analysis:
Virtual reality gaming can be segmented into console-based gaming and PC-based gaming. Within console-based gaming, console VR gaming which utilizes VR headsets like Oculus Rift and HTC Vive is dominating as it provides more immersive experience to gamers compared to normal gaming.
PEST Analysis:
·         Political: There are no significant political risks impacting the virtual reality in gaming market.
·         Economic: The growing disposable incomes and increasing spending on leisure and entertainment are driving the adoption of VR gaming globally.
·         Social: VR gaming is becoming more popular among millennials as it provides social and interactive experience unlike traditional gaming.
·         Technological: Significant advances in VR and AR technologies along with the increasing processing power of devices are enhancing gaming experiences and attracting more users to this platform.
Key Takeaways:
The Global Virtual Reality in Gaming Market Size is expected to witness high growth at a CAGR of 29% over the forecast period of 2023 to 2030 supported by growing gaming audience and increasing popularity of immersive gaming experiences. The market was valued at US$ 15895.59 Mn in 2023 and is projected to reach over US$ 1 Million by 2030. North America region currently dominates the market owing to high adoption of new technologies among gamers in countries like U.S. and Canada.
Regional analysis: North America holds the major share of around 30% of the global virtual reality gaming market primarily due to high penetration of VR devices in countries like U.S. and Canada. Europe market follows North America due to growing VR games development in the U.K. and Germany. Asia Pacific region is expected to witness highest growth supported by large gaming audience in China, increasing affordability of VR devices and growing number of VR arcades.
Key players: Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation are some of the prominent players operating in the virtual reality in gaming market. Electronic Arts dominates the market with its library of VR games across genres for console and PC VR platforms. Nintendo has also forayed into VR gaming with popular IPs like Mario, Zelda and Pokémon utilizing its Labo VR kits.
 
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