Key Virtual Reality in Gaming Market players include HTC Corporation, Nintendo Co., Ltd., Google Inc., Samsung Electronics Co. Ltd., Fove Inc., Sony Interactive Entertainment LLC, Razer Inc., Microsoft Corporation, Sega Corporation, Electronic Arts Inc., VR World Limited
New York , Feb. 01, 2024 (GLOBE NEWSWIRE) — The global virtual reality in gaming market size is expected to expand at 31% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 54 billion by the end of 2033, up from a revenue of USD 8 billion in the year 2022. The growth can be attributed to the growing adoption of virtual reality hardware.
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For instance, in recent years more than 96 million individuals will use VR gear, while around 22 million will experiment with more sophisticated AR technologies. Besides this, over 90% of corporate companies are either using VR or AR technology currently or are planning to do so in the future. A video game played on virtual reality (VR) gear such as a VR headset which allows a customer to explore the virtual world.
Virtual Reality in Gaming Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Console/PC segment to garner the highest growth
- Market in North America to grow at a significant rate
Growing Popularity of Video Games to Boost Market Growth
Video games have been in existence for many years as they are known to bind individuals together, even when they are divided. One of the fastest-growing sectors of the entertainment industry is video games, which have progressed from simple geometric shape interactions to fully immersive cinematic experiences enabling more imaginative game design, and an improved overall experience. For instance, the number of people playing video games is predicted to rise quickly, reaching over 3 billion globally in 2023. As a result, there is an increase in demand for virtual reality in gaming because of its realistic graphics, social engagement, immersive experience, increased interactivity, variety of gaming experiences, and accessibility.
Virtual Reality in Gaming Industry: Regional Overview
The global virtual reality in gaming market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Gamers to Drive the Growth in the Asia Pacific Region
The virtual reality gaming market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. China is home to some of the biggest video game firms that developed more than 28 out of the top 100 highest-grossing mobile games outside of China. It is stated that China now has over 665 million gamers which is more than the whole population of North America. Besides this, Chinese PC games account for more than 36% of global PC gaming revenue. Moreover, China is quickly becoming the world’s most significant VR market as the country is expected to increase its spending of around USD 13 billion on AR and VR by 2026. Additionally, the virtual reality gaming market in India is predicted to rise by over 25% by 2027, which represents a radical change that is enthralling a wide and quickly expanding gaming community in particular.
Increase in AR VR Gaming Startups to Drive the Growth in the North America Region
The North America virtual reality in gaming market is estimated to garner the largest revenue by the end of 2033. Recent years have seen a tremendous rise in virtual reality (VR) startups which are pushing the limits of VR technology in addition to their concentration on software by making significant investments in producing high-quality VR headsets that offer an immersive gaming experience including Oculus, HTC, and Sony. For instance, In the US, there are more than 240 AR and VR gaming startups, including Oculus, Niantic, LIV, DeepMotion, and Owlchemy Labs. Additionally, the growing use of VR in Canada is also changing the cultural landscape of the nation where several significant businesses are spearheading innovation and making major contributions to the sector, so that consumers can experience virtual reality in the comfort of their own homes.
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Virtual Reality in Gaming Segmentation by Device
- Console/PC
- Mobile
- Standalone
The console/PC segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing shipment of gaming monitors and PCs. For instance, globally, more than 17 million gaming displays and over 44 million gaming PCs were shipped in total throughout the year. Moreover, global gaming PC and monitor shipments are expected to expand at five-year compound annual growth rates of around 4% and 13%, respectively. The most popular choices for VR gaming at home are a data glove connected to a gaming PC or console and a cheap headset which is completely changing the way we interact and play games. Lately, the demand for gaming consoles typically involves the use of a VR headset and motion controllers, and a console has grown due to the increasing supply of multihomed games.
Virtual Reality in Gaming Segmentation by Component
- Hardware
- Software
- Content
The hardware segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing sales of gaming hardware. The gaming hardware business is a booming one, with a large selection of gadgets and add-ons meant to improve gameplay mostly propelled by elements including the growing esports popularity, the growing demand for gaming devices, technological developments, and increasing demand for high-end gaming hardware from professional gamers and enthusiasts. For instance, the sales of gaming hardware are expected to grow by more than 6% year over year to reach around USD 36 billion in 2022, from USD 34 billion in sales in 2021. The gaming industry has been shaped by the progression of gaming hardware from consoles to high-end PC gaming which has increased the demand for virtual reality in gaming. Hardware and a game make up VR gaming systems, and over time, VR game hardware has improved in strength, portability, and comfort, as virtual reality gaming grows more developments in hardware and software can be anticipated. Additionally, virtual reality gaming has experienced a comeback in recent years due to the development of increasingly sophisticated VR hardware by numerous firms, each with distinct features and specifications.
Virtual Reality in Gaming Segmentation by End-User
- Individual
- Commercial Space
A few of the well-known market leaders in the global virtual reality in gaming market that are profiled by Research Nester are HTC Corporation, Nintendo Co., Ltd., Google Inc., Samsung Electronics Co. Ltd., Fove Inc., Sony Interactive Entertainment LLC, Razer Inc., Microsoft Corporation, Sega Corporation, Electronic Arts Inc., VR World Limited, and other key market players.
Recent Development in the Virtual Reality in Gaming Market
- HTC Corporation announced that the VIVE Pro Eye will be sold in North America with its cutting-edge eye-tracking technology at a few retail locations as well as on vive.com, which can be profitable to numerous sectors, including gaming and simulation.
- Nintendo Co., Ltd. Introduced Labo VR interpretation of the stellar mechanics and movement of first-person shooter DOOM Eternal that will enable Switch owners to generate their rudimentary games using easy-to-learn node-based tools that originally debuted as part of the Nintendo Labo series.
Read our insightful Blogs and Data-driven Case Studies:
- Gaming Monitors – A Guide to Next-Generation Gaming Monitors
The write-up is a descriptive analysis of the next-generation gaming experience. As virtual reality is getting highly popular amongst the users, developers are bringing more intriguing gaming experiences.
https://www.researchnester.com/blog/technology/smart-devices/a-guide-to-next-generation-gaming-monitors
- Smart Devices Manufacturer enhanced the Marketing Strategies to reach out to Target Customers
This case study explores how smart devices manufacturer increased its revenue share by our expertise. Our experts offered the company a blueprint for effective marketing that enabled them reach to target audience.
https://www.researchnester.com/case-study/technology/smart-devices/smart-devices-manufacturer-enhanced-the-marketing-strategies-to-reach-out-to-target-customers
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