Virtual Reality in Gaming is Estimated to Witness High Growth Owing...

Virtual Reality in Gaming is Estimated to Witness High Growth Owing to Rising Adoption of Immersive Experience

Posted 2024-01-17 09:34:31

The global Virtual Reality in Gaming Market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Virtual reality provides an immersive gaming experience like no other technology, allowing players to feel truly present within digital worlds. The high levels of presence and sensory input keep players engaged for longer. Development tools are becoming more accessible, lowering the barrier to entry for indie developers.

Weakness: High-end VR systems remain expensive, restricting the potential audience. Motion sickness can affect some players, especially with less optimised titles. Extended play sessions can cause fatigue. Developing highly polished VR games requires significantly more resources than traditional titles.

Opportunity: As prices fall and the installed base grows, the addressable market will expand dramatically in the coming years. Cross-platform multiplayer could see VR integrated into bigger online communities. Partnerships with entertainment franchises bring new audiences. Extended reality blends VR with AR for novel hybrid experiences.

Threats: Competition for players’ time and budgets from traditional platforms and mobile gaming. Technical issues like screen-door effect may diminish the experience for some. Overhyped expectations could lead to disappointments hurting long term adoption.

Key Takeaways

The Global Virtual Reality In Gaming Market Size is expected to witness high growth. The global Virtual Reality in Gaming Market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030.

Regional analysis related content comprises The North American region currently dominates the VR gaming market, accounting for the largest revenue share. China and Southeast Asia are witnessing the fastest growth as VR penetration increases.

Key players related content comprises Key players operating in the Virtual Reality in Gaming market are Oculus VR (Meta), Sony, HTC, Nintendo, Linden Labs, Electronic Arts, Facebook, Samsung Electronics, Google, Virtuix Holdings, Leap Motion, Telsa Studios, Qualcomm.

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