Virtual Reality In Gaming Market Strategies With Forecast Till 2030
The global virtual reality in gaming market size was valued at USD 20.73 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 22.7% from 2023 to 2030. Virtual Reality (VR) has enhanced gaming experience by offering a real-time ability to take gamers into their screens. The industry delivers gamers with alluring virtual accessories that improve user engagement along with immersive involvement. Incessant upgrades in the prevailing technologies comprising motion tracking, 3D effects, and interactive graphics for drawing players’ attention are expected to drive industry growth. Users are demanding newfangled sources of entertainment due to the surge in their spending capacity and are, hence, seen to be engaging in virtual reality games.
The virtual reality gaming space is expanding its professional value with the assistance of innovations. Awareness of state-of-the-art VR accessories, such as headsets, bodysuits, and gloves, is rapidly growing amongst players. VR headsets that were commercially launched in 2016 were a revolution in the recreation industry. The launch resulted in an upsurge in demand for virtual reality games as users were eager to encounter the 3D characters in their virtual surroundings. VR gadgets utilized in the market are empowered with intelligent interactive hardware and software, augmenting the entertainment experience for users.
Gather more insights about the market drivers, restrains and growth of the Global virtual reality in gaming market
Virtual Reality In Gaming Market Segments Highlights:
- The gaming console segment accounted for the largest revenue share of 58.0% in 2022. Based on the connecting devices used for virtual reality gaming, the market has been classified into gaming consoles, PC/desktops, and smartphones.
- The PC/desktop segment is expected to expand at the fastest CAGR of 26.5% during the forecast period.
- The smartphone segment is expected to show significant growth during the forecast period. This growth can be attributed to the ubiquity of smartphones and the ease and price at which they are available.
- The hardware segment held the largest revenue share of 63.7% in 2022. It is attributed to the continual upgrades in VR wearables and accessories, including input devices, masks, gloves, headsets, and bodysuits.
- The software segment is expected to expand at the fastest CAGR of 24.1% over the forecast period. The software segment is likely to experience modest growth as compared to the hardware segment, which is projected to witness rapid growth.
- North America dominated the market and accounted for the largest revenue share of 32.6% in 2022. The U.S. accounted for significant growth as the region has been observing higher deployment due to the early adoption of new technologies and similar consumer preferences.
- Latin America is expected to expand at the fastest CAGR of 24.9% during the forecast period.
- Asia Pacific is expected to witness significant growth over the forecast period. Within the region, China and Japan accounted for a higher market share owing to the vast consumer base and increased adoption of VR games on smartphones.
- he commercial space segment accounted for the largest revenue share of around 40.2% in 2022 and is expected to expand at the fastest CAGR over the forecast period.
- The individual segment is expected to witness significant growth over the forecast period. The most alluded factor to restrict the elevated consumer adoption of VR in gaming is cost.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
- Virtual Prototype Market: The global virtual prototype market size was valued at USD 597.2 million in 2023 and is projected to grow at a CAGR of 14.2% from 2024 to 2030.
- Immersive Display in Entertainment Market: The global immersive display in entertainment market size was valued at USD 2,746.5 million in 2023 and is expected to grow at a CAGR of 23.6% from 2024 to 2030.
Virtual Reality In Gaming Market Segmentation
Grand View Research has segmented the global virtual reality in gaming market based on component, connecting device, user, and region:
VR In Gaming Component Outlook (Revenue, USD Million, 2018 - 2030)
- Software
- Hardware
Virtual Reality In Gaming Connecting Device Outlook (Revenue, USD Million, 2018 - 2030)
- Gaming Console
- PC/Desktop
- Smartphone
Virtual Reality In Gaming User Outlook (Revenue, USD Million, 2018 - 2030)
- Commercial Space
- Individual
Virtual Reality In Gaming Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
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