The global virtual reality in gaming market size is expected to reach USD 92.31 billion by 2027, expanding at a CAGR of 30.2% over the forecast period, according to a new report by Grand View Research, Inc. The intensifying demand for technologically progressive electronic games amongst millennials is anticipated to drive the market growth from 2020 to 2027.
There is a significant demand for recreation activities in a Three-Dimensional (3D) environment using compact virtual reality gaming devices in the younger generations. The preference for enhanced experience using immersive technology into VR simulation of 3D surroundings is expected to drive the market growth. Continual innovations in the VR space and development of wide-ranging virtual reality games have enticed the gaming enthusiasts worldwide. Enriched gaming involvement owing to the interactive video games, alluring VR accessories, and realistic 3D recreational environments is anticipated to encourage the market growth from 2020 to 2027.
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Startups are making the most of crowdfunding in the virtual reality space to develop innovative wearables, accessories, and software for recreation. For instance, Cyan, Inc., a U.S. based gaming studio, launched a new crowdfunding campaign in March 2019 for their VR-enabled game named ‘Firmament.’ Moreover, the advent of fifth generation (5G) network technology is poised to further augment the VR in gaming experience due to the low latency, improved reliability, and high density offered by the 5G technology. The technology also enables the integration of virtual reality with cloud solutions. Telecom solution providers are partnering with the market players in the gaming industry to enhance the VR-based offerings. For instance, in April 2019, AT&, Inc. partnered with NVIDIA Corporation; HTC Corporation; PlayGiga; and Arvizio, Inc. to develop its 5G network apt for VR games. These technical advancements are expected to drive the industry growth.
Virtual Reality In Gaming Market Report Highlights
• Companies are profoundly investing in the research and development of commercial VR accessories that can be connected to smartphones, desktops, and gaming console
• The hardware component segment is expected to expand at the highest CAGR over the forecast period, owing to the high procurement expenses and rapid advancements in wearables and accessories such as virtual reality bodysuit, gloves, input devices, and masks
• The Brazilian, Mexican, and Indian markets are expected to observe a significant surge in the growth, due to a combination of factors including the number of millennials, rising disposable income of buyers, enthusiastic gamers, rapid smartphone penetration, and growing console sales that makes the regions a rewarding market for VR-based games
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Virtual Reality In Gaming Market Segmentation
Grand View Research has segmented the global virtual reality in gaming market on the basis of component, connecting device, user, and region:
VR In Gaming Component Outlook (Revenue, USD Million, 2016 - 2027)
• Software
• Hardware
VR In Gaming Connecting Device Outlook (Revenue, USD Million, 2016 - 2027)
• Gaming Console
• PC/ Desktop
• Smartphone
VR In Gaming User Outlook (Revenue, USD Million, 2016 - 2027)
• Commercial Space
• Individual
VR In Gaming Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o Japan
o South Korea
• Latin America
o Brazil
o Mexico
• Middle East & Africa
List of Key Players of Virtual Reality In Gaming Market
• bHaptics, Inc.
• Facebook Technologies, LLC./ Oculus
• Google VR
• HTC Corporation
• SAMSUNG ELECTRONICS CO., LTD.
• Sony Interactive Entertainment LLC
• TESLASUIT/VR Electronics Limited
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.