Virtual Reality (VR) in Gaming Market Size & Share to Surpass $37 Billion by 2028 | Vantage Market Research
WASHINGTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Global Virtual Reality in Gaming Market is valued at USD 7.5 Billion in 2021 and is projected to reach a value of USD 37 Billion by 2028 at a *CAGR (Compound Annual Growth Rate) of 30.5%* over the forecast period 2022-2028.One of the most significant economic sectors is the Virtual Reality in Gaming Market, and consistent growth is predicted. Despite the industry's volatility, various factors could impact its development or demise. This study examines current trends and potential developments to provide a comprehensive industry overview. It also details the industry's key players and their expansion strategies.
The study provides a complete evaluation of worldwide producers and suppliers and their current state and future potential. It also includes information on demand-side variables influencing the global need for, such as rising investment demands, expanding technology, and new laws.
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*Market Overview*
According to Vantage Market Research, some key factors anticipated accelerating the Virtual Reality in Gaming Market growth over the forecast period. The growing popularity of cutting-edge VR technology and peripherals among gamers is fueling the demand for virtual reality in gaming. New tiny and start-up businesses are entering the market with cutting-edge software and content services. Additionally, some of the major market drivers include advancements in 5G technology, creative game content, and cloud-based gaming technologies.
We forecast that the hardware category in Virtual Reality in Gaming Market sales will account for more than 30% of total sales by 2028. The primary cause of the rising growth is the high cost of hardware components. The prices are anticipated to decrease over the projection period due to the rising demand for these goods.
North America dominates the Virtual Reality in Gaming Market, and this trend of dominance will continue throughout the projection period. Developing key technologies like augmented reality (AR), virtual reality (VR), 5G, 3D audio, advanced graphics, and others has contributed to this region's growth. Additionally, the presence of important companies’ fuels market expansion.
*Top Players in the Global Virtual Reality in Gaming Market*
· bHaptics Inc. (South Korea)
· Facebook Technologies, LLC. / Oculus (US)
· Google VR (US)
· HTC Corporation (Taiwan)
· SAMSUNG Electronics Co. Ltd. (South Korea)
· Sony Interactive Entertainment LLC (US)
· TESLASUIT/ VR Electronics Limited
*Market Dynamics*
*Advancements in 5G Technology*:
5G-based VR cloud games are shaping the gaming industry's use of virtual reality. A gaming cloud called 5G VR combines virtual reality, the cloud, and 5G connectivity. For their customers to receive low latency and high bandwidth services, the biggest virtual reality gaming companies are concentrating on creating VR cloud games based on 5G. For instance, to bring VR games to its 5G cloud gaming platform, Canadian VR games studio, Archiact merged with Chinese consumer technology company Migu Co. Ltd. in May 2020. According to Archiact, working with Migu will enable it to establish the 5G VR cloud gaming vision and increase the accessibility of VR.
*Availability of New Devices & Advanced Gaming Consoles:*
Technologies like augmented and virtual reality, the Internet of Things, 3D graphics, higher resolutions and cloud streaming was made possible by the rising demand for sophisticated gaming consoles. One of the main market drivers is these integrated technological advancements. Additionally, the market is anticipated to grow due to the rising demand for virtual reality accessories like motion sensors, head-mounted displays, bodysuits, gloves, masks, treadmills, and 3D headphones.
*Increasing Demand for Cutting-Edge Entertainment:*
Due to the consumers' increased demand for cutting-edge entertainment and the fact that they are increasingly seen playing virtual reality games, the market is expected to grow quickly. Additionally, it is anticipated that using a three-dimensional real-time environment with advanced graphics and sound technology will restrain the market's growth.
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*Top Trends in Global Virtual Reality in Gaming Market*
· One trend that Vantage Market Research (VMR) expects to see in the Virtual Reality in Gaming Market industry is the popularity of cloud gaming due to the adoption of virtual reality headsets in the gaming industry. With the adoption of this technology, users and gamers can personalize their game libraries, save their games for quick access, and take advantage of an improved gaming environment. As a result, cloud gaming is thought of as one of the sector's evolving developments.
· Another trend that VMR predicts will continue in the Virtual Reality in Gaming Market industry due to the advent of technology. The development of new technologies, such as 4K displays, Ultra-High Definition (UHD), and Full High Definition (FHD), has increased the use of TVs for gaming and watching movies. The increase in investments in cutting-edge technologies has also fueled the popularity of virtual reality in the gaming sector.
*Top Report Findings*
· Based on component, the majority of the Virtual Reality in Gaming Market's revenue is controlled by the hardware category due to the game industry's need for and sales of VR-based devices. Additionally, market growth is anticipated to increase throughout the forecast period due to the development of improved hardware.
· Based on connecting devices, the gaming console category dominated the Virtual Reality in Gaming Market, and this trend is anticipated to continue. The desire among end users for 3D gaming consoles with cloud services is causing the market's growth.
· Based on the user, the individual category dominated the Virtual Reality in Gaming Market, and this trend is anticipated to continue. Cost is the main factor cited as limiting the increased consumer adoption of VR in gaming. However, the segment dominance in the industry is being permitted by the accessibility and availability of VR games at the users' homes and declining hardware prices over time.
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*Top 10 Players Generate More Than 45% of the Global Virtual Reality in Gaming Market Revenue*
These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include bHaptics Inc. (South Korea), Facebook Technologies, LLC. / Oculus (US), Google VR (US), HTC Corporation (Taiwan), SAMSUNG Electronics Co. Ltd. (South Korea), Sony Interactive Entertainment LLC (US), TESLASUIT/ VR Electronics Limited and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
*Gaming Console Category in Virtual Reality in Gaming Market to Generate Over 30% Revenue*
Virtual Reality in Gaming Market is an expensive investment. Vantage Market Research has analyzed the market for Virtual Reality in Gaming Market to understand its current state and potential future growth factors. For better understanding, based on connecting device Virtual Reality in Gaming Market is divided into a gaming console, PC/desktop and smartphone.
During the forecast period, the market for Virtual Reality in Gaming Market is anticipated to experience the highest CAGR for the gaming console category. This is explained by how many VR-compatible consoles and video games there are. Furthermore, it is anticipated that big corporations will increase their efforts in creating VR-compatible platforms during the projected period. Additionally, the market is anticipated to grow due to the rising demand for virtual reality accessories like motion detectors, head-mounted displays, gloves, masks, headphones, and others.
On the other hand, the epoxy category is anticipated to grow at a significant rate over the forecast period due to an increase in demand from people who haven't bought a gaming console but are curious to try out new experiences in virtual environments made by software developers using specialized hardware and software made specifically for creating lifelike virtual worlds or realities known as headsets like HTC Vive/Oculus Rift among others that require expensive computers known as HMDs or head-mounted displays that need good processing power.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Virtual Reality in Gaming Market Forecast Report (2022-2028).
*Global Virtual Reality in Gaming Market Segmentation*
*By Component*
· Hardware
· Software
*By Connecting Device*
· Gaming Console
· PC/Desktop
· Smartphone
*By User*
· Commercial Space
· Individual
*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
*Scope of the Report:*
*Report Attributes* *Details*
Market Size in 2021 USD 7.5 Billion
Revenue Forecast by 2028 USD 37 Billion
CAGR 30.5% from 2022 to 2028
Base Year 2021
Forecast Year 2022 to 2028
Key Players bHaptics Inc. (South Korea), Facebook Technologies, LLC. / Oculus (US), Google VR (US), HTC Corporation (Taiwan), SAMSUNG Electronics Co. Ltd. (South Korea), Sony Interactive Entertainment LLC (US), TESLASUIT/ VR Electronics Limited and others.
*Customization of the Report:*
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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