Virtual Reality in Gaming Market size is projected to surpass USD 54 Billion by the end of 2033, growing at a CAGR of 31% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of virtual reality in gaming was over USD 8 Billion.The growth of the market can primarily be attributed to the growing number of gamers worldwide. For instance, there were more than 2.5 billion gamers in the world in 2020.
VR gaming is used to describe a new generation of computer games with virtual reality (VR) technology that gives players a truly immersive, first-person perspective of game action. Participants both experience and influence the game environment through a variety of VR gaming devices and accessories, including VR headsets, sensor-equipped gloves, hand controllers, and more. At its simplest, a VR game might involve a 3-D image that can be explored interactively on a computing device by manipulating keys, mouse or touchscreen. With the recent advancements in gaming devices as well as VR systems the demand for VR systems is on the rise amongst the gamers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global virtual reality in gaming market during the forecast period. It is estimated that around 29% gamers in the United States owned a VR system in 2020.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~ 31% |
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Base Year Market Size (2022) |
~ USD 8 Billion |
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Forecast Year Market Size (2033) |
~ USD 54 Billion |
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Regional Scope |
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Device (Console/ Personal Computer (PC), Mobile, Standalone)
The global virtual reality in gaming market is segmented and analyzed for demand and supply by devices segment into console/PC, mobile, and standalone. Amongst these segments, the console/PC segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing number of gamers playing VR games along with the surge in the players using console/PC for gaming worldwide. For instance, more than 70% of gamers in the United States who played video games were owning a console in 2020.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global market includes the following segments:
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By Device |
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By Component |
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By End-User |
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Regionally, the global virtual reality in gaming market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the increasing game revenue in the region, along with largest gamers population. For instance, there were approximately 1.5 billion gamers in the Asia Pacific region with China having over 665 million gamers in 2020, the biggest number of gamers in the region and the world.
HTC Corporation - HTC VIVE has announced that its VIVE Pro Eye will be available for sale in North America on vive.com and at select retail stores. The VIVE Pro Eye, features the latest in eye tracking technology and sets a new standard for enterprise VR. VIVE Pro Eye will be used by various industries for numerous benefits including gaming, and simulation, among others.
Nintendo Co., Ltd., - NintendoLife has launched its latest creation, a Labo VR interpretation of the stellar mechanics and movement of first-person shooter DOOM Eternal. It is a charming toolset that will enable Switch owners to create their own rudimentary games using easy-to-learn node-based tools that originally debuted as part of the Nintendo Labo series.
Author Credits: Abhishek Verma, Hetal Singh
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