The global VR in the gaming market is anticipated to grow at a considerable CAGR of 31.0% during the forecast period (2024-2031). The market growth is mainly attributed to the growth in technological advancement across the globe. The improvement in the 3D multimedia graphics performance assists in alluring virtual accessories that improve user engagement with more interest towards involvement and interactive graphics. Moreover, to meet the needs of the users the demand for new sources of entertainment with an efficient processor is estimated to increase the interest among the users and further lead to the growth of the market. In addition to this, the increase in the use of VR for desktop games, smartphones, and gaming consoles in various types of games and companies engaged in R&D activities are some of the other factors driving the growth of the market.
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According to figures released by the Entertainment Software Association, as of March 2020, 29% of the 169 million gamers owned a VR for gaming, and the market is estimated to have a lucrative growth in the forecast period as the number of users will increase if the price goes down. Besides, the major player’s initiatives in the advancements are to propels the market growth. For instance, In May 2021, HTC Corp. has announced the launch of HTC Vive Pro 2, a VR headset that is connected to the PC, and the HTC Vive Focus 3, a standalone VR headset that is easier to take everywhere to its product line. In September 2020, Advanced Micro Devices (AMD), Inc. is a company that manufactures microchips, has released the Radeon RX 5300 graphics processing unit (“GPU”), which is intended to improve video gaming performance. The graphics card supported AAA, eSports, and VR (VR) games, providing the necessary speed for desktop graphics solutions. The Radeon RX 5300 has DirectX12 Technology, AMD FreeSync Technology, and the Vulkan API for a more immersive gaming experience.
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Market Coverage
- Segment Covered-
o By Device Type
o By Game Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Google VR, Nintendo Co., Ltd., Oculus (Facebook Technologies, LLC.), Sony Interactive Entertainment LLC, NVIDIA Corp., Microsoft Inc., HTC Corp., and Advanced Micro Devices, Inc. among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global VR in Gaming Market Report Segment
By Device Type
- Gaming Console
- Desktop
- Smartphones
By Game Type
- Racing games
- Adventurous games
- Fighting games
- Shooting games
- Mystery thriller games
- Science fiction games
- Simulation Games
- Other games
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