The Virtual Reality In Gaming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Reality In Gaming Global Market Report 2024, The virtual reality in gaming market size has grown exponentially in recent years. It will grow from $15.26 billion in 2023 to $19.62 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to consumer demand for immersive experiences, growth of high-end gaming platforms, content development and game titles, enhanced hardware capabilities.
The virtual reality in gaming market size is expected to see exponential growth in the next few years. It will grow to $55.21 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to emergence of cloud gaming platforms, focus on social and multiplayer gaming, innovation in input devices and controllers. Major trends in the forecast period include storytelling and narrative-driven VR games, VR fitness and wellness gaming, user-generated content and modding, integration of haptic feedback technology, VR game streaming and subscription services.
The increase in adoption of VR devices is driving the growth of virtual reality in the gaming market going forward. Virtual reality systems create a virtual experience that appears to be real, allowing the user to interact with the 3D world and feel the scenes and objects as if they were real. In the latest generation of computer games, VR devices are employed to make the players feel immersed in the game. For instance, in August 2023, according to the report by Statista, the German-based online platform that collects and visualizes data, the market size for virtual reality head-mounted displays (HMDs) in 2020 amounted to $5.5 billion. Subsequently, the adoption of VR devices witnessed significant growth, with projections indicating an ascent to $18.6 billion by 2026. Notably, approximately 5.5 million units of augmented and virtual reality devices were slated for shipment in 2020. Therefore, the increasing adoption of VR devices is expected to propel the growth of virtual reality in the gaming market in the coming years.
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The virtual reality in gaming market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Types Of Games: Racing, Adventure, Fighting, Shooting, Mystery Thriller, Puzzle, Science Fiction, Other Types
3) By Device: Personal Computers, Gaming Consoles, Mobile Devices
4) By End-User: Commercial Space, Individual
Major companies in the virtual reality gaming market are focused on developing innovative products, such as the mixed reality headset, to contribute to the market’s growth. A mixed reality headset combines elements of both augmented reality (AR) and virtual reality (VR), seamlessly blending digital and physical environments to provide users with interactive and immersive experiences. For instance, in September 2023, Meta Platforms, Inc., a US-based social technology company providing solutions for social networking, advertising, and business insights, launched the Meta Quest 3—a mixed reality headset with advanced features for immersive VR experiences. Poised to redefine virtual reality gaming, this product leverages its advanced features to deliver unparalleled and transformative gaming experiences for enthusiasts worldwide, thereby contributing to the advancement of virtual reality in the gaming market.
The virtual reality in gaming market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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