Virtual Reality (VR) in Gaming Market - Challenges, Opportunities, Statistics

Posted by Savni on March 26th, 2020

Synopsis

The report published by Market Research Future (MRFR) projects that the global virtual reality in gaming market is marked to exhibit remarkable expansion at a CAGR of 30.5% during the assessment period of 2017-2023 and reach the valuation of USD 14.6 Bn by the end of the review period. Increasing popularity of virtual reality technology in gaming among youngsters, especially in the developed and developing regions, and high demand for advanced simulated features in this type of games are majorly propelling the growth of the global virtual reality in gaming market. Increased penetration of advanced gaming gadgets and availability of these gadgets at affordable prices are also fueling the growth of the global virtual reality market.

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Regional Analysis

Geographically, the global virtual reality in gaming market has been divided into four major regions such as North America, Asia Pacific (APAC), Europe, and the rest of the world. The North America region commands the maximum share of the global virtual reality in gaming market owing to the increased popularity of virtual reality technology among the young population, high demand for virtual reality gaming devices that introduce various advanced features, and easy adoption of technologically advanced gaming devices due to their availability at affordable prices in this region. The Asia Pacific region is marked to expand at the fastest growth rate in the global virtual reality in gaming market during the assessment period owing to the increasing penetration of smart gadgets in the developing economies, rise in availability of affordable advanced gaming devices, increasing popularity of virtual reality and introduction of new virtual reality games and gadgets in this region.

Segmental Analysis

Virtual Reality (VR) in Gaming Market is segmented on the basis of hardware, software, and compatibility. Based on hardware, the global virtual reality in gaming market has been segmented into devices, glasses, gloves, headsets, and others. Based on compatibility, the global virtual reality in gaming market has been segmented into MMOs, smartphones, casual web games, box Pc, tablets, consoles, and others.

Industry Updates

In February 2019, The City Point Shopping Center at Downtown Brooklyn has announced its partnership with YokeyPokey Virtual Reality for hosting its first annual e-sport virtual tournament.

In February 2019, it has been announced that VR Exodrome, a virtual reality lounge is opened in Palisades Mall, Rockland. This lounge is packed with various virtual gaming experiences such as virtual maze, roller coaster, and other competitive cybersports.

Key Players

The prime players profiled by Market Research Future (MRFR) that are operating in the global virtual reality in gaming market are Electronic Arts Inc (the U.S.), Google (the U.S.), Newzoo (Netherlands), HTC Corporation (Taiwan), Oculus VR, LLC (the U.S.), Kaneva (the U.S.), Samsung (South Korea), Sony Corporation ( Japan), ZEISS International (Germany), LEAP MOTION, INC. (the U.S.), VirZOOM, Inc (the U.S.) and others.

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