The global Virtual Reality (VR) in gaming market size is expected to reach USD 92.09 billion by 2028 according to a new study by Polaris Market Research. The report “Virtual Reality (VR) in Gaming Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By Device (Smartphone, Gaming Console, Laptop/Desktop); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market for Virtual Reality (VR) in gaming is propelled by factors including, increasing disposable income of people worldwide and continuous improvement in existing gaming technologies including, 3D effects, motion tracking, and interactive graphics for drawing users’ attention. With the increase in spending capacity of people, people are demanding for new sources of entertainment and VR games offers a unique way of entertainment.
The hardware component segment of VR in gaming market held more than 50% of the market share in 2020 and is further expected to lead during the forecast period. The high cost of hardware components is the major factor for the increasing growth. However, with the increasing demand for these products, the prices are expected to decline over the forecast period.
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The hardware segment is expected to grow very rapidly, the software segment is anticipated to experience modest growth. Adoption of the virtual reality technology has raised user expectation for enhanced software solutions, hence increasing challenges for developers than before.
By Geography, North America region accounted for the largest share for VR gaming in terms of revenue globally in 2020. The growth of North American market is attributed to accessibility of advanced gaming technology as well as acceptance and adoption of VR gaming products including head mounted displays.
Furthermore, Europe accounted for the second dominating region in 2020. However, Asia Pacific is projected to witness the highest growth during the forecast period attributed to constantly increasing online gamers in developing countries such as China and India and a strong gamers base in countries such as Japan, Korea, Singapore, Malaysia, and Indonesia.
The players operating in the market are constantly focusing on development of new products to efficiently compete in the aggressive market for VR gaming. For instance, Sony launched Project Morpheus VR heads, a head mounted display device that offers high resolution and efficient tracking accuracy.
The major players operating in the Virtual Reality (VR) in gaming include Microsoft Corporation, Sony Corporation, Electronic Arts, Nintendo Company Ltd., Linden Labs, Samsung Electronics Co. Ltd., Facebook (Oculus), Google, Inc., HTC Corporation, and Tesla Studios among others. Companies including Microsoft, Sony and Nintendo are the major players operating in the market.
Polaris Market Research has segmented the Virtual Reality (VR) in gaming market report based on component, device, and region:
Virtual Reality (VR) in Gaming, Component Outlook (Revenue – USD Billion, 2016 – 2028)
Virtual Reality (VR) in Gaming, Device Outlook (Revenue – USD Billion, 2016 – 2028)
- Gaming Console
Virtual Reality (VR) in Gaming, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa