The global virtual reality in gaming market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The virtual reality in gaming market involves products and devices that provide an interactive 3D virtual world experience to gamers. VR headsets, controllers, and motion tracking sensors allow users to immerse themselves in virtual environments created by games.
Market key trends:
One of the key trends in the virtual reality in gaming market is the increasing preference of gamers for immersive experiences. VR allows players to experience games from a first-person perspective and get completely absorbed in virtual worlds. This has boosted the adoption of VR gaming as it offers a higher level of engagement and realism compared to traditional gaming. Major gaming companies are increasingly launching exclusive VR titles and investing in VR development to capitalize on this growing demand for immersive experiences.
SWOT Analysis:
- Strength: Virtual reality offers completely immersive gaming experience compared to traditional gaming. It transports users to the digital world seamlessly.
- Weakness: Expensive hardware costs associated with VR games limit widespread adoption. Motion sickness is another issue some users face.
- Opportunity: High growth prospects with increasing application of VR technology in entertainment industry. Developers are coming up with innovative game concepts leveraging immersive VR capabilities.
- Threats: Dominance of established traditional gaming platforms poses challenge. Technical limitations and safety concerns if not addressed properly can impede market growth.
Key Takeaways:
The Global Virtual Reality in Gaming Market Demand is expected to witness high growth, exhibiting CAGR of 29% over the forecast period, due to increasing immersive experience offered in gaming.
Regional analysis:
North America is expected to dominate the global Virtual Reality In Gaming Market over the forecast period. High disposable income and early technology adoption drive the regional market. Asia Pacific is poised to exhibit highest growth rate owing to rising number of gamers and increasing investment by game developers in the region.
Key players operating in the Virtual Reality In Gaming market are Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation.
Oculus VR is one of the leading VR gaming companies focusing on bringing rich, immersive VR experiences to gamers worldwide. Sony has expanded Playstation platform into VR space with successful PlayStation VR system. Electronic Arts is also investing heavily in VR games to stay ahead in the dynamic market.
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