NEW YORK, June 26, 2024 /PRNewswire/ -- The global virtual reality (VR) in gaming market size is estimated to grow by USD 36.14 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 38.19%  during the forecast period. Increasing adoption of VR in interactive home entertainment industry is driving market growth, with a trend towards growing popularity of 360-degree content. However, privacy concerns over gamers information  poses a challenge. Key market players include Advanced Micro Devices Inc., Alphabet Inc., bHaptics Inc., Carl Zeiss AG, Electronic Arts Inc., Fallen Planet Studios Ltd, HTC Corp., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Nintendo Co. Ltd., NVIDIA Corp., Qualcomm Inc., Razer Inc., Samsung Electronics Co. Ltd., Sony Group Corp., Ubisoft Entertainment SA, Unity Technologies Inc., Virtuix Inc., and Wookey Technologies Inc..

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Market Driver

The VR gaming market is experiencing significant growth due to the introduction of advanced VR devices and 360-degree videos. Companies like Facebook, Sony, and HTC have launched VR headsets, such as the Oculus Quest 2, driving market expansion. The popularity of 360-degree videos, recorded using devices like GoPro Freedom360 and Kodak PIXPRO SP360 4K Dual Pro Pack, enhances the gaming experience by allowing users to change perspectives. Platforms, such as 360Heros, offer services for creating immersive 360-degree content. This trend is expected to continue, making VR a mainstream platform in the gaming industry. 

The Virtual Reality gaming market is experiencing significant growth, with technologies such as Augmented Reality (AR), Spatial Audio, and Motion Captivity gaining popularity. Consumers are increasingly seeking immersive experiences, leading to increased demand for VR games. Companies are investing in Consoles and Content to meet this demand. Three-dimensional audio and haptic feedback are key features enhancing the gaming experience. The industry is also focusing on improving graphics and expanding game libraries. Interactivity and real-time tracking are essential trends, with games like Minecraft and Fortnite leading the way. Virtual environments offer endless possibilities, making VR gaming an exciting and dynamic market to watch. 

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Market Challenges

• In the Virtual Reality (VR) gaming market, vendors face challenges related to user privacy. Cookies are used to collect data, but gamers often block these activities or uninstall apps. This results in lost revenue and the inability to implement freeware models. To address this issue, vendors now seek user consent before downloading or installing VR games. However, privacy concerns persist, as gamers are cautious about extensive app usage due to potential data access. This hinders the growth of the VR gaming market.
• The Virtual Reality gaming market is experiencing significant growth, with companies developing innovative technologies and experiences. However, challenges persist in this industry. One major challenge is the high cost of VR hardware and software, limiting its accessibility to a wider audience. Another challenge is the development of engaging and immersive content to keep users interested. Additionally, tracking technology and compatibility issues across different devices can be problematic. Furthermore, the need for continuous innovation to stay ahead of competitors is a constant pressure. Despite these challenges, the potential rewards for companies that can overcome them are substantial, making the VR gaming market an exciting and dynamic space to watch.

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Segment Overview 

This virtual reality (vr) in gaming market report extensively covers market segmentation by  

1. Application 
   • 1.1 PCs
   • 1.2 Consoles
   • 1.3 Mobile devices
2. Component 
   • 2.1 Hardware
   • 2.2 Software
3. Geography 
   • 3.1 APAC
   • 3.2 North America
   • 3.3 Europe
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 PCs-  The VR gaming market is set to expand with the release of advanced headsets like Apple Vision Pro. This device, offering AR and VR capabilities, boasts ultra-high-resolution screens for an immersive gaming experience. Developers create exclusive content for these headsets, such as Batman: Arkham Knight with a distinct storyline. However, the high price point, ranging from USD500 to USD900, may deter some consumers, potentially limiting market growth.

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Research Analysis

The Virtual Reality (VR) gaming market is experiencing significant growth, driven by the immersive technology that provides users with a unique and engaging experience. VR accessories, such as bodysuits, gloves, and Head-Mounted Displays (HMDs), enhance the user's interaction with the game, enabling motion tracking and 3D effects. The industry's spending capacity continues to increase, attracting investors and entrepreneurs to capitalize on the competitive edge that VR games offer. Content creation tools and development are essential for the industry's growth, with software, middleware, engines, and various tools being utilized to create immersive experiences. The use of UTSA (User Testing, Surveys, and Analytics) ensures the development of high-quality content that resonates with the user base.

Market Research Overview

The Virtual Reality (VR) gaming market is experiencing significant growth, with advances in technology leading to more immersive experiences. VR technology enables gamers to step into new worlds, offering a level of engagement that traditional gaming can't match. The industry is expanding rapidly, with innovations in hardware and software driving new applications and experiences. VR gaming covers a wide range of genres, from action and adventure to education and simulation. The market is also seeing increased interest from industries such as healthcare and training, where VR offers unique benefits. VR gaming requires specialized equipment, including headsets and controllers, and the market is seeing competition in this area as well. Overall, the VR gaming market is an exciting and dynamic space, offering endless possibilities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• • PCs
  • Consoles
  • Mobile Devices
• Component
• • Hardware
  • Software
• Geography
• • APAC
  • North America
  • Europe
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio