Virtual Reality in Gaming Market is anticipated Growth Owing to Wide Adoption across Multiple Genres

 

Virtual Reality in Gaming Market
Virtual Reality in Gaming Market

Virtual reality provides an immersive gaming experience through a virtual world that allows gamers to interact physically and visually. Virtual reality games come with head-mounted displays that provide 3D visuals and surround sound capabilities. With the rising popularity of VR gaming across various genres including adventure, racing, fighting, and puzzle, an increasing number of companies are focusing on developing VR-exclusive games. The integration of VR technology has opened up new possibilities for gaming, thereby driving the need for VR headsets, controllers, software among others.

The global virtual reality in gaming market is estimated to be valued at US$ 18311.72 million in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the virtual reality in gaming are Merck Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Animal Health, Ceva Santé Animale, Virbac SA, Bayer AG, Intervet Inc., Bimeda, Ouroboros Biologicals, Novartis Animal Health, Hygieia Biological Laboratories, Valneva SE, and Vetoquinol. Major players are focusing on developing innovative VR games across different genres and platforms in order to gain a competitive edge in the market. For instance, in 2022, Oculus developed Medal of Honor: Above and Beyond, a VR first-person shooter game set during World War 2.

The growing popularity of Virtual Reality in Gaming Market Demand is expected to present significant growth opportunities for players in the market. Several VR arcades have opened across the world that offer complete VR gaming setup along with a variety of VR games. This is encouraging the trial and adoption of VR technology on a large scale. Additionally, key players are expanding their geographical presence across different regions to tap the rising demand for VR globally. For instance, in 2022, Valve expanded its SteamVR platform in China to sell VR headsets and games.

Market Drivers and Restrain

The increasing focus of game developers as well as VR companies on developing exclusive VR games is a major market driver. Development of highly immersive VR games across genres is encouraging the adoption of VR headsets and hardware. Innovation in VR gaming technology is another key factor fueling the market growth. However, high costs associated with VR gaming hardware and software may restrict the market growth to some extent. Additionally, lack of quality VR content is another challenge being faced by the market. Development of engaging gameplay and stories is important for driving VR adoption. Lastly, health issues like VR sickness caused due to extended VR gaming sessions can hamper the market growth.

Segment Analysis

The virtual reality in gaming market consists of different segments like hardware, software and services. Among these, the hardware segment currently dominates the market with a share of over 50%. This is because the adoption of VR head mounted displays is increasing rapidly among gamers. Products like Oculus Rift and HTC Vive are very popular in the hardware segment.

Global Analysis

In terms of regions, North America is expected to dominate the virtual reality in gaming market during the forecast period. High investments in VR technology development along with the presence of major players in the United States is driving the market in North America. Asia Pacific is identified as the fastest growing region due to rising number of gamers and increasing disposable incomes in countries like China and India. Countries like Japan and South Korea are also contributing significantly to the growth of APAC virtual reality in gaming market.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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