by Virtual reality aims to immerse the user into a simulated or virtual world using head mounted displays and controllers. It enables users to engage in gaming experiences in an immersive 3D environment. Growing demand for highly immersive gaming experiences is driving the adoption of VR in gaming. VR games offer immersive and lifelike experiences allowing gamers to feel physically present in the virtual world.
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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
This is expected to drive widespread adoption of VR gaming systems. With 5G, VR gaming can offer multiplayer experiences with no lag or delay. Game developers are increasingly optimizing content for 5G enabled VR which provide more immersive experiences. This is expected to accelerate the growth of the virtual reality in gaming market over the forecast period.
Segment Analysis
The global virtual reality in gaming market is segmented by offering into hardware and software. The hardware segment dominated the market in 2022 holding around 61% share. The dominance is attributed to higher prices of VR headsets like Oculus Quest 2, HTC Vive, PlayStation VR etc. which are primary gaming devices to experience VR games. Though software prices are lower compared to hardware, hardware needs to be replaced less frequently which adds to their higher revenue share.
Key Takeaways
The Global Virtual Reality In Gaming Market Size is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030.
Regional analysis: The North America region is expected to dominate the global virtual reality in gaming market during the forecast period. This is owing to strong presence of VR gaming companies and high spending power of customers in the US and Canada on immersive gaming technologies. The Asia Pacific region is poised to witness fastest growth during the period due to growing young demographics, rising incomes and increasing penetration of VR devices especially in China, Japan and South Korea.
Key players: Key players operating in the virtual reality in gaming market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. August Stork focusses on producing VR gamified experiences based on popular intellectual properties for major franchise owners.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
