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Virtual Reality: Immersive Gaming Breakthroughs in 2024
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According to The Business Research Company's, The virtual reality in gaming market size has grown exponentially in recent years. It will grow from $15.26 billion in 2023 to $19.62 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to consumer demand for immersive experiences, growth of high-end gaming platforms, content development and game titles, enhanced hardware capabilities.
The virtual reality in gaming market size is expected to see exponential growth in the next few years. It will grow to $55.21 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to emergence of cloud gaming platforms, focus on social and multiplayer gaming, innovation in input devices and controllers. Major trends in the forecast period include storytelling and narrative-driven VR games, VR fitness and wellness gaming, user-generated content and modding, integration of haptic feedback technology, VR game streaming and subscription services.
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Market Drivers and Trends:
The increase in adoption of VR devices is driving the growth of virtual reality in the gaming market going forward. Virtual reality systems create a virtual experience that appears to be real, allowing the user to interact with the 3D world and feel the scenes and objects as if they were real. In the latest generation of computer games, VR devices are employed to make the players feel immersed in the game. For instance, in August 2023, according to the report by Statista, the German-based online platform that collects and visualizes data, the market size for virtual reality head-mounted displays (HMDs) in 2020 amounted to $5.5 billion. Subsequently, the adoption of VR devices witnessed significant growth, with projections indicating an ascent to $18.6 billion by 2026. Notably, approximately 5.5 million units of augmented and virtual reality devices were slated for shipment in 2020. Therefore, the increasing adoption of VR devices is expected to propel the growth of virtual reality in the gaming market in the coming years.
5G-based VR cloud games are shaping virtual reality in the gaming market. 5G VR cloud is a combination of cloud, virtual reality, and 5G connectivity in gaming. Major companies operating in virtual reality in the gaming sector are focused on developing 5 G-based VR cloud games to offer customers low latency and high bandwidth services. For instance, in December 2023, Xbox Cloud Gaming, a US-based cloud gaming service offered by Microsoft, partnered with Meta, a US-based multinational technology company, to introduce a versatile gaming experience. This collaboration expands gaming accessibility across different platforms and harnesses fast 5G connections, anticipating a boost in 5G-based VR cloud games, offering users AAA-quality gaming experiences.
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Major Key Players of the Market:
Alphabet Inc., Samsung Electronics Co Ltd., Microsoft Corporation, Facebook Technologies LLC, Intel Corporation, Qualcomm Inc., Sony Interactive Entertainment LLC, Advanced Micro Devices Inc., Nvidia Corp, Nintendo Co Ltd., ZEISS Group AG, Valve Corporation, Electronic Arts Inc., Epic Games Inc., Razer Inc., Unity Software Inc., Sixense Enterprises Inc., HTC Corporation, Pimax Innovation Inc., Varjo Technologies Oyj, Oculus HR Ltd., Starbreeze Studios AB, Vuzix Corporation, Subpac Inc., Virtuix Inc., bHaptics Inc., Sensics Inc., Manus VR B.V., Fove Inc., Kaneva LLC, TPCAST Technology Inc., Infinadeck Corporation, Dexta Robotics Corporation Limited, Teslasuit Inc., YUR Inc.
Virtual Reality In Gaming Market 2024 Key Insights:
• The virtual reality in gaming market size is expected to see exponential growth in the next few years. It will grow to $55.21 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%.
• Virtual Reality's Surge In Gaming Market Driven By Increased VR Device Adoption
• The Evolution Of Virtual Reality In Gaming With 5G Cloud Integration
• North America was the largest region in the virtual reality in gaming market in 2023
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