At 29.2% CAGR, Virtual Reality in Gaming Market Expected to Reach USD 40993.1 Million, Globally by 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

09 Dec, 2021, 14:00 GMT

LONDON, Dec. 9, 2021 /PRNewswire/ -- The Global virtual reality in gaming market size reached USD 6821.4 Million in 2020 and expected to reach USD 40993.1 Million by 2027 with the CAGR of 29.2% over the forecast period. VR's new promise for advanced immersive experience, increase demand for streaming VR gaming, and increased revenue generation from streaming through platforms like Twitch remain promising drivers of growth, This information is published by Brandessence Market Research in its report titled, "Virtual Reality (VR) Gaming Market 2021 By Deployment Type (Cloud, On Premise, Content), By End-User (Banking, Telecommunications, Healthcare, Government, Consumer Applications ) Forecast To 2027"

According to our Study, the covid-19 pandemic has led to a shift in conventional gaming. The reducing costs of VR technology, the higher processing speeds, the rise in investments in VR platforms from big players like Google, had already made the technology highly feasible. During the pandemic, the increased attention towards socialization through gaming, and increased demand for collaboration gave a new lease of life to virtual gaming. Today, authenticity, interactive, and collaborative nature remain key dynamics in virtual gaming, thanks to the burst of the pandemic. Virtual reality also promises to explore niche application like measuring every gene activity within a cell, with gaming stimulation. This can help tackle diseases, as well as counter natural tendencies like fear of spiders in humans.

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The increased advent of commercialization through gamification, and increased demand for e-learning remain two main drivers for growth of the virtual reality gaming market. Virtual reality conventionally remained out of bounds to consumers due to high costs. Today, the lowered costs of graphic processing, and higher capacity of graphic processing has enabled a mass reach. Virtual Reality promises a highly immersive spectacle, with increased consumer willingness to pay higher amounts for entertainment. Furthermore, it also promises to revamp traditional entertainment venues like Olympic ceremony, mobile gaming, cinema going experience, Twitch streaming, and others. The increased awareness and growing end-promise remain key drivers of growth for the VR gaming market.

Virtual Reality in Gaming Market: Competitive Analysis

The virtual Reality Gaming market is a fragmented and innovative landscape. Key players in the market continue to focus on making the technology viable for mass consumption with increased processing capabilities, and low-costs. The high-competition in the arena is also driven by increasing drive to make 3-d reality a feasible dream for gamers around the world. This is likely to be boosted by increased gaming platforms, making high-quality games available at cheap rates to gamers around the world. The increased demand for e-sports, and increased demand for Twitch streaming also remain promising revenue grosser for companies in the virtual reality gaming market.

Some major key players for global Virtual Reality (VR) in Gaming market are,

  • Linden Labs
  • Oculus VR LLC
  • VirZoom Inc.
  • Samsung Electronics Co. Ltd.
  • HTC Corporation
  • Virtuix
  • Facebook Technologies
  • Leap Motion Inc.
  • Newzoo
  • Kaneva
  • Sony Corporation
  • Google Inc.
  • Electronic Arts
  • VR Electronics Limited
  • Telsa Studios
  • Qualcomm Inc.
  • Lucid VR

Virtual Reality Gaming market is driven by the factors such as innovative reality immersive technology, increasing popularity among consumers and regular introduction of new products by major players. The main reason for the growing popularity of virtual reality gaming is technological innovation that gives totally different experience than traditional games. For instance; the level of immersion it gives to the senses by extending computer displays to 360 degrees, complete gaming simulation environment and degree of matching gaming environment to reality is giving complete different experience to gamers. 

Global Virtual Reality (VR) in Gaming Market Segmentations

By Deployment Type: 

  • Cloud
  • On premise
  • Content

By End-User: 

  • Banking, Telecommunications
  • Healthcare
  • Government
  • Consumer applications

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Virtual Reality In Gaming Market: Key Trends

  • The last decade beginning with 2010 was really the beginning of introduction of hardware designed for consumers. This decade witnessed emergence of Oculus Rift, the first consumer-ready VR headset. The headset promised inexpensive boost to conventional video gaming, with an addition of VR technology. The popularity of the technology culminated in the eventual acquisition of Oculus by Facebook for $2 billion, and VR version for cult games like Doom 3. The product launch became the beginning of a growing collaboration between VR companies and game developers, and also signaled interest of major tech companies like Facebook, Google, among others in the VR technology arena.
  • The entry of major players in the VR market has led Sony to develop Playstation VR system, while major game developers like Valve to deliver Valve Index. This increased interest in VR hardware has led to emergence of low-cost, high-specification, and advanced mobile headsets. Even Google has released a new Google Cardboard, an inexpensive product for offering stereoscopic view using the Android phone display. Samsung, another giant in the hardware sphere launched a VR headset in 2015 in conjuction with Oculus to support its range of galaxy phones. Major game developer like Sony, and Nintendo and their keen interest in VR technology remains a promising prospect for growth. In 2019, Nintendo launched its VR kit to support its Labo series to bring its cardboard products to life. Today, Nitendo's VR range has expanded to support its core games like the Legend of Zeida, Super Mario Odyssey, among others.
  • In the beginning of 2010, the hardware for VR continued to take off, both in terms of capacity, and lowered costs. Its adoption had reached significant levels, and with acquisition of companies like Oculus, it seemed like VR technology would soon become the next-thing. However, lack of promising games, especially developed by Triple-A studios. This even led to a small pushback against VR gaming in 2018, as manufacturers believed VR gaming might not live upto its potential. However, with the introduction of games like Half-Life:Alyx, developed by Valve, this began to change. The game developed by Valve launched in March, 2020, and racked up millions in orders, with new features like eliminating earlier motion sickness problems experienced by gamers. The entry of the game also led to increased demand for VR hardware, as growing interest for VR technology, and pandemic pushed gamers to experiment further with VR technology. The VR technology had already been tried and tested in smaller gaming titles like Beat Saber, and Superhot VR. These titles had proved to be a notable success, and with increasing entry of Triple-A studios like Valve, the VR technology remains a major promise for growth of the Virtual Reality Gaming Market.

Virtual Reality In Gaming Market: Regional Analysis

The Virtual Reality gaming market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the north America region is likely to gross highest share of total revenues, with growing entry of established players like Google, Facebook, Amazon into the VR hardware technology. Furthermore, increased use of VR technology for gamification trend in corporate sector, and increased demand for e-learning module amidst the global pandemic also remains a major promise for growth. The rise in number of VR gaming hardware, and software companies in the region, and increased attention to the technology in unexplored areas like clinical research, and at academic institutions remain key drivers of growth in the North America region.

The Asia Pacific region is likely to drive fastest growth for the VR technology in the global arena. The Asia Pacific region remains promising driver of growth, as increased hardware development in the region, and growing entry of mobile game developers remains a promising aspect of growth.

Also Focusing on VR in Gaming Market in other Region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Get Full Research Report: https://brandessenceresearch.com/technology-and-media/virtual-reality-vr-gaming-market-size 

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