Virtual Reality In Gaming Industry
The global virtual reality (VR) in gaming market was valued at USD 20.73 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 22.7% from 2023 to 2030. VR has transformed the gaming experience by offering players the ability to immerse themselves in virtual worlds, creating a more interactive and engaging experience. The industry provides gamers with attractive virtual accessories that enhance user engagement and create a more immersive gaming environment. Continuous technological advancements, such as improvements in motion tracking, 3D effects, and interactive graphics, are expected to drive the growth of the industry by captivating players and keeping them invested in the VR experience. As consumer spending capacity increases, there is growing demand for innovative entertainment options, which is leading to greater participation in virtual reality gaming.
The virtual reality gaming industry is also expanding its professional appeal, fueled by ongoing innovations in VR technology. Awareness and adoption of advanced VR accessories, including headsets, bodysuits, and gloves, are growing rapidly among players. The commercial launch of VR headsets in 2016 revolutionized the gaming industry, triggering a surge in demand for VR games as users were eager to interact with 3D characters in immersive virtual environments. The VR devices used in the market are equipped with intelligent interactive hardware and software, further enhancing the entertainment experience for gamers by offering more realistic and engaging interactions.
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Connecting Device Insights
The gaming console segment held the largest revenue share of 58.0% in 2022.
- Based on the devices used for virtual reality (VR) gaming, the market is divided into gaming consoles, PCs/desktops, and smartphones.
- Companies such as Sony Corporation and Microsoft have announced new gaming consoles that are expected to feature solid-state drives, backward compatibility, higher frame rates, and enhanced virtual reality support.
- These advancements in gaming consoles are anticipated to drive significant growth in the virtual reality gaming industry over the coming years.
The PC/desktop segment is expected to grow at the fastest compound annual growth rate (CAGR) of 26.5% during the forecast period.
- Several entertainment-focused computer companies, including ORIGIN PC Corporation and CYBERPOWERPC, offer customizable PCs tailored to users' preferences for an optimal VR gaming experience.
- The quality of VR gaming on PCs and desktops largely depends on the system's Graphics Processing Unit (GPU) and Random Access Memory (RAM).
- Leading chip manufacturers such as NVIDIA Corporation and Advanced Micro Devices, Inc. (AMD) are continuously upgrading their products to meet the growing demands of the VR gaming market, contributing to the segment’s rapid expansion.
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