Global Virtual Reality Gaming Market Report and Forecast 2022-2027

Global Virtual Reality Gaming Market Report and Forecast 2022-2027

Market Outlook

According to the report by Expert Market Research (EMR), the global virtual reality gaming market attained a value of USD 20.60 billion in 2021. Aided by rapid technological advancements, the market is projected to further grow at a CAGR of 29.8% between 2022 and 2027 to reach a value of USD 100.23 billion by 2027.

Virtual reality gaming refers to a new generation of computer games with VR technology that provides players a very immersive, first-person perspective of game action. Participants simultaneously influence and experience the game set across a variety of virtual reality gaming accessories and devices incorporating VR headsets, sensor-equipped gloves, and hand controllers, among others. As digitalisation increased, virtual reality achieved substantial ground in every sphere.

Virtual reality can augment business drastically and improve the consumer experience. Several large-scale game development companies have bounced on the VR movement to change the user experience as the innovation in the game industry is thriving at great speed. To produce a real-world environment including sounds, images, and other vibrations that simulate a consumer's real existence in an unreal world, virtual reality technology employs virtual reality headsets, motion capture methods, game controllers, or a multi-projected setup. The availability of controllers improves the interaction of consumers with the virtual reality gaming environment, accepting them to control as well as adjust the game theme as per their needs.

The global virtual reality gaming market is driven by rapid advancement in the development of virtual reality peripherals that is expected to be bolstered by compatible desktops as well as game consoles. Further, virtual gaming devices offer an excellent consumer experience as over time more and more developers have started taking interest in virtual reality games which has changed the perception of the games by changing past content or creating new VR content. VR is aiding the vendors to overcome monotonous challenges in the industry while launching VR game products which is further expected to fuel the market demand for virtual reality games in the forecast period.

The market is gaining popularity in several developing regions like Brazil, India, and Mexico, because of the increasing disposable incomes among consumers coupled with the easy accessibility of VR-enabled games. VR devices utilised in the game industry are aided with interactive hardware and software. These games are likely to be controlled or experienced by body movement. Thus, the consumer, with a VR headset gets to move across the artificial world which is further gaining consumer traction in the virtual reality gaming market globally. Constant upgrades in the existing technologies including 3D effects, motion tracking, and interactive graphics for drawing players’ attention are anticipated to bolster the market growth over the coming years.

Market Segmentation

The market can be divided on the basis of segments, devices, age groups, types of games, and regions.

Market Breakup by Segment

• Software
• Hardware

Market Segmentation by Device

• Personal Computers
• Gaming Consoles
• Mobile Devices

Market Breakup by Age Group

• Adults
• Children

Market Segmentation by Types of Games

• Racing
• Adventure
• Fighting
• Shooting
• Mystery Thriller
• Puzzle
• Science Fiction
• Others

Market Breakup by Region

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global virtual reality gaming market. Some of the major key players explored in the report by Expert Market Research are as follows:

• Fove, Inc
• Google
• HTC Corporation
• Razer Inc.
• Samsung Electronics Co., Ltd.
• Advanced Micro Devices, Inc
• Others

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.