Virtual Reality Gaming Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Virtual Reality (VR) in gaming Market
The Virtual Reality (VR) in gaming market size was valued at USD 17.96 billion in 2023, and the market is now projected to grow from USD 22.63 billion in 2024 to USD 189.17 billion by 2032, exhibiting a CAGR of 30.4% during the forecast period of 2024-2032.
The use of VR for gaming increased rapidly during the COVID-19 pandemic because the world went on lockdown, people required indoor entertainment. Lack of social interaction literally limited in VR gaming was a means for players to interact in virtual worlds. This period witnessed high adoption of VR headset, increased game production and more over internet stations based on VR. In this way, companies developed more friendly for the consumer audience VR content which contributed much to the speed development of the corresponding technologies and opportunities to use them. As development endures, post pandemic VR becomes a trend wherein gaming was once considered an exclusive indulgence.
Trends in the consumer market for VR gaming are ones that involve the aspects of experience and sociability. A new graphical, haptic, and audio experience today makes the place of the game more live. There is an emergence of the multiplayer and social VR platforms for game interaction and synchronous game play in a shared VR environment. In addition, wireless VR headset are emerging that offer better convenience in their design than their wired counterparts. There is also the start of integration with cloud gaming, as well as using AI for content recommendations which make for a smoother experience and thus making VR gaming more diverse and acceptable to a wider population.
The driving force for the VR gaming market is a technological trend, a desire for an engaging experience, and social interaction. Developments in the developing VR equipment like, larger headsets and better tracking system make it much more real and the user focus more. It has been found that social VR platforms enable multiplayer’s to play in a shared virtual environment and increases the multiplayer. Furthermore, as the costs of implementing are coming down and the numbers of users of VR devices are rising, they become more plausible for everyone. Growth factors of VR gaming included the four’reasons mentioned above, extending the game’s content, and connecting with other technologies such as Artificial intelligence. The above-mentioned factors are driving the Virtual Reality (VR) in gaming market growth.
Comprehensive Analysis Virtual Reality (VR) in gaming Market
The VR gaming market is divided into hardware and the software content of the game. Hardware refers to headset, especially head-mounted displays (HMDs), gaming devices, consoles, and others such as controllers. Software content concerns games and applications created specifically for the purpose of using in VR platforms. They have been further categorized into online and offline by customers where online has emerged dominant because it’s easily accessible than the offline and you have more varieties. There are tethered VR,Stand-Alone VR & Mobile VR that are distinguished based on the type of immersion and user experience. Tethered VR needs to be connected to a PC or console while standalone and mobile are less constrained and much simpler to use.
North America has the largest share in the VR gaming market due to technological aspects, higher customer acceptance and a robust market industry. The market is currently growing since the United States is the hub of manufactures of Virtual Reality hardware and game developers. Moreover, the region has boasted a massive population with high technology literacy, which has pushed up the growth rate of VR gaming consoles and VR headsets and thereby led to the region’s supremacy. North America will continue to be a leading region in the VR industry of gaming due to the existence of players like Oculus and Sony plus high investment report on VR contents and experiences.
Key players in the market include Meta Platforms, Inc. (U.S.), Sony Corporation (Japan), Valve Corporation (U.S.), Unity Technologies (U.S.), PICO Immersive Pte. Ltd. (Bytedance) (China), Apple, Inc. (U.S.), Alphabet Inc. (Google LLC) (U.S.), NVIDIA Corporation (U.S.), Microsoft Corporation (U.S.), Epic Games, Inc. (U.S.)
According to data from Statista Research Department, a new trend in the VR gaming industry is the increased interest in standalone VR headsets in 2024 primarily among headsets designed to provide users with greater immersion. Something like Meta’s Quest series has observed improvement in graphics, processing capabilities, and motion tracking capability. These standalone headsets do not need PC or console to function hence allowing users to play VR games almost anywhere hence making VR gaming more popular. Also, the wireless technology, like low-latency streaming, has perfected the act of interaction since they provide impressive support to the gamers during game play in virtual worlds.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2032
Base Year
2023
Estimated Year
2024
Forecast Period
2024-2032
Historical Period
2019-2022
Growth Rate
CAGR of 21.3% from 2024 to 2032
Unit
Value (USD Billion)
Segmentation
By Component
Devices
Software
- Remote Device Management
- Data Analytics
- Compliance and Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record.)
By Application
Telemedicine
Patient Monitoring
Operations and Workflow Management
Remote Scanning
Sample Management
Others (Predictive Device Maintenance, Medication Management, etc.)
By End-User
Laboratory Research
Hospitals
Clinics
Others (Clinical Tests, Pathology, etc.)
By Region
North America (By Component, By Application, By End-User, and By Country)
- U.S. (By End-User)
- Canada (By End-User)
- Brazil (By End-User)
- Mexico (By End-User)
- Argentina (By End-User)
- Rest of Latin America
- United Kingdom (By End-User)
- Germany (By End-User)
- France (By End-User)
- Scandinavia (By End-User)
- Rest of Europe
- GCC (By End-User)
- South Africa (By End-User)
- Rest of MEA
- China (By End-User)
- India (By End-User)
- Japan (By End-User)
- Southeast Asia (By End-User)
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Virtual Reality (VR) in Gaming Key Players Market Share Insights and Analysis, 2023
- 5. Global Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Hardware
- 5.2.1.1. Head Mounted Displays
- 5.2.1.2. Gaming Consoles
- 5.2.1.3. Accessories (Controllers, etc.)
- 5.2.2. Software
- 5.2.3. Content
- 5.3. By Distribution Channel (USD)
- 5.3.1. Online
- 5.3.2. Offline
- 5.4. By Platform (USD)
- 5.4.1. Tethered VR
- 5.4.2. Standalone VR
- 5.4.3. Mobile VR
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Hardware
- 6.2.1.1. Head Mounted Displays
- 6.2.1.2. Gaming Consoles
- 6.2.1.3. Accessories (Controllers, etc.)
- 6.2.2. Software
- 6.2.3. Content
- 6.3. By Distribution Channel (USD)
- 6.3.1. Online
- 6.3.2. Offline
- 6.4. By Platform (USD)
- 6.4.1. Tethered VR
- 6.4.2. Standalone VR
- 6.4.3. Mobile VR
- 6.5. By Country (USD)
- 6.5.1. U.S.
- 6.5.2. Canada
- 6.5.3. Mexico
- 7. South America Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Hardware
- 7.2.1.1. Head Mounted Displays
- 7.2.1.2. Gaming Consoles
- 7.2.1.3. Accessories (Controllers, etc.)
- 7.2.2. Software
- 7.2.3. Content
- 7.3. By Distribution Channel (USD)
- 7.3.1. Online
- 7.3.2. Offline
- 7.4. By Platform (USD)
- 7.4.1. Tethered VR
- 7.4.2. Standalone VR
- 7.4.3. Mobile VR
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.2. Argentina
- 7.5.3. Rest of South America
- 8. Europe Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Hardware
- 8.2.1.1. Head Mounted Displays
- 8.2.1.2. Gaming Consoles
- 8.2.1.3. Accessories (Controllers, etc.)
- 8.2.2. Software
- 8.2.3. Content
- 8.3. By Distribution Channel (USD)
- 8.3.1. Online
- 8.3.2. Offline
- 8.4. By Platform (USD)
- 8.4.1. Tethered VR
- 8.4.2. Standalone VR
- 8.4.3. Mobile VR
- 8.5. By Country (USD)
- 8.5.1. U.K.
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Benelux
- 8.5.8. Nordics
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Hardware
- 9.2.1.1. Head Mounted Displays
- 9.2.1.2. Gaming Consoles
- 9.2.1.3. Accessories (Controllers, etc.)
- 9.2.2. Software
- 9.2.3. Content
- 9.3. By Distribution Channel (USD)
- 9.3.1. Online
- 9.3.2. Offline
- 9.4. By Platform (USD)
- 9.4.1. Tethered VR
- 9.4.2. Standalone VR
- 9.4.3. Mobile VR
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.2. Israel
- 9.5.3. GCC
- 9.5.4. North Africa
- 9.5.5. South Africa
- 9.5.6. Rest of Middle East & Africa
- 10. Asia Pacific Virtual Reality (VR) in Gaming Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Hardware
- 10.2.1.1. Head Mounted Displays
- 10.2.1.2. Gaming Consoles
- 10.2.1.3. Accessories (Controllers, etc.)
- 10.2.2. Software
- 10.2.3. Content
- 10.3. By Distribution Channel (USD)
- 10.3.1. Online
- 10.3.2. Offline
- 10.4. By Platform (USD)
- 10.4.1. Tethered VR
- 10.4.2. Standalone VR
- 10.4.3. Mobile VR
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.2. Japan
- 10.5.3. India
- 10.5.4. South Korea
- 10.5.5. ASEAN
- 10.5.6. Oceania
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Meta Platforms, Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Sony Corporation
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Valve Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Unity Technologies
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. PICO Immersive Pte.ltd (Bytedance)
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Apple, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Alphabet, Inc.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. NVIDIA Corporation
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Microsoft Corporation
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Epic Games, Inc.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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