Virtual Reality Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Virtual Reality Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global virtual reality gaming market size reached US$ 28.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 136.8 Billion by 2028, exhibiting a growth rate (CAGR) of 29% during 2023-2028. The increasing professional gamers, rising number of gaming zones, and the growing popularity of 360-degree videos represent some of the key factors driving the market.

Virtual reality (VR) gaming refers to a three-dimensional (3D) environment created by VR software that makes the virtual world appear real to the users. It is generally played on standalone systems, specialized game consoles, advanced laptops, and personal computers (PCs). It also relies on peripherals, such as headsets, hand controllers, and sensor-equipped gloves. It assists in developing various skills, including problem solving, spatial reasoning, and hand eye coordination. It offers realistic images, sounds, and other sensations that simulate a user’s physical presence in an imaginary world. It also provides opportunities for socialization as players can interact with other players in the virtual environment.

Virtual Reality Gaming Market Trends:
Significant growth in the gaming industry, increasing demand for VR online video games, and the rising number of casual and professional gamers are among the major factors strengthening the market growth around the world. It can also be attributed to the considerable reliance on smartphones and laptops and the growing penetration of high-speed internet connectivity. Moreover, there is an increase in the number of gaming zones in commercial areas that offer VR gaming. This, coupled with the rising traction of e-sports and multiplayer VR video game competition between professional and amateur players, is favoring the growth of the market. In addition, the growing popularity of 360-degree videos that enables viewers to watch through every angle with an option to rotate and pan them as per the requirement is influencing the market positively. Apart from this, the increasing number of startups offering realistic, artistic, and cultural games and introducing new three-dimensional features in VR gaming, which allows the user to move around and interact with the objects in it, is propelling the growth of the market. Furthermore, key players are introducing specialized mice and pointing devices, steering wheels and accelerators, and VR treadmills that sense and transmit speed and distance. They are also investing in aggressive marketing campaigns to promote their products and expand their existing consumer base. Besides this, the advent of PCs and laptops that support innovative features, such as high-quality graphics, facial recognition, and gesture-based gaming, is contributing to the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual reality gaming market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on segment, device, age group and type of games.

Segment Insights:

Software
Hardware

The report has provided a detailed breakup and analysis of the virtual reality gaming market based on the segment. This includes software and hardware. According to the report, software represented the largest segment.

Device Insights:

Personal Computers
Gaming Consoles
Mobile Devices

A detailed breakup and analysis of the virtual reality gaming market based on the device has also been provided in the report. This includes personal computers, gaming consoles, and mobile devices. According to the report, personal computers accounted for the largest market share.

Age Group Insights:

Adults
Children

The report has provided a detailed breakup and analysis of the virtual reality gaming market based on the age group. This includes adults and children.

Types of Games Insights:

Racing
Adventure
Fighting
Shooting
Mystery Thriller
Puzzle
Science Fiction
Others

A detailed breakup and analysis of the virtual reality gaming market based on the types of games has also been provided in the report. This includes racing, adventure, fighting, shooting, mystery thriller, puzzle, science fiction, and others.

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

The report has also provided a comprehensive analysis of all the major regional markets, which include North America; Europe; Asia Pacific; the Middle East and Africa; and Latin America.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global virtual reality gaming market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Fove, Google, HTC, Facebook, Razer, Samsung, Sony, Zeiss International, AMD, GoPro, Largan Precision, Nvidia, Qualcomm, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global virtual reality gaming market in 2022?
2. What is the expected growth rate of the global virtual reality gaming market during 2023-2028?
3. What are the key factors driving the global virtual reality gaming market?
4. What has been the impact of COVID-19 on the global virtual reality gaming market?
5. What is the breakup of the global virtual reality gaming market based on the segment?
6. What is the breakup of the global virtual reality gaming market based on the device?
7. What is the breakup of the global virtual reality gaming market based on the age group?
8. What is the breakup of the global virtual reality gaming market based on the type of games?
9. What are the key regions in the global virtual reality gaming market?
10. Who are the key players/companies in the global virtual reality gaming market?