Market Size of VR in Gaming Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 32.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Virtual Reality in Gaming Market Analysis
Virtual reality (VR) in the gaming market is expected to witness a CAGR of 32.75% over the forecast period. VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market, hoping to navigate it toward mainstream adoption in the gaming market space. According to NewGenApps, by 2025, the worldwide user base of AR and VR games is expected to increase to 216 million users.
VR gaming involves a 3D environment that enables the user on a computing device, with the help of a mouse, touch screen, and other components, to feel the physical presence in the game settings. The various accessories associated with VR technology, such as virtual reality headsets, wrap-around display screens, virtual reality rooms equipped with wearable computers, and sensory components, enable gamers to interact, view and move around the objects in the game setting. According to a worldwide survey of technology company executives, startup founders, investors, and consultants, 59% of respondents believe gaming will dominate the investment in VR technology development.
Moreover, VR gaming provides interaction and communication to gamers in the game environment, attracting more children's and gamers, thus driving the market's growth. According to 3Dinsider, more than 64% of active VR users believe that gaming has the highest potential to benefit from advances in VR technology.
The market is creating various jobs related to VR gaming, such as game designers, producers, programmers, artists, business, sales, and marketing roles.
VR headset is gaining traction across the market due to their specific application for games, such as HTC Vive and PlayStation VR. Also, in November last year, Sony Interactive Entertainment announced that PlayStation VR2, a new virtual reality (VR) system for the PlayStation 5 platform, would be released.
With the outbreak of COVID-19, the market for VR gaming witnessed a significant increase in adoption as most countries enforced lockdowns, and people were spending their time on VR gaming during the lockdown.
Many VR gaming providers, such as HTC Viveport, provide games with multiple features. For instance, Viveport Infinity's annual subscription had a 75% off, taking it down from USD 107.88 per year to USD 27.
In October last year, Meta confirmed the launch of a new VR headset. This product would have new capabilities enabled by eye tracking and face tracking, like the capacity to make 'eye contact in virtual reality.'
