The wearable gaming technology market is expected to reach US$ 76,421 million by 2032 from its current share of US$ 19,560 million in 2022. During the anticipated period, the market would grow at a CAGR of 14.6%.
The gaming business has moved away from hand-held gaming devices and toward mobile devices as a result of technological developments. Gaming systems are continually evolving, and each new console generation ushers in a fresh wave of technological advancements. Wearable gaming technology has created games that are convenient without becoming overbearing. The majority of gamers have a keen interest in technical developments, making them a very appealing target market for the growing wearable gaming technology industry.
Wearable gaming technology allows players to deeply immerse in their favorite games and allows them to stand up and walk around on the game’s map. Wearable gaming technology creates a fully immersive experience by creating a halo deck-like experience with the help of virtual reality and augmented reality.
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Wearable Gaming Technology Market: Drivers and Challenges:
Global wearable gaming technology is a lucrative market. The wearable gaming technology market is driven availability of a wide range of games and technological advancements and innovations in wearable gaming devices. The rising popularity of series games and virtual reality-based games is fuelling the growth of the wearable gaming technology market.
The rise in internet penetration rate also allows gaming companies to deploy the gaming software in the cloud and users with gaming accessories can start playing the games from any remote location. Enterprises of large size and start-ups are investing in the wearable gaming technology market which is helping the market to grow exponentially.
Wearable gaming technology helps users to increase their physical activity by taking them gamers to the virtual world by moving their bodies in the real world.
Piracy is one of the challenges faced by the global wearable gaming technology market. The cost associated with the development of gaming wearable devices and software is also high which makes them available to only a premium segment of customers hindering the growth of the market.
On the basis of regions, Wearable Gaming Technology Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
North America and Western Europe Wearable Gaming Technology Market is predominantly mature as compared to the other regional markets as they are fast in the adoption of technology. The wearable Gaming Technology Market in Asia Pacific excluding Japan and Japan is expected to possess maximum potential in the forecast period. The Wearable Gaming Technology Market in Latin America and Middle East and Africa is also projected to witness positive growth during the forecast period.
How is the Start-up Ecosystem in the Wearable Gaming Technology Market?
New generation VR headsets HTC Vive Pro 2 and HTC Vive Focus 3 were announced by HTC Corporation in May 2021. Featuring a 5K display and 120-degree field of view, the premium headset will provide users with a more natural and immersive experience.
Sony Corporation filed a patent in August 2021 for developing an outward-facing VR headset. As a result of the new technology, users will be able to display their facial features on one display, and access gaming content on the other display.
Leading Key Players:
ICAROS GmbH; Cyberith GmbH; Zero Latency PTY LTD; Avegant Corp; HTC Corporation; Microsoft Corporation; ASUSTeK Computer Inc.; Sony Corp; Razer Inc.; Teslasuit; Others.
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