Virtual reality (VR) in gaming offers immersive experience to gamers by giving them a realistic virtual environment to play in. VR technologies allow gamers to interact with 3D environments and digital objects through VR headsets. Some of the key advantages of VR gaming include deeper immersion, increased engagement, enhanced gameplay and collaborative features. With rising popularity of multiplayer online gaming and advancement in VR technologies, VR has huge potential to transform the traditional gaming experience. The introduction of innovative VR headsets along with compatible games is driving the adoption of VR gaming globally.
The Global Virtual Reality in Gaming Market is estimated to be valued at US$ 18311.72 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Virtual Reality in Gaming are erck Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Animal Health, Ceva Santé Animale, Virbac SA, Bayer AG, Intervet Inc., Bimeda, Ouroboros Biologicals, Novartis Animal Health, Hygieia Biological Laboratories, Valneva SE, Vetoquinol. These companies focus on developing innovative VR gaming devices and content to cater to varied consumer needs.
With rising popularity of VR gaming, there is a huge potential for game developers to explore new genres and immersive experiences. Development of exclusive games for VR and integrated VR features in existing games offer immense opportunities. Increased investments by companies in content creation and technological advancements will further drive the market growth.
Major companies have been expanding globally through strategic partnerships and acquisitions to strengthen their presence across key regions. For example, erck Animal Health acquired U.S based Intervet/Schering-Plough to bolster its product portfolio. Zoetis Inc. has presence in over 100 countries through subsidiaries and Global expansion allows companies to tap into new markets and global gamer base.
Market Drivers
Rising adoption of VR headsets for gaming: Growing availability of affordable and high-quality VR headsets is boosting the adoption of VR gaming. Headsets provide realistic 3D gaming experience immersing players into the virtual world.
Gaming on new generation consoles: Integration of VR support on next-gen gaming consoles like PS5 from Sony allows players to enjoy compatible VR games with enhanced graphics and performance. This is fueling the demand for VR gaming add-ons.
Market Restrain
High setup and hardware cost: Developing high-fidelity VR content and hardware requires huge investments which increases the overall cost. High-end VR equipment costs can be a barrier for many users.
Health issues with extended usage: Prolonged use of VR headsets can cause issues like motion sickness, eye strain and headaches in some users. This concern limits widespread adoption of VR gaming.
Segment Analysis
The dominating sub segment in the Virtual Reality in Gaming Market is the VR gamers segment. This segment accounts for more than 50% of the total market share as VR technology has enabled fully immersive gaming experience for gamers. Gamers are attracted to VR technology due to the high level of realism and lifelike virtual environment it provides. The VR headsets allow gamers to look around virtual worlds and interact with digital objects just like in real life.
Global Analysis
In terms of region, North America dominates the global Virtual Reality in Gaming Market with over 30% share. The large share is attributed to growing adoption of VR technology among gamers and availability of advanced VR gaming devices in the region. Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising gaming population and increasing investments by key players in the developing countries such as China and India to tap the market potential. Japan and South Korea also hold significant share in the regional market. Europe holds the second position in terms of revenue generation in the global market ascribed to growing popularity of innovative VR gaming devices among European gamers.
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