Virtual reality technology offers gaming experiences that provide a feeling of presence in virtual worlds through head mounted displays. It allows players to get deeply engaged and immersed in digital gaming environments. The increasing focus of gaming companies on development of VR compatible games as well as increasing penetration of smartphones and VR headsets are driving the adoption of VR technology in gaming.
The global Virtual Reality in Gaming Market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of immersive VR technologies is growing in the gaming market. Game developers are focusing on development of VR compatible games for various gaming platforms including PCs, consoles and smartphones. This is expected to further accelerate the adoption of VR technology in gaming over the forecast period. Major gaming companies are investing in development of advanced VR and augmented reality compatible games. This trend is expected to continue during the forecast period, thereby supporting the market growth.
Segment Analysis
The global virtual reality in gaming market is segmented by component, gaming device, and geography. The component segment is further divided into hardware and software. The hardware segment dominates the component segment as hardware devices such as VR headsets are necessary to experience virtual reality games. As virtual reality technology is still in its early adoption stage, hardware devices such as high-end VR headsets are very expensive which poses a challenge for mass adoption.
Key Takeaways
The global Virtual Reality in Gaming Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Virtual Reality in Gaming Market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030.
Regional analysis:
North America region is expected to dominate the global virtual reality in gaming market during the forecast period. Increased adoption of VR technology for gaming and continuous innovation in VR gaming hardware and software are driving the market in the region. Asia Pacific region is expected witness fastest growth during the forecast period due to rising disposable income levels and growing interest in VR gaming especially in emerging countries such as China and India.
Key players:
Key players operating in the virtual reality in gaming market 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. Major players are focusing on expanding their product portfolio and geographical presence through mergers and acquisitions to strengthen their market share.
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