Virtual Reality in Gaming Market is Projected to driven by Immersive User Experience

 
Virtual Reality in Gaming Market 

Virtual reality technology in gaming offers a highly immersive gaming experience by combining sophisticated graphics and audio engineering to simulate real-world environments and stimuli. Virtual reality gaming allows users to freely explore three-dimensional gaming environments and interact with digital objects and characters in an experiential manner that is closer to real life. Popular VR gaming genres include action-adventure, racing/flying simulations, horror experiences, and social gaming. Continuous technological advancements are enhancing the immersive effects through sharper graphics, wider fields of view, and compatibility with additional input devices like motion controllers.

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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the virtual reality gaming market is the rising adoption of wireless VR headsets. Early VR headsets required bulky cables for connectivity that constrained the movement of players. However, new-age wireless VR headsets are much more convenient and provide complete freedom of movement without being tangled in cables. Wireless capabilities are further improving the immersive experience and comfort level of VR gaming. VR headset manufacturers are also focused on reducing the weight, size, and cost of VR headsets to attract more consumers. As VR gaming continues to provide realistic simulations at affordable price points, its adoption rate is expected to steadily rise across both commercial and consumer applications over the coming years.


Porter's Analysis

Threat of new entrants: The threat of new entrants in the virtual reality in gaming market is moderate as setting up operations requires high initial investments in VR hardware and software development.

Bargaining power of buyers: The bargaining power of buyers is high in this market as many global game developers provide options for customized VR gaming experiences.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of VR hardware and software from major global tech companies.

Threat of new substitutes: The threat of new substitutes is high with the continuous technology advancements in AR and MR.

Competitive rivalry: The competition in the virtual reality gaming market is intense with major gaming companies competing to offer next-gen immersive gaming experiences.

Key Takeaways

The Global Virtual Reality In Gaming Market Size is expected to witness high growth over the forecast period. 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 8.9% over the forecast period 2023 to 2030.

Regionally, North America dominated the market in 2023 due to high penetration of VR devices and availability of advanced gaming infrastructure in the US and Canada. However, Asia Pacific is projected to be the fastest growing regional market through 2030 with increasing adoption of VR in gaming in major countries such as China, Japan and India.

Key players operating in the virtual reality in gaming market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. Among these, August Stork, Candy Me and CartoonCandy held a significant share of the market in 2023 owing to their diverse VR gaming portfolios across PC and console platforms.

Get more insights on this topic:

https://www.marketwebjournal.com/virtual-reality-in-gaming-market-market-size-and-share-analysis/

 

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