A virtual reality game or VR game is a video game played on virtual reality hardware. Most virtual reality games are based on player immersion, typically through a head-mounted display unit or headset with stereoscopic displays and one or more controllers. The video game industry made early attempts at virtual reality in the 1980s. with the introduction of the first consumer-ready virtual reality product, the Oculus Rift, in 2013, virtual reality games soon followed, including existing games adapted for the virtual reality hardware, and new games designed directly for virtual reality. Nearly all virtual reality games, as generally defined, require the use of a virtual reality headset that provides stereoscopic displays that stimulate three-dimensional reality and create immersion for the players. Virtual reality offers several novel control schemes. Movement and aim may be coupled with the headset and the controllers or may be decoupled, typically with the headset controlling the direction of movement and controller the aim, which generally leads to a more immersive experience.
Virtual reality games are designed to enhance the perception that one is actually in the virtual world and present the psychological effect that they are interacting with the virtual world outside of their physical bodies which cannot readily be done with traditional flat-screen games played on a computer monitor or television. Some virtual reality systems such as the HTC Vive and Oculus offer room-scale tracking, which not only incorporates the motions of the player but also where they were physically located within a given area and the physical positioning of their body. However, the expansion of virtual reality hardware and gaming increasing day by day.
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Global Virtual Reality in Gaming Market – Competitive Landscape
On November 6, 2023, the GFR fund raised USD 53.5 million invested in games and entertainment. On September 14, 2023, the Gaming studio won USD 546.7k in funding to integrate AI into the creative process. On July 13, 2023, Sony announced its intention to invest USD 2.13 billion into field extended reality by the end of March 2024. On April 14, 2022, Sony and LEGO invested USD 2 billion in Epic Games and the kid-focused metaverse.
Some of the Key Players in the Global Virtual Reality Gaming Market Include –
- Fovo Co.Ltd.
- Google LLC
- HTC Corporation
- Meta Platforms, Inc.
- Razer Inc.
- Samsung Electronics Co., Ltd
- Sony Corporation
- Zeiss International
- Advanced Micro Devices, Inc.
- GoPro, Inc.
- Largan Precision Co., Ltd.
- Nvidia Corporation
- Qualcomm Incorporated
Global Virtual Reality in Gaming Market – Growth Drivers
The growing desire for more immersive gaming propels the adoption of virtual reality in the gaming industry. Ongoing advancements in virtual reality technology contribute to enhanced gaming experiences, attracting a larger user base. Increasing disposable income allows consumers to invest in high-tech gaming equipment, including virtual reality devices. A continuously growing base of gaming enthusiasts fuels the demand for novel and engaging gaming experiences. Continuous creation of high-quality virtual reality content enhances the appeal of virtual reality gaming, attracting more users. The proliferation of virtual reality gaming platforms provides users with diverse options driving overall global virtual reality in the gaming market. Ongoing innovation in virtual reality hardware, including headsets and controllers, contributes to improved performance and user satisfaction. Integration of virtual reality technology in gaming results in more realistic and immersive virtual environments, increasing user engagement. Increase user engagement by providing a more interactive and immersive gaming experience. The age groups that come the most in virtual reality gaming rooms are 12-15 years old and 30-40 years old.
Global Virtual Reality in Gaming Market – Restraints
The high installation cost of virtual reality hardware, including headsets and controllers can be a significant barrier for some consumers, limiting widespread adoption. According to the National Center for Biotechnology Information (NCBI), with costs of USD 229.79 per participant. While the quality of virtual reality content is increasing, there’s still a comparatively limited library of games and experiences, potentially restricting broader user engagement. Technical issues such as motion sickness, latency, and the need for powerful computing systems can hinder the seamless and comfortable adoption of virtual reality in gaming. Prolonged use of virtual reality may lead to health concerns, including eye strain, fatigue, and potential long-term effects that could deter some users. Traditional gaming platforms and emerging technologies, such as augmented reality, compete for consumer attention and investment, impacting the growth of virtual reality gaming. Certain virtual reality setups may restrict users’ physical movements, limiting the full potential of immersive experiences and making them less appealing to some gamers. Creating high-quality virtual reality content requires substantial investment, and some developers may be hesitant due to uncertainties about the global virtual reality market size and potential return on investments.
Global Virtual Reality in Gaming Market – Opportunities
Combining virtual reality with AR technologies creates a mixed-reality experience, offering new possibilities for innovative gaming and interactive content. The increasing global awareness and acceptance of virtual reality present opportunities for market expansion into new regions. The growth of virtual reality arcades and theme parks provides opportunities for users to experience high-end virtual reality gaming without the need for significant upfront investment in hardware. Virtual reality gaming can extend beyond traditional entertainment to include health and fitness applications, offering opportunities for immersive workouts and wellness experiences.
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Global Virtual Reality in Gaming Market – Geographical Insight
The market for global virtual reality in gaming is segmented into regions such as North America, South America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for global virtual reality in gaming due to high technology adoption rates, strong gaming culture, and substantial disposable income contributing to the region’s leadership. The European market has witnessed increasing gaming preferences and cultural factors influence the types of virtual gaming experiences popular in various European countries. In the Asia-Pacific region the growing population, technological advancements, and a robust gaming industry contribute to the expansion of the virtual reality gaming market.
Global Virtual Reality in Gaming Market- Key Development
- On June 5, 2023, Apple unveiled the Vision Pro AR/VR headset, its first major new product in nearly a decade.
- On January 3, 2023, NVIDIA revealed gaming, creator, robotics, and auto innovation at CES.