Global Virtual Reality Gaming Market Report and Forecast 2024-2032

Global Virtual Reality Gaming Market Outlook

The global virtual reality gaming market size reached USD 35.29 billion in 2023. The market is expected to grow at a CAGR of 29.7% between 2024 and 2032, reaching almost USD 365.75 billion by 2032.

Key Takeaways

• The International Trade Administration reported the global video game market to be worth $159 billion in 2020, with 2.7B gamers worldwide, thus enhancing the global virtual reality gaming market growth.

• VR gaming is utilized for therapeutic purposes like rehabilitating individuals and addressing phobias, and anxiety disorders. It's also employed in military training to enhance strategy skills.

• According to the China Audio Video and Digital Publishing Association, China's gaming industry in 2020 was led by mobile games.

Virtual reality (VR) gaming immerses players in an artificial, three-dimensional (3D), computer-generated environment using specialized equipment. This technology offers a complete 360-degree view of the virtual world, keeping players engaged for longer periods than traditional gaming. It requires strategic thinking, problem-solving, and hand-eye coordination, fostering the development of diverse skills.

VR gaming also serves practical purposes such as rehabilitation and treating conditions like phobias and anxiety disorders. Additionally, it is utilized in military training to simulate combat scenarios and enhance soldiers' skills in strategy and decision-making.

As per the International Trade Administration, the number of estimated gamers worldwide is 2.7 billion gamers. In the United States, about three-quarters of households include at least one person who considers themselves a gamer, thus boosting the global virtual reality gaming market.

Key Trends and Developments

Technological progress, advanced gaming experiences, multiplayer interaction, and cloud-based gaming drive the global virtual reality gaming market.

February 2024

Maru VR launched their anticipated VR game, Bootstrap Island, which is set in a captivating 17th-century world where players race against time for survival.

December 2023

Sony introduced its second-generation virtual-reality headset, PlayStation VR2, in India, equipped with two OLED displays for 4K HDR visuals.

December 2023

Resolution Games introduced "Racket Club," its newest VR game, which blends elements of pickleball, tennis, ping-pong, and padel into a unique sport.

November 2023

Vodafone India (Vi) collaborated with Yudiz Solutions to release a VR combat shooting game in India, highlighting 5G and VR's potential in gaming.

Technological advancements

The global virtual reality gaming market developments are attributed to the improved hardware like GPUs, CPUs, and motion-tracking sensors that make VR gaming accessible. Software improvements offer sensory-rich experiences surpassing traditional gaming. Standalone VR headsets with built-in processing and wireless connectivity enhance convenience and mobility.

Cutting-edge gaming adventures

As per the global virtual reality gaming market analysis, the industry is thriving due to diverse content and innovative experiences. Leading developers craft genres like action, adventure, simulation, and educational games tailored for VR.

Multiplayer and socialising

Social interaction and multiplayer components propel the growth of the global virtual reality gaming market. Through VR, players engage with friends and global gamers, bridging geographical gaps for shared experiences. Realistic gestures, facial expressions, and voice communication deepen emotional connections, making VR a platform for building relationships and bonds.

Cloud-based gaming

The rise of cloud-based VR gaming is swiftly progressing. Utilizing cloud platforms, players can experience high-quality VR games without the need for robust hardware. This surge is propelling the global virtual reality gaming market growth, broadening access to VR gaming for a larger demographic. Players now can stream games directly to their VR headsets, reducing the initial hurdles to entry.

Global Virtual Reality Gaming Market Trends

VR gaming is increasingly focusing on health and fitness applications, with a surge in games and apps designed for physical activity like dancing, boxing, and fitness challenges. This trend promotes an active lifestyle through immersive experiences that combine enjoyable gameplay with exercise routines.

According to the global virtual reality gaming market report, VR games prioritise immersive storytelling and deep narratives, immersing players in captivating storylines where their decisions shape the game's outcome. Developers are creating detailed worlds for players to explore, unravel mysteries, and experience emotionally resonant narratives.

Market Segmentation

Global Virtual Reality Gaming Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Software

• Hardware

Market Breakup by Device

• Personal Computers

• Gaming Consoles

• Mobile Devices

Market Breakup by Age Group

• Adults

• Children

Market Breakup by Types of Games

• Racing

• Adventure 

• Fighting 

• Shooting 

• Mystery Thriller 

• Puzzle 

• Science Fiction 

• Others 

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Software is propelling the global virtual reality gaming market growth, as it allows for customization and adjustment, leading to an increase in its growth

Regular software updates maintain VR experiences' freshness, retaining user interest. VR's capacity to connect users hinges on software-driven tools and immersive environments. Software optimizes hardware use, improving performance and visuals. Advanced algorithms enable smoother gameplay and better graphics.

VR hardware benefits include immersion, realism, precise controls, physical engagement, affordability, health benefits, design innovation, and enhanced social interactions.

Based on device, the global virtual reality gaming market share is led by personal computers due to their distinctive capabilities and adaptability, which cater to the requirements of immersive experiences

Personal computers (PCs) offer vast customization, letting users create systems with powerful processors, graphics cards, and ample RAM for optimal VR performance. The open PC ecosystem encourages innovation and developer competition.

Gaming consoles act as a unified VR hub, providing easy setup, top performance, exclusive titles, integrated systems, specialized VR gear, affordability, and reliable technical support for VR gaming.

Shooting games are propelling the global virtual reality gaming market by immersing players directly into the heart of the action, enhancing their experiences

In virtual reality shooting games, players experience realistic aiming and immersive environments, engaging in strategic shootouts where they can physically duck, dodge, and interact with weapons. The tactile sensation of reloading and aiming enhances the realism and excitement.

VR racing games provide an exhilarating experience with high-speed races, realistic graphics, and motion effects. Steering controls, responsive feedback, and dynamic environments contribute to a visceral racing experience, whether competing against AI or real opponents.

Competitive Landscape

Market participants in the global virtual reality gaming market are focusing on developing specialized technology tailored for VR, thereby enriching user interactions and experiences within immersive environments.

Sony Corporation, established in 1946, Sony Corporation is a well-known global leader in electronics, gaming, and entertainment. Based in Japan, Sony has developed revolutionary products such as PlayStation consoles, Bravia TVs, and Xperia smartphones, greatly impacting the tech industry.

Meta, founded in 2004, Meta Platforms, previously known as Facebook, is a pioneer in transforming social networking and virtual reality. Headquartered in California, Meta connects billions globally through platforms like Facebook, Instagram, WhatsApp, and Oculus VR, enhancing digital connectivity and immersive experiences.

Nintendo, established in 1889, Nintendo has been a trailblazer in gaming and entertainment. Headquartered in Japan, Nintendo is renowned for iconic franchises like Mario, Zelda, and Pokémon, shaping the gaming landscape with innovative consoles such as the Nintendo Switch.

HTC Corporation, founded in 1997 and based in New Taipei City, Taiwan, is a prominent innovator in consumer electronics. Initially gaining recognition for smartphones, HTC later expanded into virtual reality with its Vive VR headset, pushing boundaries in immersive technology experiences.

Other key players in the global virtual reality gaming market are Samsung Electronics Co., Ltd., Electronics Arts Inc., Ultraleap, and Microsoft Corporation among others.

Global Virtual Reality Gaming Market Analysis by Region

Based on region, the global virtual reality gaming market share is led by North America since it boasts cutting-edge technology infrastructure and a thriving gaming sector, leading to widespread adoption of VR gaming among both dedicated enthusiasts and casual players. Moreover, the region hosts major tech firms and game developers, fuelling innovation and the creation of diverse gaming content.

Asia Pacific is poised for substantial growth, particularly in China and Japan, due to their large consumer bases and widespread adoption of VR games on smartphones. The region will see significant technology uptake, boosted by the rollout of high-speed 5G networks, enriching gaming experiences. South Korea and India are also expected to drive demand, benefitting from entertainment industry advancements and rising incomes.

According to the China Audio Video and Digital Publishing Association, China's gaming industry in 2020 saw mobile games dominate followed by e-sports.

Key Highlights of the Report

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Virtual Reality Gaming Market Report Snapshots

Virtual Reality Gaming Market Size

Virtual Reality Gaming Market Trends

Virtual Reality Gaming Companies

Virtual Reality Gaming Market Regional Analysis