The Virtual Reality in Gaming industry analysis by TBRC shows a largely increased adoption of VR technology in the gaming sector
Virtual reality in gaming market consists of sales of virtual reality gaming hardware and software devices by entities (organizations, sole traders, and partnerships) that offer the ability to take players into the game in real-time. Virtual reality technology uses computing hardware, software, and other VR peripherals to create virtual environments that immerse the user in the game’s 3D environment.
The global VR in gaming market size is expected to grow from $9.39 billion in 2021 to $12.13 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The change in the virtual reality in gaming market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The virtual reality in gaming market is expected to reach $33.65 billion in 2026 at a CAGR of 29%.
5G-based VR cloud games are shaping virtual reality in gaming market. 5G VR cloud is a combination of cloud, virtual reality, and 5G connectivity in gaming. Major companies operating in virtual reality in gaming sector are focused on developing 5G based VR cloud games to offer customers low latency and high bandwidth services. For instance, in May 2020, Archiact, a Canada-based VR games studio merged with Migu Co. Ltd., a China-based consumer technology company to bring VR games to its 5G cloud gaming platform. Archiact states that by teaming with Migu, it will be able to work together to establish the vision of 5G VR cloud gaming, making VR even more available.
Virtual Reality In Gaming Market Overview
The main types of components in virtual reality in gaming are software and hardware. Virtual reality gaming software builds immersive 3D environments which can be used in VR games. The virtual world is created by software developers, who create a virtual environment for users so that they can interact with the place and objects in that environment. The different types of games include racing, adventure, fighting, shooting, mystery thriller, puzzle, and science fiction and use various devices such as personal computers, gaming consoles, mobile devices. Such software is used by verticals including commercial spaces and individuals.
Key Players And Their Activity In The Virtual Reality In Gaming Industry
Major players in the virtual reality in gaming market are Facebook Technologies LLC., Google, HTC Corporation, Samsung Electronics Co. Ltd., Fove Inc, Sony Interactive Entertainment LLC, Nintendo Co. Ltd., Razer Inc., Oculus HR, Microsoft Corporation, ZEISS Group, Advanced Micro Devices, Sega Corporation, Kaneva LLC, Nvidia, Qualcomm, bHaptics Inc., and Electronic Arts Inc.
Mergers and acquisitions help players maintain their position in the market. In February 2020, Facebook, a US-based social networking service company acquired Sanzaru Games for an undisclosed amount. Sanzaru Games is a US-based video game development company. This acquisition enabled Facebook’s persistent interest in propping up VR gaming firms and aligning them around their goals while allowing them to operate autonomously.