VR Game Market Size, Share, Growth, and Industry Analysis, By Type (Single-player Game, Adventure Game, Shooter Game, Racing Game, Simulation Game, and Others), By Application (Commercial, Private Entertainment), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

VR Game Market REPORT OVERVIEW

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The global VR game market size was USD 6275.7 million in 2021 and market is projected to touch USD 56019.9 million by 2031, at a compound annual growth rate (CAGR) of 24.2% during the forecast period.

VR enhanced the gaming experience for players by offering the real-time ability to take gamers into their screens. The industry will deliver gamers with virtual accessories that will improve user engagement and immersive involvement. Rapid upgrades in the prevailing technologies comprising 3D effects, motion tracking, and interactive graphics will draw players' attention and drive the industry's growth. Additionally, consumers and gamers are demanding new entertainment sources due to a surge in spending capacity. They are hence seen to be engaging in virtual reality games with a rise in their disposable incomes.

The VR game industry is expanding its professional value with the innovations and awareness of accessories, such as headsets, bodysuits, and gloves, rapidly growing among players. The launch of VR headsets has increased demand for virtual reality games as users are eager to encounter 3D characters in their virtual surroundings. VR gadgets are utilized in the market and are empowered with intelligent interactive software and hardware, thus augmenting the entertainment quotient for gamers and giving them a complete gaming experience.

COVID-19 Impact: Upsurge in Demand for Games Propelled Market Growth

The upsurge in demand for VR games during the pandemic was massive, as commoners and professional gamers were locked inside houses, thus demanding gaming as an entertainment source. The lockdown increased the popularity of the gaming industry immensely as consumers explored alternative options to traditional games played on mobile phones. The market saw increased demand for gaming accessories in developed regions, leading to profits and revenues for manufacturers and leading industrial players. The need for the industry will continue to post the pandemic as awareness increases.

LATEST TRENDS

"Innovative Technology Solutions to Drive Market Demand"

The instant advancement in the development of virtual reality peripherals and technologies reinforced by compatible desktops and game consoles will likely drive the industry's growth. With several startups and companies venturing into the virtual reality space in the gaming industry, wearable components such as HMDs, motion trackers, gloves, and others will witness a surging demand by gaming enthusiasts during the forecast period. Thus, this will lead to significant profits for stakeholders and leading players worldwide.

VR Game Market SEGMENTATION

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• By Type

The market is categorized based on types into single-player games, adventure games, shooter games, racing games, simulation games, and others.

• By Application

The market is subcategorized based on commercial, private, and entertainment applications.

DRIVING FACTORS

"Investments in Research and Development to Lead Market Growth"

Leading industrial companies engage in detailed research and development activities to launch technologically advanced products and gain an edge over their competitors. The virtual reality market players are manufacturing accessories extending from motion-sensing devices to gloves, arms, and even full bodysuits, which will drive the VR game market growth. The growing demand for VR accessories amongst users and the rise in consumer income are anticipated to aid market growth during the forecast period.

"Rise of Cloud Gaming Technology to Increase Market Share"

Gamer adoption of cloud technology will increase the market share of virtual reality games as players find cloud technology accessible and affordable. Cloud technology can be easily accessed from any location, making it convenient for users to adopt. Additionally, innovations, mergers, acquisitions, and the launch of innovations by leading industrial players will aid in the growth of virtual reality games, leading to profits for investors and manufacturers.

RESTRAINING FACTORS

"Device Compatibility Limitations to Impede Market Growth"

The lack of device compatibility and limitations associated with the technology will impede the market growth of VR games. Developing regions such as the Asia Pacific will face massive hindrances in accessing the technologies, which could lead to a decreased market share for investors and stakeholders. Therefore, the lack of infrastructure, internet bandwidth, and additional accessories and support systems in the region will restrain the market growth and share of the gaming industry in the area.

VR Game Market REGIONAL INSIGHTS

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"North America to Lead Market Share Owing to Innovations and Launches"

The North American region will lead the VR game market share as innovations, collaborations, launches, and partnerships occur amongst leading industrial players in the area. The innovative technologies by leading industrial giants will propel the market growth and share of the industry as consumers and professional gamers demand new interfaces, technologies, and aspects to sustain their interests. Thus, the market will witness a massive upsurge in demand for gaming accessories and instruments as the disposable income of consumers increases, leading to profits for investors and stakeholders in the region.

KEY INDUSTRIAL PLAYERS

"Developed Regions to Lead Advanced Innovations and Technologies"

The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, and innovations. The report also includes research on companies, technical outcomes, and emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the VR game enterprise. Therefore, the factors specified in the report are subject to change as the market dynamics fluctuate. The U.S. will lead the significant market share in the industry as the market witnesses innovations and collaborations.

List of Market Players Profiled

• Survios (U.S.)
• Vertigo Games (U.S.)
• CCP Games (Iceland)
• MAD Virtual Reality Studio (Thailand)
• Maxint (U.S.)
• Spectral Illusions (U.S.)
• Croteam (Croatia)
• Beat Games (Czech Republic)
• Epic Games (U.S.)
• Bethesda Softworks (U.S.)
• Orange Bridge Studios (Canada)
• Polyarc (U.S.)
• Frontier Developments (U.K.)
• Puzzle video game (Germany)
• Owlchemy Labs (U.S.)
• Adult Swim (U.S.)
• Capcom (Japan)
• Ubisoft (France)
• Ian Ball (U.K.)
• Bossa Studios (U.K.)
• Stress Level Zero (U.S.)
• KUNOS-Simulazioni Srl (Italy)
• Sony (Japan)
• Playful Corp. (U.S.)

INDUSTRY DEVELOPMENT

"June 2022: "Refactor Games, a new gaming studio started by Survios, the leading gaming company, unveiled its Football Simulator game. The game is an indie title that is trying to dominate the market with competition by Electronic Arts' Madden NFL games. The game launched by the company offers an in-depth range of customization for any sports title on the market, thus leading to profits for investors and manufacturers.

REPORT COVERAGE 

The report has examined elements that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the VR game industry. The report has listed the worldwide leading manufacturers and the regions that will experience growth during the period.