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A recent report published by Infinium Global Research on AR/VR in gaming market provides in-depth analysis of segments and sub-segments in the global as well as regional AR/VR in gaming market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AR/VR in gaming market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global AR/VR in gaming market. According to the report, the global AR/VR in gaming market is projected to grow at a CAGR of 18.9% over the forecast period of 2021-2027, growing from over USD 4.06 billion in 2020 to more than USD 13.52 billion in 2027.
The video gaming industry has generated a large number of revenues as it expands across the world. The industry has transformed over the past few years as technology has developed. The advancements in technology have led to the development of innovative hardware components in the industry including consoles, displays, headphones, controllers, and other peripherals. Modern technologies such as augmented reality (AR) and virtual reality (VR) have improved the gaming experience and boosted sales in the industry. AR and VR gaming has now created a completely new segment in the gaming industry. The market players offer different AR and VR products to the consumers such as headsets, smartglasses, games, and content. These products are available for different gaming platforms including PC, console, and mobile devices.
The COVID-19 pandemic had a serious impact on the global economies and numerous industries across the world. Many governments across the world imposed stringent restrictions on traveling and social distancing. Civilians were asked to stay inside their homes, and avoid visiting public places. With the COVID-19 lockdown, the gaming industry across the world witnessed an increase in user engagement. As the COVID-19 outbreak forced millions of people across the world to spend more time at home, the entertainment business sprang into action to catch their attention, with live streams of gaming, virtual performances, virtual tours, and others. This, in turn, augmented the growth of the gaming industry including related markets such as peripherals and gaming content. Moreover, with the increasing developments in AR and VR technology, many players in the gaming industry offered AR and VR solutions to the consumers during the pandemic.
The growth of the market is majorly driven by the advancements in AR and VR technologies over the past few years. The AR and VR technologies have evolved rapidly over the past few years to offer an immersive, real-life experience to consumers. Moreover, the increasing disposable incomes and rise in the willingness to spend on entertainment are supporting the growth of the market. The rapid urbanization and subsequent change in lifestyle are majorly influencing the growing spending power. This, in turn, is expected to boost the growth of the market. However, the latency and responsiveness issues in AR and VR are expected to hamper the market growth. Nevertheless, the advent of innovative technologies such as smartglasses, and head-up displays are anticipated to offer growth opportunities to the market players.
In terms of region, Asia Pacific generated the highest revenue in the global AR/VR gaming market. Rapid urbanization and changing lifestyle are the main driving factors for the growth of the market in the Asia Pacific. Furthermore, the rise in disposable incomes and higher expenditure on entertainment are further augmenting the growth of the market. Additionally, the presence of a large consumer base in the region is propelling the Asia Pacific market. Moreover, the market in the Asia Pacific is expected to grow at the fastest rate owing to the increasing spending power of the middle-class population. North America has held the second-largest share in the global AR/VR gaming market. The presence of a large gaming community along with the major players in the gaming industry in North America is majorly driving the growth of AR/VR in the gaming market in the region.
The report on global AR/VR in gaming market covers segments such as component, and platform. On the basis of component, the sub-markets include hardware, software, and content. On the basis of platform, the sub-markets include console, PC/desktop, smartphone/tablet, and others.
The report provides profiles of the companies in the market such as Meta Platforms, Inc, Samsung Electronics Co. Ltd., Sony Corporation, Nvidia Corporation, HTC Corporation, Ubisoft Entertainment SA, Valve Corporation, Niantic, Inc., Magic Leap, Inc., and Pico Interactive Inc..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AR/VR in gaming market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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