According to the latest report by IMARC Group, titled “Virtual Reality Gaming Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global virtual reality gaming market reached a value of US$ 18.3 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 28% during 2021-2026.
Virtual reality (VR) refers to an immersive technology that has completely revolutionized the gaming industry. It creates a three-dimensional (3D) environment and generates realistic images, sounds and other sensations with the help of game controllers, virtual reality headsets, and motion capture methods or the multi-projected setup. Apart from this, it enables the user to interact with this artificially created environment during the gaming session. As a result, the demand for VR gaming is escalating around the world.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Virtual Reality Gaming Market Trends:
Virtual reality headsets are expensive for general users. In order to overcome this challenge, leading manufacturers in the industry are focusing on establishing gaming clubs and activity areas in shopping malls, as well as business centers, for children and adults to get acquainted with the technology. Apart from this, owing to technological advancements, developers are transforming their games into the virtual reality format for improved user experience. This, in turn, is also strengthening the global virtual reality gaming market worldwide. Furthermore, the industry is witnessing the rising popularity of 360-degree videos that allow end-users to view from different angles depending on their requirement. This is projected to bolster the market growth in the upcoming years.
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Global Virtual Reality Gaming Market 2021-2026 Analysis and Segmentation:
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