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The global virtual reality (VR) in gaming market size was USD 6.26 billion in 2020. The market is projected to grow from USD 7.92 billion in 2021 to USD 53.44 billion in 2028 at a CAGR of 31.4% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Virtual Reality (VR) in Gaming Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device (Mobile, Console/PC, and Standalone), and Regional Forecast, 2021-2028.”
As per our analysts, the demand for virtual reality in gaming is principally navigated by the growing implementation of unconventional VR hardware and gears among gaming players. A surging number of small-sized and start-up businesses are participating in the market with advanced VR software and service introductions.
Increasing Demand for VR in Gaming Industry amid Pandemic to Aid Market Prospect
The COVID-19 pandemic obstructed the global economy of every industry. In the early period of the pandemic, a substantial deterioration was witnessed in general sales of VR gaming devices and gadgets. The closure of industrial divisions majorly crushed the production scale of VR hardware. Likewise, the investment picture and other commercial tactics were put to a temporary freeze owing to the absence of functionality.
Likewise, the stringent nationwide lockdown and social distancing standards across the world enhanced the implementation of virtual reality gaming as a latent indoor engrossing activity. The evolution in the gaming industry impelled the demand for progressive gaming software and service below virtual reality technology. Therefore, the pandemic had originally slowed down the hardware section. Nevertheless, in the long term, the market is estimated to grow extraordinarily.
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Qualcomm Snapdragon XR2 Platform Officially Debuts in Oculus Quest 2
Qualcomm Technologies, Inc., which is a supplementary company of Qualcomm Incorporated, is driving superior gameplay and experiences with the unveiling of Oculus Quest 2 that is the first-ever virtual reality device to be launched that is driven by the Qualcomm Snapdragon XR2 platform. This device is a conclusion of many years of partnership between Qualcomm Technologies and Facebook, which was formed to develop the most progressive and captivating gaming VR experiences for users up-to-date.
The Snapdragon XR2 platform, which was intentionally built for extended reality (XR), unravels astounding enhancements comprising double the CPU and GPU performance in comparison with its ancestor, which controls the original Oculus Quest headset. The Snapdragon XR2 platform also provides substantial performance improvements in Oculus Quest 2 containing:
Therefore, this is expected to enhance demand for the service/solution and furthermore result in the Virtual Reality in gaming market growth during the forecast period.
Initiation of Cloud Gaming Technology to Boost VR Gaming Demand
Significant players in the gaming industry are fixated on implementing cloud models in VR gaming. This acceptance would support the consumers with an upgraded gaming feel and permit them to modify their gaming library. Likewise, prompt admittance to the deposited virtual reality games is likely through cloud-based gaming solutions from any setting and on whichever platform. Owing to this, the implementation of cloud gaming is measured as one of the developing movements for this emerging market. Moreover, VR games created on the cloud provide an extensive variety of aspects comprising unrestricted storing ability, live streaming, and links among the associated device, among others.
The increasing demand between the consumers for cloud-based virtual reality software is projected to augment the market size. Significant players are concluding tactical mergers and collaborations to fortify their market position utilizing cloud technology in the gaming industry.
For example, in May 2019, Microsoft Corporation accomplished a collaboration with Sony Corporation to improve progressive cloud gaming platforms and online content streaming solutions. This merger is also estimated to back up the general market growth globally. This is anticipated to amplify virtual reality in gaming market share.
List of Key Players Covered in the Report
Table of Segmentation
Value (USD billion)
Component; Device; and Geography