The market for wearable gaming technology is expected to reach US$ 76,421 million by 2032 from its current share of US$ 19,560 million in 2022. During the anticipated period, the market will grow at a CAGR of 14.6%.
One of the global industries with the most rapid growth is the gaming one. The industry’s growth has continued to follow the most recent technological trends. One of the major developments in the gaming industry that has significantly accelerated market growth to new heights is wearable gaming technology.
By enabling consumers to actively participate in video games, technology gives them the best possible gaming experience. The primary factor driving the market growth for wearable gaming technology is the fully immersive experience produced by virtual and augmented reality.
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Wearable Gaming Technology Market: Drivers and Challenges
Global wearable gaming technology is lucrative market. Wearable gaming technology market is driven availability of wide range of games and technological advancements and innovation in wearable gaming devices. Rising popularity of series games and virtual reality based games are fuelling the growth of the wearable gaming technology market.
Rise in internet penetration rate also allows the gaming companies to deploy the gaming software in cloud and users with gaming accessories can start playing the games from any remote location. Enterprises of large size and start-ups are investing in the wearable gaming technology market which is helping the market to grow exponentially.
Wearable gaming technology helps the users for to increase their physical activity by taking the gamers to virtual world by moving the bodies in the real world.
Piracy is one of the challenges faced by the global wearable gaming technology market. Cost associated with development of gaming wearable devices and software is also high which make them available to only premium segment of customers is hindering the growth of the market.
Who are the Key Players in the Wearable Gaming Technology Market?
The wearable gaming technology market is very vast and competitive. In terms of share, a few of the key players dominate the market and will continue to dominate for the next decade.
Major companies profiled in the wearable gaming technology market include
- ICAROS GmbH,
- Cyberith GmbH,
- Zero Latency PTY LTD,
- Avegant Corp,
- HTC Corporation,
- Microsoft Corporation,
- ASUSTeK Computer Inc.,
- Sony Corp,
- Razer Inc., and
- Teslasuit.
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Wearable Gaming Technology Market: Regional Outlook
Based on regions, Wearable Gaming Technology Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
North America and Western Europe Wearable Gaming Technology Market is predominantly mature as compared to the other regional market as they are fast in the adoption of technology. Wearable Gaming Technology Market in Asia Pacific excluding Japan and Japan are expected to possess maximum potential in the forecast period. Wearable Gaming Technology Market in Latin America and Middle East and Africa are also projected to witness positive growth during the forecast period.
Key Segments
By Type:
- VR and AR
- Connected Wearables
- Motion Sensing Technology Including Wearable 3D
- Head Mounted Display
- Serious Gaming
- Gamification
By Application:
- Commercial
- Household
By User Type:
- Individual
- Commercial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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