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Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End

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Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End
Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 EndReading Time: 3 minutes

 

The Global Virtual Reality in Gaming Market is expected to be valued at US$ 38,331.5 million by 2027, exhibiting a CAGR of 28.6% during the forecast period of 2020 to 2027, as highlighted in a report published by Coherent Market Insights.

Virtual reality is the use of computer technology to create a simulated environment using computer software and hardware technologies. VR technology has been used in many applications including entertainment and gaming. Virtual reality in gaming is referred to the use of sound and graphics technology in games where the user wears gloves, head-mounted display (HMD), and glasses as a part of their experience. There are several equipped to these devices that record the movement.

Growing digitization and advancement in technology is expected to boost the global virtual reality in gaming market growth over the forecast period
Over the years, both developed and emerging economies have witnessed massive digitization. This is complemented with advancements in technology, in order to expand the use of virtual reality devices. There are various technological advancements are expected in the near future namely wide field-of-view AR displays, transition from PC-based to standalone mobile VR devices, 5G mobile devices, and more. Such technological advancements enhance the user experience and reduce the latency up to a significant level. Hence, these factors are expected to drive growth of the global virtual reality in gaming market growth over the forecast period.

Launch of novel products can present lucrative growth opportunities for market players
Key players are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in May 2014, Electronic Arts Inc. launched EA Sports NHL 15, the first title in a new generation of hockey games. In August 2013, Nintendo Co. Ltd. introduced a 2DS handheld gaming device. The device enabled the user to play 3DS and all other games with the device. Furthermore, in February 2014, Sony Corporation launched its virtual reality headsets named HMZ- T3Q VR.

Challenges associated with user-friendly VR are expected to hamper the global virtual reality in gaming market growth over the forecast period
Despite its various advantages such as enhanced quality and realistic experience, many VR devices are not user friendly. Some of those devices are complicated to use and require adequate training long before they used for gaming experience. Manufacturers are required to provide a user-friendly device that can be operated by a layman as well. Hence, such factors are expected to hamper the global virtual reality in gaming market growth over the forecast period.

North America Trends

According to Coherent Market Insights’s study among regions, North America is expected to witness significant growth in the global virtual reality in gaming market during the forecast period. This is owing to the large presence of major VR companies across the region. Furthermore, growing investment in cutting-edge technologies is expected to propel the global virtual reality in gaming market growth over the forecast period.

Europe Trends

Europe is expected to register robust growth rate in the global virtual reality in gaming market over the forecast period. This owing to constant digitalization of various industries across the region. Furthermore, high growth of VR market in France is expected to boost the regional market growth over the forecast period.
Global Virtual Reality in Gaming Market – Impact of Coronavirus (Covid-19) Pandemic
The countries such as China and India, are play crucial role in the supply chain of virtual reality in gaming market. In the span of lockdown the supply chain in these countries mainly disturbed. Many industries were forced to close down their manufacturing site or remained operational with limited people working on the shop floor, which lowered the production capacity of factories. Further, demand for non-essential products decreased during the pandemic. This hindered the market growth during the pandemic.

Competitive Section
Key companies operating in the global virtual reality in gaming market are Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation.

Key Developments

Major companies are focused on research and development activities, in order to enhance the market presence. For instance, in May 2020, Oculus VR, a subsidiary of Facebook Inc., announced that it is developing a new Quest VR headset of 90Hz for the smoother gaming experience.
Key market players are involved in collaborations and partnerships, in order to gain a competitive edge in the market. For instance, in December 2017, Sega Corporation collaborated with StarVR to introduce premium VR arcade experience in Japan.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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STAKELOGIC LIVE TAKES FURTHER STEPS INTO SWITZERLAND WITH GRAND CASINO BADEN DEAL

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Stakelogic Live, the industry-leading provider of live casino content renowned for its expertise and innovation, has agreed on a new partnership with Grand Casino Baden, a trusted and respected Swiss casino operator.

The deal sees Stakelogic Live integrate its full portfolio of state-of-the-art live casino games into Grand Casino Baden’s online platform, Jackpots.ch. The casino is one of the biggest names in the Swiss market, operating both online and physical casinos, with Jackpots.ch being the oldest online casino in the country.

Players at Grand Casino Baden’s online platform, Jackpots.ch, are now in for an exhilarating live casino experience. They will have full access to groundbreaking titles like Speed Baccarat, Super Stake Blackjack, Spin to Win Live, and the industry-first Super Wheel bonus.

Stakelogic Live’s content is widely considered among some of the best in the industry. All games are broadcast live from studios in Malta and the Netherlands using cutting-edge streaming technology and hosted by experienced casino professionals.

The strategic partnership with Grand Casino Baden is a win-win situation for both parties. It marks a significant milestone in Stakelogic Live’s continued expansion into the Swiss market and allows Grand Casino Baden to offer industry-leading live casino games to its players.

Neil Tanti, Senior Sales Manager at Stakelogic Live, said: The Swiss market is one that fills us with excitement and this deal with Grand Casino Baden is a significant step on our journey there.

Grand Casino Baden is a brand that needs no introduction to Swiss players. By working closely with them, we will be able to establish a strong base in Switzerland and make ourselves the region’s number one live casino provider.

Brian Christner, Chief Online Gaming at Grand Casino Baden, said: We are beyond thrilled to begin working with Stakelogic Live. Live casino is an important vertical to us, and we want to ensure our players get the most immersive and high-tech experience we can provide. Partnering up with Stakelogic Live ensures exactly the level of quality we take pride in offering our players.

The post STAKELOGIC LIVE TAKES FURTHER STEPS INTO SWITZERLAND WITH GRAND CASINO BADEN DEAL appeared first on European Gaming Industry News.

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Prime Network Jackpot Nears €500,000

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The SOFTSWISS Jackpot Aggregator, a solution designed to enhance player engagement and retention, announces that the Prime Network Jackpot is edging closer to 500,000 euro,  ready to be claimed at any time.

After the success of the first network campaign, the Jackpot Aggregator launched its second round. With an initial fund of 300,000 euro, the progressive jackpot pool quickly exceeded 490,000 euro and continues to grow.

Operators find this mechanic appealing as rewards are distributed from a shared pool, rather than being exclusive to a single brand. Additionally, the Prime Network Jackpot offers a significantly higher amount than typical branded jackpots. This can attract more players and provide participating casinos with an additional opportunity to retain their player base.

“This summer, we anticipate an unforgettable prize strike. The first campaign concluded with a prize of 244,742.34 euro, while the second campaign is poised to award a substantially larger amount. We are eager to see who the lucky winner will be.

We aim to expand the capabilities of our online campaigns to provide players with a more thrilling experience and the opportunity for life-changing wins. Unlike other jackpots, the reward is paid in full and promptly rather than in instalments. We have seen promising results from this networked approach and are committed to building on this success,” shares Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator.

The SOFTSWISS Game Aggregator’s clients can easily and quickly set up and launch not only their branded jackpot campaigns but also join the network jackpot, enhancing player engagement and increasing potential winnings. 

In celebration of its 15th anniversary, new clients of the SOFTSWISS Casino Platform, Game Aggregator, and Sportsbook have the exclusive opportunity to explore the Jackpot Aggregator options as bonuses, available for free or at discounted rates.

 

About SOFTSWISS 

SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

The post Prime Network Jackpot Nears €500,000 appeared first on European Gaming Industry News.

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Kansas Lottery Moves to Instant Game Management Partnership with Scientific Games

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Company’s Game Portfolio Management, Advanced Logistics and Analytics Will Drive More Profits for State Programs in Kansas

Scientific Games will provide the company’s world-leading instant game management program to the Kansas Lottery. The Scientific Games Enhanced Partnership program advances the Lottery’s relationship with the company to drive sales performance and more profits to fund state programs in Kansas. Scientific Games has provided the Kansas Lottery’s systems technology since 2018.

The Scientific Games Enhanced Partnership program will provide the Kansas Lottery with portfolio management and game planning services, data analytics, advanced logistics, licensed brand services, and retail sales and marketing support. The program is used by more than 20 lotteries, including five of the top six performing instant game lotteries worldwide. The Scientific Games Enhanced Partnership program drove 33% better performance for U.S. lotteries using the program in fiscal year 2022-23 (MAP weekly per capita sales).

In addition to the Scientific Games Enhanced Partnership, the company will also deploy its SCiQ retail ecosystem at select Kansas Lottery retailers. The SCiQ system improves instant game inventory management and the retailer’s experience selling lottery products while providing enhanced security and real-time, store-level sales analytics.

Stephen Durrell, Executive Director of the Kansas Lottery, said, “We are excited to advance our collaboration with Scientific Games through this expanded partnership. The track record of this technology-driven program is promising, and it provides an opportunity for us to grow the performance of our entire game portfolio.”

The Scientific Games Enhanced Partnership program comes to the Kansas Lottery for five years, with the option to extend for an additional five years. Scientific Games staff will provide its industry-leading experience in developing instant game programs in collaboration with the Lottery as well as provide customized insights through its patented Infuse analytics engine.

John Schulz, President Americas and Global Instant Products for Scientific Games, said, “As a systems customer since 2018, the Kansas Lottery is adding the SGEP program and technology that will expertly manage instant products across its network of approximately 1,700 retailers using data analytics. This takes vision and a willingness to create change in their instant game program and we commend the Lottery’s leadership team on their work to continually improve profits for the state of Kansas.”

With products representing 70% of instant scratch game retail sales globally, Scientific Games is the world’s largest lottery games creator, producer and services provider in the world. The company provides retail and digital games, technology, analytics and services to 150 lotteries in 50 countries around the globe.

Infuse™, MAP™ and SCiQ® are trademarks of Scientific Games. © 2024 Scientific Games, LLC. All Rights Reserved.

 

The post Kansas Lottery Moves to Instant Game Management Partnership with Scientific Games appeared first on European Gaming Industry News.

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