Navigating the Dynamic Landscape: Global Virtual Reality Software Market Insight
The Business Research Company’s Virtual Reality Software Global Market Report 2023 – Virtual Reality Software Global Market Report 2023
LONDON, GREATER LONDON, UK, December 22, 2023 /EINPresswire.com/ — The global virtual reality software market is set to undergo substantial growth, with the market size projected to escalate from $9.98 billion in 2022 to $12.76 billion in 2023, registering a robust compound annual growth rate (CAGR) of 27.9%. This growth momentum is anticipated to persist, with the market size forecasted to reach $30.83 billion by 2027, maintaining a commendable CAGR of 24.7%.
Key Driver: Gaming Industry Growth
A pivotal factor fueling the expansion of the virtual reality software market is the remarkable growth in the gaming industry. The immersive nature of virtual reality (VR) enhances the appeal of games, making them more engaging and enjoyable. Particularly noteworthy is the surge in VR-powered games amid the global pandemic, where people turned to VR games to alleviate boredom and anxiety. An illustrative example is the COVID Escape Room, an affordable VR game designed to educate children about preventive measures for COVID-19 in a fun and interactive way. This shift towards VR gaming is evident in the global spending on digital games, which soared to $10 billion in March 2020, marking the highest monthly estimate ever. The gaming industry’s expansion is poised to be a significant catalyst for the growth of the virtual reality software market.
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Major Market Players:
Influential entities shaping the virtual reality software market landscape include Microsoft Corporation, Blippar Inc., Pixologic Inc., MetaioGmbh, Qualcomm Incorporated, Oculus VR LLC., WorldViz., Starbreeze Studios, Razer Inc., HTC Corporation, BAE Systems AB, Istaging, AxonomPowertrak, Cupix, Viar, IrisVR, Briovr, Techviz, Unigine, Phenomatics Virtual Reality Software, Worldviz, Virtalis, ESI Group, XVR Simulation, EON Reality, High Fidelity, Mirra, Arcadia Augmented Reality, Smartvizs, and Imaginate. These major players play a pivotal role in shaping the trajectory of the virtual reality software market through innovation and strategic initiatives.
Emerging Trend: Integration of VR in Healthcare Mobile Apps
A notable trend in the virtual reality software market is the integration of virtual reality (VR) in healthcare through mobile apps. VR-based mobile apps are increasingly being utilized for the treatment of various diseases and health-related issues. These apps also serve educational purposes beyond students, catering to a broader audience. For instance, Novant Health, a US-based healthcare company, introduced VR training for its administrative and clinical team members, offering immersive virtual reality leadership training. This innovative approach facilitates leaders in addressing sensitive issues with their teams, providing a platform for practicing difficult workplace discussions and addressing unconscious bias.
Regional Dynamics:
In 2022, Asia-Pacific emerged as the largest region in the virtual reality software market, underscoring the region’s enthusiasm for dynamic technological solutions. North America secured the position of the second-largest region in the global virtual reality software market analysis. The comprehensive market report spans regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:
The global virtual reality software market exhibits a diverse array of types, deployments, and applications, catering to various industries. The segmentation includes:
•Type: 3D Modelling Software, 360 Degree Custom VR Software, Real-Time Simulation Software
•Deployment: On-Premise, Cloud
•Application: Automotive, Medical, Real Estate, Oil and Gas, Entertainment, Industrial, Other Applications
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Virtual Reality Software Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheVirtual Reality Software Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on virtual reality software market size, virtual reality software market drivers and trends, virtual reality software market major players, competitors’ revenues, market positioning, and market growth across geographies.The virtual reality software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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