Key Players In The Virtual Reality Software and Services Market Form Alliances To Strengthen Their Position

The Business Research Company’s Virtual Reality Software and Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, February 23, 2022 /EINPresswire.com/ — Companies in the virtual reality software and services market are increasingly seeking partnership opportunities to share knowledge and expertise in order to gain a competitive advantage over other players. For example, in 2021, ArborXR, and Matts Digital announced a partnership to provide frictionless extended reality solutions at scale in Europe and beyond. Similarly, Oxford Metrics plc has formed a strategic alliance with VR software developer company Sandbox V. Such alliances are expediting the research and development process boosting the VR software and services market.

The global virtual reality software and services market size is expected to grow from $15.17 billion in 2021 to $22.22 billion in 2022 at a compound annual growth rate (CAGR) of 46.5%. The change in the market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The global virtual reality software and services market share is expected to reach $92.85 billion in 2026 at a CAGR of 43.0%.

Read more on the Global Virtual Reality Software and Services Market Report:
https://www.thebusinessresearchcompany.com/report/virtual-reality-software-and-services-global-market-report

Growth in the gaming industry is driving the virtual reality software and services market growth. Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world. Gaming companies are increasingly using VR technology for a more immersive and realistic experience for gamers. Therefore, to improve and enhance the entire gaming experience, companies are redesigning consoles to include technology that enables the gamer to get a 360-degree view. For example, in 2021, the gaming sector generated total revenues of $180.3 billion, a significant increase from 2020. Therefore, such expansion of gaming industry is increasing the demand for VR software and services, thus driving the market.

Major players covered in the global VR software and services industry are Google Inc, Facebook, Microsoft Corporation, Zappar, Pixar, Mozilla, Amazon, Apple, Razer, FOVE, BAE Systems, Qualcomm Inc, High Fidelity, Starbreeze Studios, Oculus VR, Metaio Gmbh, Sony, Briovr, Pixologic Inc., HTC, Vuzix Corporation, DAQRI.

TBRC’s global virtual reality software and services market report is segmented by type into 3D modelling software, 360-degree custom VR software, real time simulation software, by application into entertainment, gaming, tourism, hospitals, others, by deployment into on-premise, cloud.

Virtual Reality Software and Services Global Market Report 2022 – By Type (3D Modelling Software, 360 degree Custom VR Software, Real Time Simulation Software), ) By Application (Entertainment, Gaming, Tourism, Hospitals), By Deployment (On-Premise, Cloud) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a virtual reality software and services market overview, forecast virtual reality software and services market size and growth for the whole market, virtual reality software and services market segments, geographies, virtual reality software and services market trends, virtual reality software and services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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