Chicago, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global AR VR Software Market size is projected to grow from $32.5 billion in 2023 to $77.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 19.0%, during the forecast period, according to a new report by MarketsandMarkets™.
In vehicle design and prototyping, VR enables engineers and designers to craft and refine vehicle models in immersive digital environments, facilitating faster iterations and more precise prototyping. AR, on the other hand, enhances real-world showrooms by overlaying digital information, such as vehicle specifications or customization options, onto physical cars. Customers can use AR-equipped devices to explore and visualize vehicles in their preferred configurations, contributing to a more interactive and informed buying process. These applications in the automotive sector drive continuous software development, optimizing the design, marketing, and sales processes for vehicles and augmenting user experiences with cutting-edge technology, further fueling growth of AR VR Software.
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Incorporating AR features into social media platforms has become a powerful driver of AR VR software demand. Leading social networks like Snapchat, Instagram, and Facebook have harnessed AR to provide users with captivating filters, effects, and interactive experiences. These AR-enhanced features enhance user engagement by creating more immersive and personalized interactions and encourage users to spend more time on these platforms. Consequently, there is a growing need for AR VR software to develop and implement these interactive elements within social media. This trend extends beyond entertainment, as it also presents marketing opportunities for brands seeking to connect with and engage their target audiences, further amplifying the adoption of AR VR technology within the digital marketing landscape.
AR VR Software Market Dynamics:
Drivers:
- Growing popularity of gaming
- Diverse use cases of AR/VR across multiple industries
- Advancements in real-time rendering engines
Restraints:
- Diversity of AR/VR platforms and complex development landscape
- High initial costs and limited hardware options
Opportunities:
- Increase in remote working and collaboration through AR/VR software.
- Increasing role of AR/VR software in healthcare transformation
List of Key Players in AR VR Software Market:
- Microsoft (US),
- Google (US),
- Unity Technologies (US),
- Adobe (US),
- Autodesk (US),
- Meta (US),
- PTC (US),
- TeamViewer (Germany),
- NVIDIA Corporation (US),
- Advanced Micro Devices (US),
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By technology, AR Software segment is expected to have largest market size during the forecast period
AR is revolutionizing the retail and eCommerce sectors by providing customers with immersive and interactive shopping experiences. AR allows shoppers to use their smartphones or AR glasses to superimpose virtual product models into their real-world environment, giving them a lifelike preview of how items would fit or appear. This capability enhances the customer’s confidence in their purchasing decisions and reduces the likelihood of returns, thereby improving overall customer satisfaction and reducing associated costs for retailers. Additionally, AR-powered shopping experiences can be engaging and memorable, leading to increased brand loyalty and repeat business. AR implementation into retail and eCommerce strategies is becoming increasingly common, further driving the adoption of AR software in these sectors.
By software, the training simulation software segment is expected to hold a higher growth rate during the forecast period
AR VR training simulation software transforms the learning experience by enveloping trainees in virtual environments that closely mimic reality. In these digital settings, trainees interact with authentic scenarios, intricate equipment, and complex processes within a secure and controlled framework. This heightened immersion fosters increased engagement, allowing trainees to practice and refine their skills iteratively. Consequently, learning accelerates, knowledge retention improves significantly, and proficiency levels rise substantially. Trainees also benefit from the freedom to make errors without real-world consequences, which boosts their confidence and expertise, readily applicable to their job roles. AR VR training & simulation software presents an agile and effective approach to skill development, elevating learning outcomes and overall performance.
Based on region, North America is expected to hold the second largest market share during the forecast period
North America’s dynamic AR VR developer and enthusiast communities are at the forefront of industry innovation. These communities are characterized by their active involvement in open-source projects and collaborative knowledge-sharing, driven by a shared passion for pushing the boundaries of AR VR technology. Developers regularly exchange ideas, code, and best practices, fostering an environment of ongoing enhancement in AR VR software. This collaborative culture ensures the technology’s accessibility and adaptability, resulting in more robust, user-friendly, and feature-rich AR VR solutions. In essence, North America’s AR VR communities are pivotal in continuously driving innovation and progress, ensuring the technology’s relevance in an ever-evolving digital landscape.
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