New York, USA, May 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Virtual Reality Software Market: By Type, By Deployment, By Application – Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 44.00% to attain a valuation of around USD 74.6 Billion by the end of 2030.
Key Players
Eminent industry players profiled in the global virtual reality software market report include
- Google Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Blippar Inc. (U.K)
- Pixologic Inc. (U.S.)
- Metaio Gmbh (Germany)
- Qualcomm Incorporated (U.S.)
- Oculus VR, LLC (U.S.)
- WorldViz. (US)
- Starbreeze Studios (Sweden)
- Razer Inc. (Singapore)
- HTC Corporation (Taiwan)
- BAE Systems AB (Sweden)
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Virtual Reality Software Market Report Scope:
| Report Metrics | Details |
| Virtual Reality Software Market Size by 2030 | USD 74.6 Billion (2030) |
| Virtual Reality Software Market CAGR during 2022-2030 | 44.00% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The major growth driver of Virtual Reality Software Market includes growing digitization, advancement of technology, increasing demand for head mounted displays in gaming and entertainment industries, and rising investment in virtual reality market among others. |
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Drivers
Booming Gaming Industry to Boost Market Growth
One of the main factors propelling the market growth of virtual reality software is the expansion of the gaming sector. Games with VR capabilities are significantly more advantageous than books since they make the games more engaging. People all over the world are turning to virtual reality games to combat their boredom and dread related to the pandemic.
Opportunities
Increasing Adoption in Healthcare Sector to offer Robust Opportunities
A significant development in the virtual reality software business is the use of mobile apps to integrate virtual reality (VR) with healthcare. VR-based mobile apps make it possible to treat a number of ailments, which helps to address a number of health problems. A favorable market outlook is being produced by the increasing use of VR technology as a diagnostic device in the healthcare sector. Along with other medical techniques like magnetic resonance imaging, it enables medical experts to make a diagnosis. Additionally, VR enables real-time monitoring of medical progress and remote communication between patients and physicians.
Restraints and Challenges
High Device Cost to act as Market Restraint
The VR device cost, lack of standardization, as well as the requirement for a high computing power may act as market restraints over the forecast period.
Market Segmentation
The global virtual reality software market is bifurcated based on application, deployment, and type.
By type, the market is bifurcated into real time simulation software, 360 degree custom VR software, and 3D modeling software.
By deployment, cloud will lead the market over the forecast period.
By application, gaming and entertainment will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic had possessed a significant impact on the VR software market. On one hand, the pandemic has increased demand for virtual reality technology as more people are staying home and looking for ways to socialize and work remotely. On the contrary, the pandemic has disrupted supply chains and caused delays in the production and release of VR software and hardware. One of the main impacts of COVID-19 on the VR software market has been the growth in demand for remote collaboration and communication tools. As more people work from home, companies have been forced to find new ways to collaborate and communicate with their employees and clients. VR technology has emerged as a promising solution to this problem, as it allows people to interact in a virtual environment that simulates the experience of being in the same physical space. The pandemic has also accelerated the growth of the VR gaming market. With people spending more time at home and looking for ways to entertain themselves, the demand for VR gaming has increased significantly. This has led to the release of several new VR games and experiences, as well as the growth of existing VR gaming platforms. The COVID-19 epidemic also possessed a significant impact on the use of VR in healthcare. With the need for physical distancing and reduced in-person interactions, VR has become a valuable tool for remote patient monitoring, telehealth consultations, and virtual training and education for healthcare professionals. VR can offer an immersive and interactive experience, even from a distance, allowing patients and healthcare providers to connect and communicate in real-time.
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Regional Analysis
North America to Command Virtual Reality Software Market
In terms of revenue share in 2020, North America domineered the world market for virtual reality software. The expansion can be due to the presence of significant technology companies like Samsung Electronics Co., Ltd., HTC Corporation, and Google, Inc. These businesses are also improving their goods to offer improved VR experiences across the globe. For instance, HTC and Google are collaborating on the Daydream platform, which will make high-quality VR content available on mobile devices all around the world. Furthermore, during the course of the projection period, demand is anticipated to be driven by technological developments including greater display resolution & faster processing speed. The quick adoption of virtual reality technology & the existence of well-known enterprises in this area are credited with the growth.
The regional market is expanding as a result of smartphone penetration and a thriving ICT infrastructure. The ageing infrastructure, rising acceptance, and deployment of the virtual public health veterinarian training courses are all contributing to North America's blossoming dominance in the global virtual reality market. The United States is home to many companies with a digital focus, including Microsoft, Magic Leap, Apple, Inc., and Google LLC, and it invests heavily in virtual reality research. Nonetheless, the US government promotes market expansion by promoting online public health professional instruction programs. The market for virtual reality in South America is anticipated to expand significantly due to rising internet usage and advancements in immersive technologies.
Industry Updates
April 2023- According to reports, ByteDance (BDNCE), the firm that runs the well-known social network TikTok, has offered certain developers who have produced VR software for META the chance to work on its own headset.
Europe's Virtual Fitness market is estimated to develop at a considerable CAGR from 2022 to 2030. The rising propensity for physical fitness is one aspect affecting the expansion of the local market. Additionally, the UK Virtual Fitness market had the biggest market share, and the fastest-growing market in this area was in Germany.
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