Virtual Reality Software Market:
WiseGuyReports.com adds “Global Virtual Reality Software Market Research Report 2020 Analysis and Forecast 2030” reports to its database.
Executive Summary
The global virtual reality software market is expected to grow from $1.27 billion in 2019 and to $2.033 billion in 2020 at a compound annual growth rate (CAGR) of 59.67%. The increase in growth rate is mainly as technologies like VR allows people to shop, talk and socialize using these immersive platforms amidst the containment measures implemented due to the Covid-19 outbreak. The market is then expected to reach $6.44 billion in 2023 at CAGR of 46.81%.
The virtual reality software market consists of sales of virtual reality software and related services that are used in different sectors such as aerospace, defense, gaming, entertainment, tourism, diagnostics and surgeries. Related services include software installation, training, upgrade and other services. Virtual reality (VR) is an artificial environment generated with software and displayed to people in such a way that the user suspends convictions and accepts them as real environments.
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North America was the largest region in the virtual reality software and Europe was the second largest region in the market in 2019.
The integration of virtual reality (VR) in healthcare through mobile apps is a key trend in the virtual reality software market. VR-based mobile apps enable the treatment of several diseases which help to resolve many health issues and these VR apps are also used for education, which is not limited to the use by students alone and can be used by other interested stakeholders too. In 2019, the Royal College of Surgeons in Ireland (RCSI), for instance, developed an innovative VR application that enables medical education accessible to everyone even without a medical background. For non-medical users the RCSI software has a special mode. In this mode, the application provides extensive information for users about each phase of different medical procedures.
The virtual reality software market covered in this report is segmented by type into 3D modelling software; 360 degree custom VR software; real time simulation software. It is also segmented by deployment into on-premise; cloud and by application into automotive; medical; real estate; oil and gas; entertainment; industrial; others.
The bigger size of VR software hampers the growth of the virtual reality market. The VR software involves a lot of computing power and takes up lots of space compared to other technologies as VR devices require additional programming for their immersive experience. Condensing software is really not very hard, shrinking in size will take more time for VR software to do, and this compression, in turn, will increase VR's initial costs. The process of developing virtual reality software professionally will vary from $10,000 to $60,000 or more. As the applications of virtual reality are increasing, the amount of data to be stored is also increasing with some applications generating up to one terabyte of data per hour. This storage problem is resulting in additional costs for VR companies in terms of storage devices and also preventing many companies from investing in virtual reality software.
In May 2020, Apple, an America-based company, acquired NextVR, Inc. for an undisclosed amount. Through this acquisition, Apple has been making a deeper push into entertainment and is reportedly developing an AR-VR headset. NextVR, Inc., an American company, is best known for providing access to events like concerts and sporting events through virtual reality.
Growth in the gaming industry is a key factor driving the growth of the virtual reality software market. VR-powered games are much more beneficial than books as VR enables the games more appealing. Globally people are resorting to VR games to fight the boredom and fear connected with the pandemic. For instance, an inexpensive coronavirus VR game COVID Escape Room is designed to help children develop real-world activities and concepts in a virtual environment. Through this game, children will not only understand how to wash their hands and handle the sneeze in a fun way to prevent coronavirus infection (COVID-19), but also get to know in detail why social distancing is vital. In March 2020, the global spending on digital games increased to $10 billion, the highest monthly estimate ever. Therefore, the growth in the gaming industry is expected to drive the virtual reality software market.
Major players in the virtual reality software market are Microsoft Corporation, Blippar Inc., Pixologic Inc., Metaio Gmbh, Qualcomm Incorporated, Oculus VR, LLC, WorldViz., Starbreeze Studios, Razer Inc., and HTC Corporation.
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