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.
The global virtual reality software market is expected to grow from $1.27 billion in 2019 to $2.033 billion in 2020 at a compound annual growth rate (CAGR) of 59.67%. The increase in growth rate is mainly occurring because 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 expected to reach $6.44 billion in 2023 at CAGR of 46.81%.