The virtual reality software market has witnessed remarkable growth, increasing from $12.76 billion in 2023 to $16.32 billion in 2024, at a CAGR of 27.9%. This growth is attributed to the adoption of VR in gaming, enterprise training, and healthcare applications. The market is projected to expand to $40.88 billion by 2028, with a CAGR of 25.8%. Factors driving growth include increased remote collaboration tools and the rise of social VR experiences. Key trends include expanded healthcare applications, affordability of hardware, and innovative content creation.
Major Driver In The Virtual Reality Software Market
The virtual reality software market is experiencing significant growth propelled by the expansion of the gaming industry. Virtual reality (VR) has become a preferred medium for gaming, offering more engaging experiences compared to traditional forms. With the global population turning to VR games to alleviate boredom and anxiety associated with the pandemic, the market is witnessing increased demand. An example is the COVID Escape Room, an affordable VR game designed to educate children about real-world activities and concepts related to COVID-19. In July 2023, the Entertainment Software Association reported that US consumers spent $59.6 billion on video games in 2021, showcasing the rising influence of the gaming industry and its impact on the virtual reality software market. This trend is evident in 2023 and is projected to continue through 2024 and 2028.
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Virtual Reality Software Market Competitive Landscape
Microsoft Corporation, Qualcomm Incorporated, BAE Systems AB, Blippar Inc., Pixologic Inc., Razer Inc., WorldViz., Unity Technologies, Oculus VR LLC, EON Reality Inc., Mirra Inc, High Fidelity Inc., Virtalis Holdings Limited, Unigine Holding S.à r.l., Starbreeze Studios, Smartvizs Private Limited., Axonom Powertrak, Istaging Corp., Techviz SAS, The LearnPro Group, Wild Technology Inc, Imaginate Technologies., Briovr, Cupix Inc., Metaio Gmbh, High Tech Computer Corporation, Viar, Phenomatics Virtual Reality Software, Engineering Systems International. Group, Arcadia Augmented Reality, Epic Games Inc, NVIDIA Corporation, Sony Interactive Entertainment, Valve Corporation, Autodesk Inc., Parametric Technology Corporation, Dassault Systèmes S.A., Magic Leap Inc, Alphabet Inc., Samsung Electronics Co. Ltd
Key Virtual Reality Software Market Trend
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. For example, in September 2022, Novant Health, a US-based healthcare company introduced VR training of its administrative and clinical team members for leadership. This includes the voice-activated, immersive virtual reality leadership training to aid leaders approach sensitive issues with their teams and is inspired by ‘Talking Taboo’. This provides an immersive environment for practicing difficult workplace discussions while addressing unconscious bias.
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Virtual Reality Software Market Segmentation
The virtual reality software market covered in this report is segmented –
1) By Type: 3D Modelling Software, 360 Degree Custom VR Software, Real Time Simulation Software
2) By Deployment: On-Premise, Cloud
3) By Application: Automotive, Medical, Real Estate, Oil and Gas, Entertainment, Industrial, Other Applications
By Geography:The regions covered in the virtual reality software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the virtual reality software market in 2023.
The Virtual Reality Software Global Market Report 2024 furnishes information about the global virtual reality software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
