What Factors Propelled The Growth Of The Virtual Reality Software Market In The Past?
The virtual reality software market has seen considerable growth due to a variety of factors.
• The size of the virtual reality software market has seen significant expansion in the past few years. The market is projected to increase from $16.01 billion in 2024 to $20.31 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 26.9%.
The growth observed in the historic period is the result of factors such as the adoption of gaming and entertainment, initiatives in enterprise training and simulation, applications in healthcare and medicine, visualization in architecture and design, as well as education and e-learning initiatives.
What are the Market Size and Expected Growth Rates for the Virtual Reality Software Market?
The virtual reality software market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the virtual reality software market is anticipated to witness a significant expansion. The predicted growth will take the market to a value of $48.64 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 24.4%.
This growth can be ascribed to factors such as remote collaboration and communication, broader use in industry sectors, the emergence of social VR experiences, compatibility with augmented reality (AR), and consumer engagement for product interaction. Prominent trends in the forecast period encompass expansion of healthcare applications, cost-effective hardware options, creation of new content, an influx of innovation, emphasis on enhancing user experience, and the utility of government and military applications.
What Are The Essential Drivers Behind The Growth Of The Virtual Reality Software Market?
The expansion of the gaming industry is a significant contributor to the advancement of the virtual reality software market. Virtual reality, being more engaging than traditional formats, enhances the appeal of games. To combat pandemic-induced boredom and anxiety, people worldwide are increasingly turning to VR games. For example, the affordably priced COVID-19 VR game, COVID Escape Room, enables children to learn about real-world activities and concepts in an engaging virtual setting. This game not only teaches them the importance of hygiene practices such as hand washing and proper sneeze management for COVID-19 prevention, but also emphasises the importance of maintaining social distance. Moreover, as mentioned by the American Gaming Association in May 2023, an escalated consumer demand for gaming entertainment resulted in an all-time high commercial gaming revenue of $60 billion in 2022, marking a growth of 14 percent compared to the prior year. Hence, the burgeoning gaming industry is fuelling the expansion of the virtual reality software market.
What Are The Key Segments Within The Global Virtual Reality Software Market?
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
Subsegments:
1) By 3D Modelling Software: Character Modeling Tools, Environment Creation Tools, Animation Software
2) By 360 Degree Custom VR Software, VR Content Creation Tools, Interactive VR Experiences, VR Tours And Visualization Software
3) By Real-Time Simulation Software: Training Simulators, VR Gaming Engines, Interactive Training Platforms
Pre-Book The Virtual Reality Software Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Virtual Reality Software
Utilizing virtual reality (VR) in healthcare via mobile applications is a prevailing trend in the virtual reality software market. These VR-based apps assist with treating various diseases and offer solutions for numerous health problems. Furthermore, these applications are not only for educational purposes for students but are also employed by other relevant stakeholders. For instance, in September 2022, Novant Health, a healthcare organization based in the US, initiated a VR training for its administrative and clinical team members for leadership roles. This employs a voice-activated, immersive VR leadership training designed to help leaders tackle sensitive team issues and is influenced by ‘Talking Taboo’. It offers an immersive setting for practicing tough workplace discussions while addressing unconscious bias.
Who Are the Key Players in the Virtual Reality Software Market?
Major companies operating in the virtual reality software market include:
• 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
• NVIDIA Corporation
• Sony Interactive Entertainment
• Valve Corporation
• Autodesk Inc.
• Parametric Technology Corporation
• Dassault Systèmes S.A.
• Alphabet Inc.
• Samsung Electronics Co. Ltd
What are the Regional Insights into the Virtual Reality Software Market?
Asia-Pacific was the largest region in the virtual reality software market in 2024. North America was the second largest region in the global virtual reality software market analysis. The regions covered in the virtual reality software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
