The global VR software and services market size is expected to grow from $15.17 billion in 2021 to $22.22 billion in 2022 at a compound annual growth rate (CAGR) of 46.5%. The change in the VR software and services market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $92.85 billion in 2026 at a CAGR of 43.0%.
What is the Global Virtual Reality Software and Services Market?
The virtual reality software and services market consists of the sale of virtual reality software which is used to create an artificial simulated environment. Some examples of products and services in this market include Google VR services and 3D Modelling Software's like AutoCAD, Zbrush and 3DS Max.
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What drives the Global Virtual Reality Software and Services Market?
Growth in the gaming industry is driving the virtual reality software and services market. Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world. Gaming companies are increasingly using VR technology for a more immersive and realistic experience for gamers. Therefore, to improve and enhance the entire gaming experience, companies are redesigning consoles to include technology that enables the gamer to get a 360-degree view. For example, in 2021, the gaming sector generated total revenues of $180.3 billion, a significant increase from 2020. Therefore, such expansion of gaming industry is increasing the demand for VR software and services, thus driving the market.
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Global Virtual Reality Software and Services Market Segments
The global VR software and services market is segmented:
By Type: 3D Modelling Software, 360 Degree Custom VR Software, Real Time Simulation Software
By Application: Entertainment, Gaming, Tourism, Hospitals, Others
By Deployment: On-Premise, Cloud
By Geography: The regions covered in the virtual reality software and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Virtual Reality Software and Services Global Market Report 2022provides market size and growth forecasts for the global VR software and services market, global VR software and services market share, virtual reality software and services market segments and geographies, VR software and services market competitive landscape including leading competitors’ revenues, profiles and market shares. The VR software and services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Virtual Reality Software and Services Industry Playersinclude Google Inc, Facebook, Microsoft Corporation, Zappar, Pixar, Mozilla, Amazon, Apple, Razer, FOVE, BAE Systems, Qualcomm Inc, High Fidelity, Starbreeze Studios, Oculus VR, Metaio Gmbh, Sony, Briovr, Pixologic Inc., HTC, Vuzix Corporation, DAQRI. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
