The global virtual reality software market size is expected grow from $7.80 billion in 2021 to $9.98 billion in 2022 at a compound annual growth rate (CAGR) of 27.9%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The VR software market is expected to reach $25.63 billion in 2026 at a CAGR of 26.6%.
What is the Global Virtual Reality Software Market?
The virtual reality software market consists of sales of virtual reality software 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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What drives the Global Virtual Reality Software Market?
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.
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Global Virtual Reality Software Market Segments
The global VR software market is segmented:
By Type: 3D Modelling Software, 360 Degree Custom VR Software, Real Time Simulation Software
By Deployment: On-Premise, Cloud
By Application: Automotive, Medical, Real Estate, Oil and Gas, Entertainment, Industrial, Other
By Geography: The regions covered in the virtual reality software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Virtual Reality Software Global Market Report 2022provides market size and growth forecasts for the global virtual reality software market, global virtual reality software market share, VR software market segments and geographies, VR software market competitive landscape including leading competitors’ revenues, profiles and market shares. The VR software market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Virtual Reality Software Industry Playersinclude Microsoft Corporation, Blippar Inc., Pixologic Inc., Metaio Gmbh, Qualcomm Incorporated, Oculus VR LLC, WorldViz., Starbreeze Studios, Razer Inc., HTC Corporation, BAE Systems AB, Istaging, Axonom Powertrak, Cupix, Viar, IrisVR, Briovr, Techviz, Unigine, Phenomatics Virtual Reality Software, Worldviz, Virtalis, ESI Group, XVR Simulation, EON Reality, High Fidelity, Mirra, Arcadia Augmented Reality, Smartvizs and Imaginate. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
