Virtual Mirror Global Market Report 2023 – By Component (Software, Hardware, Services), By Deployment Mode (Cloud, On Premises), By Technology (3D Body Scanning, Photo Accurate VFR, 3D Augmented Reality and Virtual Reality), By Industry (Retail, Other Industries) – Market Size, Trends, And Global Forecast 2023-2032

AI-in fashion refers to an advisor that is being used to recommend clothes based on the customer’s height, weight, shape, and current size. AI in fashion is used in product recommendation, product search and discovery, supply chain management and demand planning, creative designing and trend forecasting, customer relationship management, virtual assistant, others. The main types of AI in fashion are apparels, accessories, footwear, beauty and cosmetics, jewelry. Apparels refer to clothing or outer garments. They are deployed on cloud, on-premise using components such as solution, services. The applications of these are customer relationship management, virtual assistants, product recommendation, product search and discovery, supply chain management and demand forecasting, creative designing and trend forecasting used across various industries such as fashion designers, fashion stores. The global ai in fashion market is segmented - 1) By Category: Apparels, Accessories, Footwear, Beauty And Cosmetics, Jewelry 2) By Deployment Mode: Cloud, On-premise 3) By Components: Solution, Services 4) By Application: Customer Relationship Management, Virtual Assistants, Product Recommendation, Product Search And Discovery, Supply Chain Management And Demand Forecasting, Creative Designing And Trend Forecasting 5) By End Users: Fashion Designers, Fashion Stores The global ai in fashion market size will grow from $0.65 billion in 2022 to $0.91 billion in 2023 at a compound annual growth rate (CAGR) of 40.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the ai in fashion is expected to grow to $3.72 billion in 2027 at a CAGR of 42.0%. The growing influence of social media on the fashion industry is driving the growth of AI in fashion market. Social media is a primary source of information for the fashion industry as there are many opinions and information from all sources globally. Fashion today is mainly dependent on brand promotion and fashion influencers that use social media to communicate their views on fashion. For instance, according to influencer marketing hub, a social media resource for influencers, the marketing influencer market size will grow from $ 9.7 billion in 2020 to $ 13.8 billion in 2021. The increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube, as well as the impact of the global pandemic on consumers, which catalyzed social media consumption, and the optimization of data collection, which marketers used for social media ads, are all contributing to this growth. Such growing influence of social media is driving the growth of the ai in fashion market. Major players in the ai in fashion market are Microsoft, IBM, AWS, SAP, Facebook, Adobe, Oracle, Catchoom, Huawei, Wide Eyes, FindMine, Intelistyle, Lily AI, Pttrns.ai, Syte, mode.ai, Stitch Fix, and Alphabet Inc., (Google). Machine learning are shaping the AI in fashion market. Machine learning is a part of artificial intelligence which defines the capabilities of the machine to copy human behavior. A machine can understand visualize and perform an action that helps in providing better information and suggestions to customers according to their behavior. For instance, in April 2021, Tommy Hilfiger, a renowned designer fashion brand applied machine-learning tools for product images of 15,000, and 600,000 publicly available runway images, and almost 100,000 fabric patterns sites. The applied AI gave insights into trending colors, and patterns, silhouettes to Tommy Hilfiger’s style. In September 2021, Syte company, an Israel-based software development company acquired Slyce for an undisclosed amount. Through this acquisition, Syte wants to expand its market in North America and support new and old clients. Slyce, is a US-based visual search company that has integrated apps and website technology for more than 60 retailers. North America was the largest region in the AI in fashion market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in AI in fashion report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the AI in fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The AI-in fashion market includes revenues earned by entities by providing services such as trend forecasting, creating better fit, and authenticating items to prevent knockoffs, streamlining, and manufacturing, reducing returns. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The AI in fashion market research report is one of a series of new reports from The Business Research Company that provides AI in fashion market statistics, including AI in fashion industry global market size, regional shares, competitors with the AI in fashion market share, detailed AI in fashion market segments, market trends and opportunities, and any further data you may need to thrive in the AI in fashion industry. This AI in fashion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Fashion ecommerce is the online buying and selling of clothing and accessories. Fashion goods include fashion accessories, clothes, shoes, bags, jewelry, cosmetics, and other luxury goods. The main products of fashion e-commerce are apparel and clothing, accessories, footwear, cosmetics, and other products. Accessories refer to items of equipment that are not usually essential, but which are used with or added to something else to make it more efficient, useful, or decorative. The different model types are business to business (B2B) and business to consumer (B2C). The various end-users involved are men, women, and children. The global fashion e-commerce market is segmented – 1) By Product: Apparel/Clothing, Accessories, Footwear, Cosmetics, Other Products 2) By End User: Men, Women, Children 3) By Model Type: Business to Business (B2B), Business to Consumer (B2C) The global fashion e-commerce market size will grow from $744.4 billion in 2022 to $821.19 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global fashion e-commerce is expected to grow to $1,222.32 billion in 2027 at a CAGR of 10.5%. The increasing use of the internet and smartphones is expected to contribute to the expansion of the fashion e-commerce industry. According to the DataReportal, the number of smartphone users in 2020 reached 5.22 billion which was about 66% of the world’s population. This has also led to an increase in the number of online shoppers. This scenario is anticipated to boost the demand for fashion and other e-commerce markets, generating higher revenue for the online fashion industry over the forecast period. Major players in the fashion e-commerce market are Amazon, Flipkart, Alibaba, Snapdeal, eBay, Myntra, ShoClues, AliExpress, HomeShop18, and Jabong. Rules concerning website content and the safety of consumer information are predicted to limit the growth of the market. The rules and regulations for companies about the content of the website make it difficult for players to manage their business. A major concern is mandating the use of local languages on their websites, as in countries with more than one local official language, it results in a higher cost for the companies dealing with online retail. This scenario is projected to act as a restraint for the fashion e-commerce market. Weakening brand trust and loyalty and high return rates are other major concerns for the growth of the fashion e-commerce market. The decline in brand loyalty can be due to several factors, including product quality, a lack of selection options, or better prices elsewhere. This, in turn, is a reason for the high return rates. The integration of artificial intelligence in fashion e-commerce is a key trend gaining popularity in the market. Companies in the market are focusing on building personalized experiences for buyers. The integration of AI with algorithms are designed to stimulate conversations with the potential buyers and provide style suggestions by using algorithms to suggest products that the customer might like. For example, in 2022, Sweden based clothing company, H&M Group partnered with US based cloud computing services provider, Google Cloud to enable stronger customer experiences and optimize internal supply chains with advanced machine learning (ML) and artificial intelligence (AI) capabilities. The collaboration includes an enterprise data backbone with a core data platform, for enhancing H&M’s customer experience and supply chain enablement. Earlier the company had teamed up with Google to provide AI-based style suggestions for every individual by analyzing their activities and interests over one week. In October 2022, V-mart, a Mumbai-based value retail chain, acquired LimeRoad for an undisclosed amount. The acquisition would combine expertise of both the companies and deliver trending fashion offerings to their consumers. LimeRoad is a Delhi-based online Fashion marketplace. Asia-Pacific was the largest region in the fashion e-commerce market in 2022. Western Europe was the second largest region in the global fashion e-commerce market share. The regions covered in the global fashion e-commerce market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the fashion e-commerce market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The fashion e-commerce market includes revenues earned by entities by several online platforms and tools for trading fashion products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The fashion e-commerce market research report is one of a series of new reports from The Business Research Company that provides fashion e-commerce market statistics, including fashion e-commerce industry global market size, regional shares, competitors with a fashion e-commerce market share, detailed fashion e-commerce market segments, market trends and opportunities, and any further data you may need to thrive in the fashion e-commerce industry. This fashion e-commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Online clothing rental refers to services that allow clients to rent apparel and other accessories for some time. These services offer fashion items from different brands that customers can filter by categories and styles. The presence of online clothing rental services enables people to lower the need for getting new clothes for special occasions and thus save money. The main types of clothing styles of online clothing retail are western wear, ethnic wear, and others. Western wear clothing refers to clothing styles from countries in the West such as the United States, Canada, or parts of Europe or which derives their unique style from the clothes worn in the 19th-century American West. The various dress codes of online clothing rental are formal, casual, and traditional wear which are available in the low, mid, and premium price ranges. The different types of end-users of online clothing rental are women, men, and kids. The global online clothing rental market is segmented - 1) By Clothing Styles: Western Wear, Ethnic Wear, Other Clothing Styles 2) By Dress Code: Formal, Casual, Traditional 3) By Price Range: Low, Mid, Premium 4) By End User: Women, Men, Kids The global online clothing rental market size will grow from $1.42 billion in 2022 to $1.57 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global online clothing rental industry is expected to grow to $2.35 billion in 2027 at a CAGR of 10.6% . The increase in mobile and internet penetration is expected to propel the growth of the online clothing rental market. Economic development, IT infrastructure, supportive government, and business policies, and the degree of urbanization all have a positive impact on mobile and internet growth. In an online clothing rental service, a person rents clothing online with the use of the internet and makes the payment online. According to Data Reportal, a Singapore-based business intelligence company, in October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.378 billion (80.76% of the world population) smartphone users. Therefore, increasing mobile and internet penetration is driving the growth of the online clothing rental market. Major players in the online clothing rental market are Style Lend Company, Rotaro, Rent the Runway, Rent It Bae Company, Mine for Nine LLC, Le Tote, La Reina, Gwynnie Bee, Glam Corner Pty Ltd., FlyRobe, Dress Hire, Dress & Go, ThreadTread, Stylish Play, and Secret Wardrobe. Technological advancements are shaping the online clothing rental market. Technological advancement has helped online clothing businesses to sync up all their operations and business processes. For instance, in October 2021, H&M, a Swedish-based multinational clothing company launched blockchain-based clothes rental service with scannable IoT labels on the clothing. With this, customers at H&M’s store can pick garments for instant hire by scanning IoT-connected stickers with their smartphones. Customers can access this service by signing up for Spin and then paying up to $11 in daily hire fees. Reselling or renting alongside innovation in materials is helping create sustainable consumption patterns. In November 2020, Wardrobe, a US-based online clothing rental acquired Rent My Wardrobe for an undisclosed amount. Through this acquisition, Wardrobe expected to attract and gain tens of thousands of customers in addition to strengthening its position in the southern states of the USA. Rent My Wardrobe is a US-based online marketplace where users can rent out clothes and other accessories. North America was the largest region in the online clothing retail market in 2022. The regions covered in the online clothing rental market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the online clothing rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The online clothing rental market includes revenues earned by entities by providing services such as subscription-based renting, budgeting, purchasing the inventory, and online store. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The online clothing rental market research report is one of a series of new reports from The Business Research Company that provides online clothing rental market statistics, including online clothing rental industry global market size, regional shares, competitors with a online clothing rental market share, detailed online clothing rental market segments, market trends and opportunities, and any further data you may need to thrive in the online clothing rental industry. This online clothing rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Clothing and clothing accessories stores are stores that sell clothing and clothing accessories to ultimate users from fixed locations. The clothing and clothing accessories stores ranges from small to large and offer various apparels based on consumer preferences. The major types of clothing and clothing accessories are clothing and apparel stores, jewellery and watch stores, optical goods stores, and footwear stores. Clothing and apparel stores refer to the shops that sell dresses, clothes, and apparel like shoes and other costume-related items. The two types of ownership are retail chain and independent retailer, both of which sell through an exclusive showroom and dealer store. The global clothing and clothing accessories stores market is segmented – 1) By Type: Clothing/Apparel Stores, Jewelry And Watch Stores, Optical Goods Stores, Footwear Stores 2) By End-User: Men, Women, Kids or Infants 3) By Ownership: Retail Chain, Independent Retailer 4) By Type of Store: Exclusive Showroom, Dealer Store The global clothing and clothing accessories stores market size will grow from $1,214.28 billion in 2022 to $1,301.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of clothing and clothing accessories stores is expected to grow to $1,636.51 billion in 2027 at a CAGR of 5.9%. Many clothing and accessories stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. For instance, the global retail analytics market will reach $5.1 billion in 2020. With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for building materials and garden equipment and supplies dealers to identify and meet the needs and expectations of their customers, which is expected to drive the market going forward. Major companies in the clothing and clothing accessories stores market include TJX Companies Inc., LVMH Moet Hennessy Louis Vuitton SE, Industria De Diseno Textil SA, Hennes & Mauritz AB, Rajesh Exports, Fast Retailing Co. Ltd., Inditex, The Gap Inc., Associated British Foods plc, and L Brands Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the clothing and clothing accessories market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in the manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of "lock down" and the outbreak having a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the clothing and clothing accessories stores market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Retail stores are increasingly using in-store automation to streamline retail shopping. Automation in retail stores is aimed at cutting costs and time involved in store operations such as container movement, merchandise scanning, inventory checking, retrieving, packaging, delivering products, and connecting with customers. Automation reduces waiting times, avoids stocking problems, enhances productivity, and improves the overall customer experience. Retailers are also focusing on using self-checkout stands for customers. Some of the major clothing retailers, such as Zara and Lifestyle, are using self-checkout systems. In June 2022, MishiPay self-checkout kiosk was launched to store 100% of store transactions all by the customers. Western Europe was the largest region in the clothing and clothing accessories stores market in 2022. North America was the second-largest region in the clothing and clothing accessories stores market share. The regions covered in the clothing and clothing accessories stores market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the clothing and clothing accessories stores market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The clothing and clothing accessories stores market includes revenues earned by entities by providing services through boutiques, designer stores, and specialty stores. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The clothing and clothing accessories stores market research report is one of a series of new reports from The Business Research Company that provides clothing and clothing accessories stores market statistics, including clothing and clothing accessories stores industry, clothing and clothing accessories stores market size, regional shares, competitors with a clothing and clothing accessories stores market share, detailed clothing and clothing accessories stores market segments, market trends and opportunities, and any further data you may need to thrive in the clothing and clothing accessories stores industry. This clothing and clothing accessories stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The virtual reality software and services refer to software and services used to create an artificial simulated environment. Some examples of products and services in this market include Google VR services and 3D modelling software like AutoCAD, Zbrush, and 3DS Max. The main types of virtual reality software and services are 3D modelling software, 360-degree custom VR software, and real time simulation software. VR 3D modelling software utilizes technologies such as dynamic mesh-based polygon technology to provide artists and users with powerful and efficient virtual reality tools to create high-quality models and designs. The different modes of deployment include cloud-based, on-premise and are used in various applications such as entertainment, gaming, tourism, hospitals, and others. The global virtual reality software and services market is segmented - 1) By Type: 3D Modelling Software, 360 degree Custom VR Software, Real Time Simulation Software 2) By Application: Entertainment, Gaming, Tourism, Hospitals, Other Applications 3) By Deployment: On-Premise, Cloud The global virtual reality software and services market size is expected to grow from $9.98 billion in 2022 to $12.71 billion in 2023 at a compound annual growth rate (CAGR) of 27.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global virtual reality software and services is expected to reach $30.83 billion in 2027 at a CAGR of 24.7%. 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 virtual reality software and services market growth. Major players in virtual reality software and services market are 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, and DAQRI. Inadequate storage capacity is a major restraint on the virtual reality software and services market. The volume of data files created by VR platforms is increasing at a rapid rate, resulting in storage problems for VR companies. Cloud storage is not a feasible solution for storing VR generated data, since there is a constant necessity to make changes to the files. As the applications of virtual reality are increasing, the amount of data to be stored is also increasing with some applications generating up to one terabyte of data per hour. For example, the total multimedia VR based data reached 230 exabytes in 2021. Thus, such storage problem is resulting in additional costs for VR companies in terms of storage devices and also preventing many companies from investing in virtual reality software and services industry. Companies in the virtual reality software and services market are increasingly seeking partnership opportunities to share knowledge and expertise in order to gain a competitive advantage over other players. For example, in 2021, ArborXR, and Matts Digital announced a partnership to provide frictionless extended reality solutions at scale in Europe and beyond. Similarly, in July 2022, HTC Corporation, a Taiwan-based manufacturer of consumer electronics partnered with VRdirect GmbH, a Germany-based virtual reality solution. With the partnership, the companies aims to open up the B2B metaverse to a variety of business types. In order to do this, HTC's VIVE Business AppStore now offers the VRdirect software for the HTC Vive Focus 3. The Asia-Pacific was the largest region in the virtual reality software and services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global virtual reality software and services market report during the forecast period. The regions covered in the global virtual reality software and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the virtual reality software and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The virtual reality software and services market includes revenues earned by entities by providing VR visualization, VR game engines, and VR training simulators. This also includes companies solely involved in designing, developing, or publishing. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD (cash)? unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The virtual reality software and services market research report is one of a series of new reports from The Business Research Company that provides virtual reality software and services market statistics, including virtual reality software and services industry global market size, regional shares, competitors with a virtual reality software and services market share, detailed virtual reality software and services market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality software and services industry. This virtual reality software and services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Virtual reality (VR) is an artificial environment created with software that is presented to the user in such a way that the user stops believing and accepting it as a real environment. The main types of virtual reality services are hardware and software. The various basis of services includes consulting, training, implementation, integration, operation, and maintenance that are used for healthcare, education, real estate, advertising, travel, gaming, entertainment, and other applications. Consulting is defined as the practise of providing expertise on a subject to a third party for a fee. Advisory or implementation services are also provided as part of the service. The global virtual reality services market is segmented - 1) By Type: Hardware, Software 2) By Basis of Service: Consulting, Training, Implementation, Integration, Operation, Maintenance 3) By Application: Healthcare, Education, Real Estate, Advertising, Travel, Gaming, Entertainment, Other Applications The global virtual reality services market size will grow from $9.32 billion in 2022 to $10.88 billion in 2023 at a compound annual growth rate (CAGR) of 16.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global virtual reality services is expected to grow to $18.75 billion in 2027 at a CAGR of 14.6%. The virtual reality services in telehealth is a key factor driving the growth of the virtual reality services market. To support COVID-19 patients, thousands of doctors and nurses will require advanced skills, which will be supported by VR-powered tools to cope in a simulated world with an anticipated influx of COVID-19 patients. Training services by virtual reality designed particularly for coronavirus pathology scenarios are highly beneficial and realistic in today's situation and also enable medical students, doctors, and nurses to quickly apply studied principles and procedures to the real world. For instance, the XRHealth application allows the hospitals to treat incoming coronavirus victims who are in hospital quarantine and it allows the physicians to monitor them when they return home. Therefore, the increasing necessity of virtual reality services in telehealth is expected to drive the significant virtual reality services market growth. Major players in the virtual reality services market are Skywell Software, LittlStar, Creative Solutions, Gramercy Tech, HQSoftware, Program Ace, Groove Jones, Xicom Technologies, Zco Corporation, The Intellify, Quy Technology, Fluper, JPLoft Solution, Credencys Solutions, HorizonCore Infosoft, Quytech, Hedgehog Lab, IndiaNIC Infotech Limited, Chetu, Vakoms, Delta Reality, Dyfuzja, Cortex, Chocolate Milk & Donuts, NARSUN, and Setapp. The high cost associated with virtual reality services hampers the growth of the virtual reality services market. The best VR experience will cost a lot of money. The investment required for the VR experience is high. For instance, one needs to spend at least a few hundred dollars (on the low end) only for the graphics card itself, excluding other internals of the computer. The high-end virtual reality computer would cost $1,000 easily, and the high-end VR headset such as Vive or Oculus Rift from HTC would cost $599 and $799, respectively. Therefore, the high cost for a VR experience is expected to hinder the growth of the virtual reality services industry. Remote shopping with virtual reality is a key trend in the virtual reality services market. Many people are not doing offline shopping due to isolation and quarantine with the global COVID-19 outbreak and that does not mean e-commerce companies must also stop communicating with their customers and clients. Virtual reality alternatives opened great chances where businesses can offer potential customers new buying experiences without preventing their outreach. E-commerce companies could now reframe the experience for the customers and redesign their shopping journeys by using VR services. For instance, USA-based brand GAP developed a virtual Dressing Room app that allows the user to digitally try out clothes before making a purchasing decision. It will help customers to choose the right outfit and also contributes to the reduction of product returns and the reduction of expensive financial burdens for retailers. Asia-Pacific was the largest region in the virtual reality services market in 2022. North America was the second largest region in the global virtual reality services market share. The regions covered in the global virtual reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the virtual reality services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The virtual reality services market includes revenues earned by entities by providing virtual reality services that are used in different sectors such as aerospace, defense, gaming, entertainment, tourism, diagnostics and surgeries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The virtual reality services market research report is one of a series of new reports from The Business Research Company that provides virtual reality services market statistics, including virtual reality services industry global market size, regional shares, competitors with a virtual reality services market share, detailed virtual reality services market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality services industry. This virtual reality services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Virtual reality (VR) is an artificial environment created with software that is presented to the user so that the user stops believing and accepts it as a real environment. The main types of virtual reality software are 3D modeling software, 360-degree custom VR software and real-time simulation software. 3D modelling software are used to create a virtual three-dimensional model of a physical object. The software are deployed through on-premise and cloud mode for the automotive, medical, real estate, oil and gas, entertainment, industrial, other applications. The global virtual reality software market 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 The global virtual reality software market size will grow from $9.98 billion in 2022 to $12.76 billion in 2023 at a compound annual growth rate (CAGR) of 27.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global virtual reality software is expected to grow to $30.83 billion in 2027 at a CAGR of 24.7%. 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 growth. Major players in the virtual reality software market are 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. The bigger size of VR software hampers the growth of the virtual reality market. The VR software involves a lot of computing power and takes up lots of space compared to other technologies as VR devices require additional programming for their immersive experience. Condensing software is not very hard, shrinking in size will take more time for VR software to do, and this compression, in turn, will increase VR's initial costs. The process of developing virtual reality software professionally will vary from $10,000 to $60,000 or more. As the applications of virtual reality are increasing, the amount of data to be stored is also increasing with some applications generating up to one terabyte of data per hour. This storage problem is resulting in additional costs for VR companies in terms of storage devices and also preventing many companies from investing in virtual reality software. 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. In May 2020, Apple, an American company, acquired NextVR, Inc. for an undisclosed amount. Through this acquisition, Apple has been making a deeper push into entertainment and is reportedly developing an AR-VR headset. NextVR, Inc., an American company, is best known for providing access to events like concerts and sporting events through virtual reality. Asia-Pacific was the largest region in the virtual reality software market in 2022. North America was the second largest region in the global virtual reality software market analysis. The regions covered in the global virtual reality software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the virtual reality software market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The virtual reality software market includes revenues earned by entities by offering virtual reality software that are used in different sectors such as aerospace, defense, gaming, entertainment, tourism, diagnostics and surgeries. Virtual reality (VR) is an artificial environment generated with software and displayed to people so that the user suspends convictions and accepts them as real environments. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The virtual reality software market research report is one of a series of new reports from The Business Research Company that provides virtual reality software market statistics, including virtual reality software industry global market size, regional shares, competitors with a virtual reality software market share, detailed virtual reality software market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality software industry. This virtual reality software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Information technology (IT) is the use of computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. The main type of information technology (IT) are IT services, computer hardware, telecom, and software products. Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop. The services are used by large, small, and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others. The global information technology (IT) market is segmented - 1) By Type: IT Services, Computer Hardware, Telecom, Software Products 2) By Organization Size: Large Enterprise, Small and Medium Enterprise 3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software The global information technology (IT) market size grew from $8179.48 billion in 2022 to $8852.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The information technology (IT) market is expected to grow to $11995.97 billion in 2027 at a CAGR of 7.9%. The demand for cloud computing services is expected to drive the demand for IT services during the forecast period. In the cloud computing model, data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service. Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021. Companies are also opting for cloud-based data storage, thus boosting the demand for IT services. Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the information technology (IT) market share in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down,' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the information technology (IT) market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative, announced that it had raised a $6 million in funding to create new open-source tools. Asia-Pacific was the largest region in the information technology (IT) market in 2022. North America was the second largest region of the information technology (IT) market. The regions covered in the information technology (IT) industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The information technology (IT) market consists of revenues earned by entities by providing IT services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) market also includes sales of computers, computer peripherals and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.