The Virtual Reality Software And Services Global Market Report 2023 by The Business Research Company, provides virtual reality software and services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Virtual Reality Software And Services Global Market Report 2023, the 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.
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The 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
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 virtual reality software and services market report table of contents includes:
1. Executive Summary
2. Virtual Reality Software and Services Market Characteristics
3. Virtual Reality Software and Services Market – Macro Economic Scenario
4. Virtual Reality Software and Services Market Size And Growth
5. Virtual Reality Software and Services Market Segmentation
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26. Virtual Reality Software and Services Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Virtual Reality Software and Services Market
28. Virtual Reality Software and Services Market Trends And Strategies
29. Virtual Reality Software and Services Market Future Outlook and Potential Analysis
30. Appendix
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