The Virtual Reality Software Global Market Report 2023 by The Business Research Company, provides virtual reality software 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 Global Market Report 2023, the 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.
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The 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 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.
The virtual reality software market report table of contents includes:
1. Executive Summary
2. Virtual Reality Software Market Characteristics
3. Virtual Reality Software Market Trends And Strategies
4. Virtual Reality Software Market – Macro Economic Scenario
5. Virtual Reality Software Market Size And Growth
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26. Africa Virtual Reality Software Market
27. Virtual Reality Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Virtual Reality Software Market
29. Virtual Reality Software Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Microsoft Corporation
- Blippar Inc
- Pixologic Inc
- Metaio Gmbh
- Qualcomm Incorporated
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