The Virtual Reality Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Reality Software Global Market Report 2024, The virtual reality software market size has grown exponentially in recent years. It will grow from $12.76 billion in 2023 to $16.32 billion in 2024 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historic period can be attributed to gaming and entertainment adoption, enterprise training and simulation, healthcare and medical applications, architectural and design visualization, education and e-learning initiatives.
The virtual reality software market size is expected to see exponential growth in the next few years. It will grow to $40.88 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to remote collaboration and communication, expanding applications in industry verticals, rise of social vr experiences, integration with augmented reality (ar), consumer adoption for product interaction. Major trends in the forecast period include healthcare applications expansion, affordable hardware options, content creation and innovation surge, focus on user experience improvement, government and military applications utilization.
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. For instance, in July 2023, according to the Entertainment Software Association, a US-based video game trade association, US consumers spent $59.6 billion on video games in 2021, up from $56.1 billion in 2020. Therefore, the rising gaming industry is driving the growth of virtual reality software market.
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The virtual reality software market covered in this report 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:
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