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Virtual Reality Software Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast | Microsoft Corporation, Qualcomm Incorporated, BAE Systems AB, Blippar Inc.
Virtual Reality Software Global Market Report
The Business Research Company presents an extensive market research report on the Virtual Reality Software Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the virtual reality software market report are Microsoft Corporation, Qualcomm Incorporated, BAE Systems AB, Blippar Inc., Pixologic Inc., Razer Inc., WorldViz., Unity Technologies, Oculus VR LLC, EON Reality Inc., Mirra Inc, High Fidelity Inc., Virtalis Holdings Limited, Unigine Holding S.à r.l., Starbreeze Studios, Smartvizs Private Limited., Axonom Powertrak, Istaging Corp., Techviz SAS, The LearnPro Group, Wild Technology Inc, Imaginate Technologies., Briovr, Cupix Inc., Metaio Gmbh, High Tech Computer Corporation, Viar, Phenomatics Virtual Reality Software, Engineering Systems International. Group, Arcadia Augmented Reality, Epic Games Inc, NVIDIA Corporation, Sony Interactive Entertainment, Valve Corporation, Autodesk Inc., Parametric Technology Corporation, Dassault Systèmes S.A., Magic Leap Inc, Alphabet Inc., Samsung Electronics Co. Ltd
Market Drivers:
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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https://www.thebusinessresearchcompany.com/report/virtual-reality-software-global-market-report
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 report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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