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Virtual Reality Software Market Report 2024: Size, Share, Growth, Trends, Forecast 2033
Virtual Reality Software Market Report
As per the report, 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 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%.
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Surging Growth In The Gaming Industry Fuels The Virtual Reality Software Market
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.
Virtual Reality Integration In Healthcare Mobile Apps Transforming The Virtual Reality Software Market
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 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
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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
Contents of the report:
1. Executive Summary
2. Virtual Reality Software Market Report Structure
3. Virtual Reality Software Market Trends And Strategies
4. Virtual Reality Software Market - Macro Economic Scenario
5. Virtual Reality Software Market Size And Growth
…..
27. Virtual Reality Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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