The virtual reality industry is projected to develop at a CAGR of 11% from 2020 to 2025, from a market value of USD 7.1 billion in 2020 to USD 20.9 billion in 2025.
One of the main factors boosting the expansion of the virtual reality software market is the increase in the gaming sector. The three primary categories of virtual reality software are 3D modelling, 360-degree custom VR, and real-time simulation.
The market is expanding because of the increasing usage of this technology in instructional training, including the training of engineers, mechanics, pilots, and technicians. A significant development in the market for virtual reality software is the incorporation of VR in healthcare through smartphone apps.
Another element that could contribute to market expansion is the growing use of VR applications in the architectural and planning industry.
Key Players in the Global market are as follows
There are many major companies in the virtual reality software market, including Microsoft Corporation, Blippar Inc., Pixologic Inc., Metaio Gmbh, Qualcomm Incorporated, Oculus VR LLC, WorldViz.,HTC Corporation, Cupix, Viar, IrisVR, Phenomatics Virtual Reality, etc.
The global virtual reality software market is classified based on type, components, application, and end user.
Based on type– The market is divided into three types based on type: 3D modelling software, 360-degree custom VR software, and real-time simulation software.
Based on the component– The market is divided into three categories based on components: content, software, and hardware. During the projected period, the hardware sector is anticipated to hold a dominant position in the global market share.
Based on the end user– The is divided into gaming, entertainment, retail, healthcare, education, aerospace & defence, manufacturing, and other businesses based on end-user
Based on application– Robotic surgical simulation, paediatric management, post-stroke recovery therapy, education & medical skill training, and dentistry are the different application-based market segments.
This market is classified into the following regions: Europe, North America, and the Asia-Pacific area.
The market was dominated by the Asia Pacific in 2021. The market for VR software was the second largest in North America.
Due to the existence of large companies in the nation, the industry is expanding in the region. The US market is also being penetrated by several start-ups that provide solutions tailored to specific industries.
China is a major distributor of HMDs and other VR-related devices; hence the country saw tremendous growth in the VR business.
Throughout the projected period, Europe is anticipated to experience the quickest rate of growth. This is a result of the extensive use of VR technology in several applications across many different business sectors, particularly in the gaming and automotive sectors.
Apple, an American business, purchased NextVR, Inc. in May 2020 for an unknown sum. Apple has been advancing its entertainment strategy with this acquisition and is working on an AR-VR headset.
Microsoft joined together with HP and Valve in March 2020 to introduce a new VR headset that offers customers a more realistic and pleasant VR experience.
In June 2020, Meta bought Ready at Dawn, a company that creates VR video games, and they made a deal to work together to create VR-based games for Oculus Studios.