Virtual Reality Software Market Size to Grow Worth USD 103.32 Bn in 2033

Virtual Reality Software Market Overview

Published Via 11Press: Virtual reality (VR) software allows users to experience a computer-generated 3D environment that simulates real-life situations. The global virtual reality software market is growing rapidly due to the increasing demand for immersive and interactive experiences in various industries such as gaming, healthcare, education, and entertainment.

It is one of the rapidly growing markets in the technology industry. As VR becomes more popular, many companies are investing in this technology to stay competitive and provide new experiences for their customers. The global virtual reality software market is projected to grow significantly over the next few years due to increasing investments from prominent players such as Microsoft, Sony, Facebook, Google, and Apple.

The Global Virtual Reality Software Market is expected to grow at a CAGR of roughly 23.1% over the next ten years and will reach USD 103.32 Bn in 2033, from USD 12.93 Bn in 2023. The increasing adoption of virtual reality technology across various industries, including healthcare, education, media & entertainment, automotive, retail & e-commerce and others, is driving the market.

The growing demand for advanced gaming consoles such as PlayStation 4 Pro and Microsoft’s Xbox One X also positively impacts the market growth. The availability of these consoles with advanced hardware specifications has further augmented the demand for virtual reality games and applications among consumers. Moreover, technological advancements have enabled the integration of artificial intelligence (AI) into devices that support VR software solutions providing users with more immersive experiences while using these applications or games.

Key Takeaways

• The report also projected a compound annual growth rate (CAGR) of 23.1% for the virtual reality software market in North America.
• Europe is also a significant market for virtual reality software, with the increasing adoption of technology in various industries such as healthcare, gaming, and education.
• North America held the largest market share of the global virtual reality software market.
• The Asia-Pacific region is expected to witness the highest growth rate during the forecast period due to factors such as increasing adoption of VR technology in gaming, education, and healthcare industries, and the presence of major VR software companies in the region.

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Regional Snapshot

North America:

• The largest market for virtual reality software
• Dominated by the United States, with a significant presence of major VR software companies such as Facebook, HTC, and Unity Technologies
• Strong adoption of VR technology in gaming, entertainment, and healthcare industries
• The growing trend of integrating VR with artificial intelligence, IoT, and blockchain technologies

Europe:

• Second-largest market for virtual reality software
• Dominated by Germany, the UK, and France
• Increasing adoption of VR technology in various industries such as healthcare, education, and architecture
• The growing trend of integrating VR with advanced technologies such as AI and IoT

Asia-Pacific:

• The fastest-growing market for virtual reality software
• Dominated by China, Japan, and South Korea
• Increasing adoption of VR technology in gaming, education, and healthcare industries
• The growing trend of using VR for training and simulation purposes in industries such as aerospace and defense

Rest of the World:

• The smaller market for virtual reality software compared to the other regions
• Significant potential for growth due to increasing adoption of VR technology in various industries such as entertainment and healthcare
• Dominated by countries such as Brazil, South Africa, and the United Arab Emirates
• The growing trend of using VR for marketing and advertising purposes

Drivers

• The key drivers of the virtual reality software market include the increasing demand for immersive and interactive experiences in various industries, the integration of advanced technologies such as artificial intelligence and the internet of things into VR software, and the growing popularity of VR gaming.

HMD adoption in various industries is increasing

• Modern devices are portable and easy to use. They can be used to represent visual and pictorial information. These devices must be small and compact with high-resolution displays.
• There is a growing demand for HMDs and HUDs in many industries including automotive, aerospace & defence, medical, and consumer electronics. VR HMDs have gained popularity for consumer applications such as gaming and watching entertaining content. However, most VR HMDs use direct view OELD panels with a panel size of 2-6 inches. Due to the high demand for VR HMDs and their popularity, key manufacturers of display products are working on better displays for them. Kopin, for example, has created a microdisplay specifically for VR HMDs.
• OLED microdisplays (LOMID), a large and cost-effective OLED display, has led to the creation of CMOS/OLED microdisplays that can be used in VR HMDs. Due to the limitations of direct-view displays, microdisplays can be used as main display modules in VR HMDs. The advancements in VR display technology are expected to drive global VR market growth.
• HMDs are also used in many applications such as flight simulations, medical visualization, engineering, prototyping, education, training, wearable computing, entertainment, and design. They offer a better balance between affordability and unique capabilities than 3D display.

Restraints

The major restraints of the virtual reality software market include the high cost of VR devices, the lack of standardization, and the need for high computing power.

Low resolution and lack movement cause health risks

• A lack of movement when using headsets is the biggest obstacle to immersive user experience. Many headsets do not come wireless, and must be connected to the computer with cables or accessories. This forces users to remain stationary for long periods of time.
• VR sickness and neck pain can result from the inability to move. Low resolution VR-enabled devices is another limitation. Low resolution can cause problems in viewing and can aggravate symptoms such as nausea and irritation. The resolution setting can increase the load on the graphics processing unit and the processor unit. This in turn affects performance. The impact of this driver at the moment is moderate and will decrease over the next 3-4 year with the release of AR devices which will improve users’ mobility.

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Opportunities

The increasing adoption of virtual reality software in various industries such as healthcare, education, and entertainment presents significant growth opportunities for the market. The integration of blockchain and other advanced technologies also presents new opportunities for the virtual reality software market.

Intensification of HMDs in Healthcare and Architectural Applications

• VR is being increasingly used for practical purposes. HMDs are mostly used in medical training. This technology is rapidly becoming popular among medical professionals. In the near future, it will play an important part in assisting surgeons and doctors. HMDs are well-accepted in the medical industry.
• Advanced interfaces like HMDs allow medical professionals to perform surgeries and offer post-operative care via VR simulation. HMDs can make it easier for medical professionals to treat patients more efficiently. In the next five years, HMDs will be even more accurate. Virtual reality technologies are a key component of the architecture and design industry. Building Information Modeling is used in architecture and designing to obtain a 3D view and description of the surrounding areas and buildings.
• The VR visualization model allows for a clearer view, which reduces mistakes and saves money during construction. VR platform gives clients and architects a stunning view of the building and allows them to navigate the VR platform and make modifications as needed.

Challenges

The key challenges facing the virtual reality software market include the lack of standardization, the need for high computing power, and the high cost of VR devices.

Negative impact of COVID-19 lockdowns on commercial trade

• It is possible to combat COVID-19 by locking down areas that are most at risk and using social distancing. As a large portion of discretionary consumer spending, the impact of social distancing and lockdowns has been severe on the manufacturing sector.
• It is therefore sensitive to being delayed or lost completely because of social distancing and quarantines. Some companies have had their manufacturing operations halted completely, which has caused disruptions in their supply chains. Volkswagen, Ford and General Motors are just a few of the major automobile manufacturers that have closed down their worldwide production facilities. Ryanair, Europe’s largest and most affordable airline, has suspended all flights from June to June. This has negatively affected the region’s economy.
• Similar to Oculus, Oculus is currently developing a new version of its Quest standalone VRHMD. However, Oculus is facing potential delays due to the global pandemic COVID-19 impacting product development and global supply chains. Although the company planned to unveil the Quest standalone VR headset at the Oculus Connect conference in 2020, the spread of COVID-19 will likely delay shipment until 2021. These factors will have a significant impact on the VR market’s growth over the next 4-6 month.

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Recent Developments

• In January 2021, PTC announced the acquisition of Vuforia, a leading provider of AR and VR software, to enhance its offerings in the industrial and enterprise market.
• In March 2021, Facebook announced the launch of its new virtual reality headset, the Oculus Quest 2, which offers improved graphics and a more immersive experience.
• In May 2021, HTC announced the launch of its new virtual reality headset, the Vive Pro 2, which offers improved resolution and a wider field of view.

Market Segmentation

Type

• On-Premise
• Cloud

Application

• Aerospace & Defense
• Gaming & Entertainment
• Diagnostics & Surgeries
• Tourism
• Others

Key Market Players

• Google
• Microsoft
• Blippar
• Pixologic
• Metaio
• Qualcomm
• Oculus VR
• WorldViz
• Starbreeze Studios
• Razer
• HTC

Report Scope

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