The global Virtual Reality Software Market is estimated to grow at a CAGR of 19.3% from 2018 to 2023. The market is dominated by North America, owing to the presence of several key players in the region. Start-ups are also making significant inroads in the region. For instance, Sixense Enterprises Inc., a California-based company, announced the launch of a virtual reality-based physical rehabilitation system by October 2020. In addition, the United States government has also made substantial investments in virtual technology, committing $11 billion for training sessions. Europe is also anticipated to witness significant growth during the forecast period.
The Virtual Reality Software market research report outlines key market drivers and challenges. It also highlights recent technological innovations and market shares. This report also examines the competitive landscape and includes detailed company profiles. In addition, it outlines accepted growth strategies of key players in the market. It is a valuable source for stakeholders in the industry. You can purchase a copy of the Virtual Reality Software Market report to better understand the market. The report covers a broad spectrum of market segments and their respective contributions.
The research report analyzes the revenue contribution of various segments of the virtual reality market. The revenue generated by these segments is mainly driven by the hardware market, which is currently the leader in terms of revenue. However, the software segment is expected to expand rapidly as the media and entertainment industry continues to drive the demand for this technology. Further, the report provides an analysis of external factors affecting the parent market’s growth, which will help in predicting the future potential of the virtual reality and augmented reality markets.
In addition to video games, AR and VR are gaining significant acceptance in various industries. However, there are more practical applications of these technologies, such as fully virtual surgery, where robotic systems perform actual surgery. The latest emerging tech platform Mirrorworld is using VR technology to offer virtual tours of the world, while the healthcare industry is utilizing this technology for sales. Further, this technology is being used for educational purposes and marketing. However, it is also used in sales, medical research, and even for mental health issues.
The market for virtual reality software will increase substantially over the coming years, with the development of new software, hardware, and consumer products. VR can be used to enhance learning in healthcare, with applications in surgery and training of medical students. The technology will also impact entertainment, with immersive experiences allowing viewers to become active participants in the story. In addition, consumers will have the option to choose the point of view (POV) and experience what the character feels like in the environment.
According to IDC, AR and VR applications will drive the largest growth in the coming years. By 2022, the VR and AR market will reach $15.5 billion euros. Companies will prioritize the development of VR and AR in their digital transformation plans. By that time, over half of the larger European companies will have adopted a VR and RA strategy. For now, North America is the leading region for this industry. However, growth will be strongest in the Asia-Pacific region, especially in the retail and defense domains.