Market Synopsis —
The global virtual reality software market is anticipated to garner a CAGR of 11% during the forecast period (2017-2023). Virtual reality can be referred to as an artificial environment, created with software and presented to the users in such a way so that they accept it as a real environment.
Market Potential and Pitfalls
The virtual reality software market has witnessed a tectonic surge over the past few years, mainly due to technological advancements and rapid digitization. The surging demand for head mount displays in entertainment and gaming industries has elevated the scope for virtual reality software market across the globe. Product launches have further boosted the growth of the market across the globe. For instance, Microsoft Corporation has launched its mixed reality headset. The headset uses a camera which can track movement instead of room sensors. The virtual reality software market is predicted to expand at a rapid pace owing to the increasing demand from the investor as well from the consumer end. The introduction of special headsets, VR headsets, and omnidirectional treadmills has augmented the demand from the virtual reality software market. The accelerating demand for VR from sectors like sport, entertainment, architecture, and medicine is creating growth opportunities for the market across the globe.
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Virtual reality and augmented reality holds high importance in the entertainment and media industry. VR and AR have become a necessity for the film making sector. Market players of the media and entertainment industry are highly adopting AR and VR technology. This has triggered the demand from the virtual reality software market.
On the contrary, with advancing technologies and surging demand for VR and AR from the film sector, the media & entertainment is facing shortage of skilled technicians. Moreover, high capital investment for developing AR and VR devices are some of the major concerns vitiating its growth across the globe.
The prominent players in the Virtual Reality Software Market are - Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)
Global Virtual Reality Software Market: Segmental Analysis
The global virtual reality software market is segmented on the basis of type, application, and deployment.
• By type, the virtual reality software market is segmented into 360 Degree Custom VR software, 3D modeling software, and Real-time Simulation.
• By application, the virtual reality software market is segmented into aerospace & defense, gaming & entertainment, tourism, diagnostics & surgeries, and others. Among these, virtual reality software is likely to find prominence in the gaming & entertainment sector.
• By deployment, the market is bifurcated into on-premise and cloud.
Geographically, the virtual reality software market spans across Asia Pacific, Europe, North America, and Rest of the World (RoW).
Considering the global scenario, North America is leading the global virtual reality software market. The growth is attributed to the early adoption of VR technology and the presence of prominent companies in this region. Penetration of smartphones, coupled with the booming IT infrastructure, is contributing to the growth of the regional market.
Europe bags the second position due to the early adoption of technology, which has created increased demand for VR software. The shift from VR to AR technology is anticipated to offer growth opportunities to AR as well as VR services. Moreover, the presence of a huge consumer base is anticipated to offer impetus to the market.
Asia Pacific is gaining prominence in the global VR software market, with China creating its demand, eco-systems, platforms, and content, to cater to their domestic market. The increasing number of start-ups and the existence of prominent companies in this region are considered some of the prominent factors triggering the growth of the regional market. The introduction of local VR device manufacturers has further encouraged the market growth. Industry bigshots like Samsung Electronics, Sony, and HTC are playing an important role in the growth of the regional market.
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• Software Developers
• Military personnel
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