Virtual Reality Software Market SARS-CoV-2, Covid-19 Analysis, Share, Demand, Growth, Key Opportunities, Key Players and Industry Analysis By 2023

The COVID-19 pandemic disruption is estimated to transform the Virtual Reality Software Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.

Virtual Reality Software Market

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.

The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Virtual Reality Software Market. This MRFR report on the Virtual Reality Software Market indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.


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.

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.

Industry Segments

The virtual reality market is divided by deployment into on-premise, cloud. By applications the categorization includes aerospace & defense, gaming & entertainment, diagnostics & surgeries, tourism, others. On the basis of type the market finds itself divided into 3D modelling software, 360 degree custom VR software, and real time simulation in which 3D modelling software is shaping the demand trends of the market. Finally by region into Europe, North America, APAC and Rest of the World.

Detailed Regional Analysis

North America has established its position as the leader in the market for global virtual reality. The European market has the potential to become an important region in the VR market. Companies from china have previously carved out their place in the VR space by creating their own eco-systems, demand, content, platforms etc. to cater to their domestic market.

Global Competitive Analysis

A trend of volume-driven growth has been witnessed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are efficiently utilizing their primary resources to initiate long lasting growth changes. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.

Google Inc. (U.S.), Microsoft Corporation (U.S.), Blippar Inc. (U.K), Pixologic Inc. (U.S.), Metaio Gmbh (Germany), Qualcomm Incorporated (U.S.), Oculus VR, LLC (U.S.) are some of the players in the industry who are driving market growth.

Industry Updates:

Jan 2018 A virtual reality software which has been made in Western Montana is diagnosing veterans with a disorder often misdiagnosed for PTSD. A novel VR system called Virtual Mind is aiding in diagnosis and treatment vestibular disorder. The test uses multiple sensors and controllers to test visual and auditory reaction time, mobility and working memory, using eight tests that ask the viewer to move through a realistic virtual environment. It also includes tests for eye-tracking and balance.

Jan 2018 Scapic, a Virtual Reality (VR) platform which allows its users to create both VR and augmented reality (AR) content without using coding, has recently raised $500,000 in seed funding from Axilor Ventures, Speciale Invest and Newfort Capital. The start-up company will utilize the funds for product development and research. The company has been promoting itself as the WordPress app for VR and AR content creation, using its web-based content creation tool.

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