Virtual Reality Software Market Growth to Surge Owing to Increasing Adoption by End-use Applications

Virtual Reality Software Market Scenario:

The Virtual Reality Software Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Virtual Reality Software Market highlights the future prediction and the growth alternatives that can be created.

Virtual Reality Software Market have captured the market in a major way, citing increase in consumer demand. Market Research Future, a firm which specializes in market reports related to the Information and communications sector among others, recently published a report on this market. Virtual Reality Software Market is expected to display growth at approximately 44.00% CAGR throughout the forecast period.

Virtual reality market is booming currently at a swift pace due to the increase in interest from both investor and consumer end. Technological breakthroughs have ensured constant developments and upgrades available that enhance the appeal of the sector. VR headsets, special headsets and omni directional treadmills have increased the market penetration potential of the market. The application of VR in certain segments such as architecture, sports, entertainment and medicine is creating unparalleled demand for the products of this market.

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Competitive Outlook:

Global Virtual Reality software market holds some of the key players like 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.), WorldViz. (U.S.), Starbreeze Studios (Sweden), Razer Inc. (Singapore), HTC Corporation (Taiwan), and BAE Systems AB (Sweden).

Segmentation:

• The growth in VR market is being supported by various factors that include the high demand of virtual reality for training purposes in defence sector, demand for VR headsets in medical sector to train students for surgery, and other operations. Though virtual reality is becoming a boom in the market, but factors such as technical complexity, compatibility issues and high cost are limiting the overall growth of the market.

• For the purpose of this study the market for virtual reality market is divided in to type (3D Modelling Software, 360 Degree Custom VR Software, Real time simulation), by Deployment (On-Premise, Cloud), by application (Aerospace & Defence, Gaming & Entertainment, Diagnostics & Surgeries, Tourism, Others) and by region.

Regional Analysis:

The competitive landscape of Global Virtual Reality software market is formed by major players of the market and some of the new entrants. Virtual reality has driven many areas like Aerospace & Defence, Gaming & Entertainment, Diagnostics & surgeries and many more. North America leads the market for Global Virtual Reality.

Many of the technical giants from North America like Facebook, Qualcomm, Google, and Microsoft have already entered virtual reality market.

Qualcomm Inc. an American telecommunications equipment company developed a new virtual reality (VR) software development kit (SDK). The new Snapdragon VR SDK is designed to abstract the complexity of immersive virtual reality and provide developers with access to optimized, advanced VR features, to simplify development and to help them attain improved VR performance and power efficiency with the Snapdragon 820 for Android smartphones and upcoming VR headsets.
Europe has the potential to become a leading region in the VR market. In February 2017, LucidWeb, a Belgian VR and WebVR consulting and development agency partnered with Silicon Valley-based venture firm named The Venture Reality Fund and started working together to capture the European market. Chinese tech companies have already carved out their own niche in the VR space, creating their own eco-systems, demand, content, platforms and more – to cater to their domestic market.

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