The global virtual reality software market is making significant strides. Over the past few years, VR technology has evolved dramatically, presenting high-end custom immersive presentations for the companies in the world. The VR software platform empowers sales teams, educators, and trainers to present enticing content to their audience, resulting in increased engagement and retention while avoiding burnout and fatigue.
VR remote platforms are widely being used for sales meetings, schools, and universities. This, as a result, allows the market to garner tremendous traction worldwide. According to Market Research Future (MRFR), the global virtual reality software market is expected to grow at double-digit CAGR over 11% throughout the forecast period (2018 – 2023). Besides, the growing penetration of cloud computing and smart, connected devices act as one of the main driving factors for the market growth.
Additionally, the proliferation of the Internet of things (IoT) and improving cloud computing delivery in business applications boost the growth of the VR software market to the extent. Stringent compliance, regulatory requirements, and increased deployment of web and cloud-based applications positively impact market growth. Increasing enterprise budgets for the virtual meeting are also driving greater interest in investment opportunities in this high-growth sector.
Conversely, security compliances and growing cyber-attacks are significant factors estimated to impede the growth of the market. Also, the lack of technical expertise poses challenges to the growth of the VR software market up to some extent. Nevertheless, the proliferation of the BYOD trend and the Internet of things (IoT) connected devices would support the market throughout the assessment period.
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Global Virtual Reality Software Market – Segmentation
The report is segmented into four dynamics;
By Type : 3D Modeling Software, AutoCAD, ZBrush, 3DS Max, Blender, 360 Degree Custom VR Software, Real time simulation, and others.
By Deployment : On-Premise and Cloud.
By Application : Aerospace & Defense, Gaming & Entertainment, Diagnostics & Surgeries, Tourism, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Virtual Reality Software Market – Regional Analysis
North America dominates the global virtual reality software market. The largest market share attributes to the increasing demand for identity and access management solutions. Besides, vast technological advancements in the region increase the size of the VR software market, offering a favorable platform for the technology to evolve further. Moreover, increasing demand for high-end custom immersive presentations in small & medium companies, schools, and universities boosts market demand in the region.
Furthermore, growing numbers of businesses, alongside the increasing penetration of cloud computing in the region, substantiate the market growth. Also, factors such as the rising adoption of IoT products, connected devices, and technologies contribute to the increase in the market. The North American virtual reality software market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global virtual reality software market. The market is driven by substantial technological advancements such as the private beta of new remote platforms and the proliferation of intelligent connected devices. The burgeoning automotive and IT industry in this region is a key driving force pushing up the growth of the VR software market in the European region. Furthermore, the well-established infrastructure in the region propels the market growth, allowing faster implementation of advanced technologies.
The Asia Pacific virtual reality software market is growing rapidly. Factors such as the increasing number of businesses and growing inclination towards cloud platforms drive the regional market growth. Moreover, the growing adoption of IoT solutions & devices in rapidly developing countries, such as China, India, Japan, and South Korea, foster the growth of the regional market. Besides, increasing numbers of prominent players in the region influence the growth of the regional market.
Global Virtual Reality Software Market – Competitive Analysis
Fiercely competitive, the VR software market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product & technology launch. Matured players invest substantially in R&D to develop the technology and to upgrade their existing portfolio. They also invest in expanding their global footprints, transforming the business landscape in the future. Top companies strive to come up with advanced solutions to maintain themselves in the market competition.
Players leading the global virtual reality software market include Microsoft Corporation (US), Google Inc. (US), Blippar Inc. (UK), Metaio Gmbh (Germany), Pixologic Inc. (US), Qualcomm Incorporated (US), WorldViz. (US), Oculus VR, LLC (US), Starbreeze Studios (Sweden), HTC Corporation (Taiwan), Razer Inc. (Singapore), and BAE Systems AB (Sweden), among others.
Industry/Innovation/ Related News:
July 28, 2020 — AfterNow (the US), a leading provider of mixed reality technology specializing in holographic user interfaces, augmented and virtual reality launched its new software – AfterNow Prez Remote in Beta, claiming it the future of remote. AfterNow is working on building the future of human computing with augmented reality and artificial intelligence.
The new solution – AfterNow Prez Remote in private beta delivers more engaging remote meetings, harnessing the power of augmented & virtual reality to avoid zoom fatigue.
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