Virtual Reality Software Market Overview

VR softwares 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 Virtual Reality Software market.  From 2022 to 2030, the virtual reality software market share is projected to grow at a CAGR of 44.00%.

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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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.

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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.

Jan 2018 Notch which specializes in real-time graphics and is a video effects producer, has created a new virtual reality software which fast tracks the making of virtual reality (VR) videos so that the experience can be created in real time, and hopefully make it accessible for the mainstream. Software developed by them are used in two-thirds of all major shows by Beyoncé, U2, Brits, Grammys, The Voice and others use Notch for their live productions.

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