Market Highlights
Virtual reality in healthcare is expanding providing many benefits such as surgery simulation, robotic surgery, and skills training. The major advantage of VR in healthcare is that it assists healthcare professionals in acquiring new skills and training on new operating procedures which can be practiced in a safe environment. In the field of diagnostics, virtual reality helps medical practitioners to obtain better insights as compared to MRI scans and other methods, thereby eliminating the need for invasive procedures or surgeries, unless absolutely required. Samsung Electronics, Facebook Inc., Google LLC, Microsoft Corporation, and Sony Corporation are the major players operating the global VR market.
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.
Segmentation:
The global virtual reality (VR) market has been segmented on the basis of component, device type, technology, vertical, and region. Based on component, the market has been segmented into hardware and software. The hardware segment has further been divided into semiconductor components, sensors, and displays. The software segment has further been divided into software development kits and cloud based. The device type has been segmented into head-mounted displays, gesture tracking devices, projectors & display walls, and 3D cameras. The technology segment has been sub-segmented into non-immersive, semi-immersive, and fully immersive. The vertical segment has been sub-segmented into consumer electronics, aerospace & defense, healthcare, commercial, industrial, and others. The region includes North America, Europe, Asia-Pacific, 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.
Major Players:
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. AfterNowis 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 avoidzoom fatigue.
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