The global virtual reality software market is expected to grow from $1.27 billion in 2019 to $2.03 billion in 2020 at a compound annual growth rate (CAGR) of 59.67%. The increase in growth rate is mainly occurring because technologies like VR allows people to shop, talk and socialize using these immersive platforms amidst the containment measures implemented due to the COVID-19 outbreak. The market is expected to reach $6.44 billion in 2023 at a CAGR of 46.81%.
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The virtual reality software market consists of sales of virtual reality software and related services that are used in different sectors such as aerospace, defense, gaming, entertainment, tourism, diagnostics, and surgeries. Related services include software installation, training, upgrades, and other services. VR is an artificial environment generated with software and displayed to people in such a way that the user suspends convictions and accepts them as real environments.
Global Virtual Reality Software Market Segmentation –
The virtual reality software market covered in this report is segmented
1. By Type: 3D Modelling Software, 360 Degree Custom VR Software, Real Time Simulation Software
2. By Deployment: On-Premise, Cloud
3. By Application: Automotive, Medical, Real Estate, Oil and Gas, Entertainment, Industrial, Other
Global Virtual Reality Software Market Drivers –
Growth in the gaming industry is a key factor driving the growth of the virtual reality software market. VR-powered games are much more beneficial than books as VR makes the games more appealing. Globally, people are resorting to VR games to fight the boredom and fear connected with the pandemic.
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A Few Points From The Global Virtual Reality Software Market ToC
1. Executive Summary
2. Virtual Reality Software Market Characteristics
3. Virtual Reality Software Market Size And Growth
3.1. Global Virtual Reality Software Historic Market, 2015 – 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Virtual Reality Software Forecast Market, 2019 – 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Virtual Reality Software Market Segmentation
5. Virtual Reality Software Market Regional And Country Analysis
5.1. Global Virtual Reality Software Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Virtual Reality Software Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
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