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 market. The sector is expected to display growth at approximately 11 per cent 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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Global Virtual Reality Software Market: Segmental Analysis
The global virtual reality software market is segmented on the basis of type, application, and deployment.
- By type, the virtual reality software market is segmented into 360 Degree Custom VR software, 3D modeling software, and Real-time Simulation.
- By application, the virtual reality software market is segmented into aerospace & defense, gaming & entertainment, tourism, diagnostics & surgeries, and others. Among these, virtual reality software is likely to find prominence in the gaming & entertainment sector.
- By deployment, the market is bifurcated into on-premise and cloud.
Key Players
The prominent players in the Virtual Reality Software Market are – Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)
Regional Frontiers
Geographically, the virtual reality software market spans across Asia Pacific, Europe, North America, and Rest of the World (RoW).
Considering the global scenario, North America is leading the global virtual reality software market. The growth is attributed to the early adoption of VR technology and the presence of prominent companies in this region. Penetration of smartphones, coupled with the booming IT infrastructure, is contributing to the growth of the regional market.
Europe bags the second position due to the early adoption of technology, which has created increased demand for VR software. The shift from VR to AR technology is anticipated to offer growth opportunities to AR as well as VR services. Moreover, the presence of a huge consumer base is anticipated to offer impetus to the market.
Asia Pacific is gaining prominence in the global VR software market, with China creating its demand, eco-systems, platforms, and content, to cater to their domestic market. The increasing number of start-ups and the existence of prominent companies in this region are considered some of the prominent factors triggering the growth of the regional market. The introduction of local VR device manufacturers has further encouraged the market growth. Industry bigshots like Samsung Electronics, Sony, and HTC are playing an important role in the growth of the regional market.
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Industry Updates
June 2019: The development of the latest 4D visualization technology for home makeovers is considered an ideal way to avoid expensive errors and allow viewing the newly designed home in impressive detail before committing. The technology will also let one experience how the light will change inside a room, besides new room configurations.
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