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Virtual Reality Software and Services Global Market Report 2022

Virtual Reality Software and Services Global Market Report 2022

  • March 2022
  • 175 pages
  • ID: 6246526
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in virtual reality software and services market are Google Inc, Facebook, Microsoft Corporation, Zappar, Pixar, Mozilla, Amazon, Apple, Razer, FOVE, BAE Systems, Qualcomm Inc, High Fidelity, Starbreeze Studios, Oculus VR, Metaio Gmbh, Sony, Briovr, Pixologic Inc., HTC, Vuzix Corporation, DAQRI.

The global virtual reality software and services market is expected to grow from $15.17 billion in 2021 to $22.22 billion in 2022 at a compound annual growth rate (CAGR) of 46.5%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $92.85 billion in 2026 at a CAGR of 43.0%.

The virtual reality software and services market consists of the sale of virtual reality software which is used to create an artificial simulated environment. Some examples of products and services in this market include Google VR services and 3D Modelling Software’s like AutoCAD, Zbrush and 3DS Max.

The main types of virtual reality software and services are 3D modelling software, 360-degree custom VR software and real time simulation software.VR 3D modeling software utilizes technologies such as dynamic mesh-based polygon technology to provide artists and users with powerful and efficient virtual reality tools to create high-quality models and designs.

The different modes of deployment include cloud-based, on-premise and are used in various applications such as entertainment, gaming, tourism, hospitals, and others.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Growth in the gaming industry is driving the virtual reality software and services market.Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world.

Gaming companies are increasingly using VR technology for a more immersive and realistic experience for gamers.Therefore, to improve and enhance the entire gaming experience, companies are redesigning consoles to include technology that enables the gamer to get a 360-degree view.

For example, in 2021, the gaming sector generated total revenues of $180.3 billion, a significant increase from 2020. Therefore, such expansion of gaming industry is increasing the demand for VR software and services, thus driving the market.

Inadequate storage capacity is a major restraint on the virtual reality software and services market.The volume of data files created by VR platforms is increasing at a rapid rate, resulting in storage problems for VR companies.

Cloud storage is not a feasible solution for storing VR generated data, since there is a constant necessity to make changes to the files.As the applications of virtual reality are increasing, the amount of data to be stored is also increasing with some applications generating up to one terabyte of data per hour.

For example, the total multimedia VR based data reached 230 exabytes in 2021. Thus, such storage problem is resulting in additional costs for VR companies in terms of storage devices and also preventing many companies from investing in virtual reality software and services industry.

Companies in the virtual reality software and services market are increasingly seeking partnership opportunities to share knowledge and expertise in order to gain a competitive advantage over other players.For example, in 2021, ArborXR, and Matts Digital announced a partnership to provide frictionless extended reality solutions at scale in Europe and beyond.

Similarly, in 2019, Oxford Metrics plc has formed a strategic alliance with VR software developer company Sandbox V. Such alliances are expediting the research and development process boosting the virtual reality software and services market.

The countries covered in the virtual reality software and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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