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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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.
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.
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)
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.
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.
The market for virtual reality software is led by North America followed by Europe and Asia Pacific as most of the companies offering VR technology are located in the U.S. Virtual reality has been rapidly adopted in this region owing to the extensive R&D and presence of several VR companies. In January 2018, WorldViz (U.S.) leader in 3D visualization and simulation solutions launched Vizard 5, designed for rapid prototyping. It possesses some interesting features like 3D model viewer, visual debugging, and embedded & interactive simulation engine.
The adoption of the VR technology by users and its wide application in medical areas is expected to accelerate the market growth. The global Virtual Reality Software market is expected to grow at 11% CAGR through the forecast period form 2018-2023.
Global Virtual Reality software market holds some of the key players like 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.), WorldViz. (U.S.), Starbreeze Studios (Sweden), Razer Inc. (Singapore), HTC Corporation (Taiwan), and BAE Systems AB (Sweden).
For the purpose of this study, the market for virtual reality market is divided in to type (3D Modelling Software, 360 Degree Custom VR Software, Real time simulation), by Deployment (On-Premise, Cloud), by application ( Aerospace & Defense, Gaming & Entertainment, Diagnostics & Surgeries, Tourism, Others) and by region.
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