The global virtual reality software market is anticipated to garner a CAGR of 11% during the forecast period (2017-2023). Virtual reality can be referred to as an artificial environment, created with software and presented to the users in such a way so that they accept it as a real environment.
Market Potential and Pitfalls
The virtual reality software market has witnessed a tectonic surge over the past few years, mainly due to technological advancements and rapid digitization. The surging demand for head mount displays in entertainment and gaming industries has elevated the scope for virtual reality software market across the globe. Product launches have further boosted the growth of the market across the globe. For instance, Microsoft Corporation has launched its mixed reality headset. The headset uses a camera which can track movement instead of room sensors. The virtual reality software market is predicted to expand at a rapid pace owing to the increasing demand from the investor as well from the consumer end. The introduction of special headsets, VR headsets, and omnidirectional treadmills has augmented the demand from the virtual reality software market. The accelerating demand for VR from sectors like sport, entertainment, architecture, and medicine is creating growth opportunities for the market across the globe.
Virtual reality and augmented reality holds high importance in the entertainment and media industry. VR and AR have become a necessity for the film making sector. Market players of the media and entertainment industry are highly adopting AR and VR technology. This has triggered the demand from the virtual reality software market.
On the contrary, with advancing technologies and surging demand for VR and AR from the film sector, the media & entertainment is facing shortage of skilled technicians. Moreover, high capital investment for developing AR and VR devices are some of the major concerns vitiating its growth across the globe.
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.
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.) are some of the players in the industry who are driving market growth.
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