About AR and VR Software
The VR solutions are made for different industries such as virtual property tools for the hospital, real estate industry, architecture and design, educational apps and healthcare. Augmented and virtual reality are the developments in computational power, storage, graphics, processing and high resolution displays. It allows to take the content as well as information visually. According to world economic forum, AR and VR market in creative industries such as video games and live events was valued at USD 17 billion in 2019. However, the demand in creative industries is expected to be declining due to the lock down imposed by several governments over corona virus crisis. In addition, the market of other sectors was valued at USD 9 billion.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global VR and AR software market is software witnessing a rise in competitiveness among the companies. In terms of market share, these major players currently dominate the market. However, with increasing innovations in technology, many of the companies are increasing their market presence by securing new contracts and by tapping new markets. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global AR and VR Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Google (United States), Amazon Web Services (United States), Sigma software (United States), Autodesk (United States), PTC (United States), Valve (United States), Unity Technologies (United States), Epic Games (United States), Kentico Software (United States) and Mimic Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Crytek (Germany), Inglobe Technologies (Italy), Contentful (Germany) and LiveLike (United States).
Segmentation Overview
AMA Research has segmented the market of Global AR and VR Software market by Type (Augmented Reality Software and Virtual Reality Software), Application (Real estate, Architecture and design, Immersive presentation for sales exec, Healthcare and Others) and Region.
On the basis of geography, the market of AR and VR Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by VR device type, the sub-segment i.e. Head-Mounted Display (HMD) will boost the AR and VR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by AR device type, the sub-segment i.e. Head-Mounted Display (HMD) will boost the AR and VR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation size, the sub-segment i.e. SMEs will boost the AR and VR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment , the sub-segment i.e. On premise will boost the AR and VR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advances in Computer Vision and Wireless Technology, Usage of VR in Aerospace and Defense for Training Purpose and Rising Popularity of VR Games is boosting the market
Market Growth Drivers:
Increasing usage of AR and VR in corporate is fueling the market growth. The workforce around the world is grounded due to the corona virus outbreak. The companies such as Imaginate and Queppelin has seen increased demand in these technologies from enterprises in various economies. Therefore, corona virus has positive impact on the market
Challenges:
Lack of Technological Infrastructure and High Complexity Related to the AR Implementation
Restraints:
Health Issues Due to Low Resolution and Lack of Movement
Opportunities:
Increasing usage of technology such as AR and VR to work collaboratively from distance places. For most of the enterprises working online and interacting with digital technology has become necessity. It helps to overcome absence of individual in online communication. Similarly, corona virus crisis has pushed the people to work online and this technology allows people to collaborate more deeply. Hence, this situation is creating an increased demand for AR and VR software.
Market Leaders and their expansionary development strategies
On 25th March 2020, a swiss startup Creal has started working on display technology which will make AR and VR headsets more comfortable with life like optics
On 11th November 2019, Apple has planned to launch Augmented reality headset in 2022 which will be followed by AR glasses in 2023.
Key Target Audience
Virtual Reality (VR) Software Providers, Government Regulatory Bodies, Government Research Organisations, Private Research Organisations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.