What is AR and VR Software Market Scope?
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.
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.
The AR and VR Software market study is being classified by Type (Augmented Reality Software and Virtual Reality Software), by Application and major geographies with country level break-up.
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. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global AR and VR Software market throughout the predicted period.
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 profiled in the study. Additionally, the Players which are also part of the research are Crytek (Germany), Inglobe Technologies (Italy), Contentful (Germany) and LiveLike (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global AR and VR Software market by Type, Application 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).
Market Influencers and their 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
AR and VR Software Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in AR and VR Software Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in AR and VR Software industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.