(MENAFNEditorial) Market Research Future published a research report on 'Virtual Reality Software Market Research Report - Global Forecast till 2023' – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Virtual Reality Software Market - Overview
Virtual reality is the creation of artificial environment with the help of computer embedded software in which user can feel and interact within the artificial environment. In general, VR environment are based on immersion level which are generally referred to non-immersive, semi- immersive, fully-immersive environments.
The rising technical investments, adoption of VR as marketing strategies by various organizations, demand for VR headsets in the area of gaming and entertainments are primarily driving the market. The compact size and light weight of HMD are the significant reasons that they are being adopted in various applications. Virtual reality offers technology upgrade and cost savings. Virtual reality is changing the scenario of how the entertainment industry is. The technical developments steered to rise of virtual reality movie theatres and virtual reality theme park rides. Virtual reality in theme parks is finding stronger base by offering roller coaster rides. These rides combine a real-world roller coaster with a head-mounted display, in which the visuals can be changed by using animation techniques.
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During the next two to three years, the virtual reality trend will gain momentum as more companies are learning the importance of VR in the global market level. Some technical giants like Oculus and Vuzix are in second or third iteration of product or service design. 5G technology will be a boost to mobile data performance which benefits the virtual reality. Industry experts consider that the onset of 5G technology will reveal the full potential of virtual reality. There will be a lot of data to be processed within the input mechanisms of VR. 5G faster speeds and lower latency helps in bridging the gap between the VR and speed data requirements. Technologists estimate that by implementing 5G in virtual reality helps in improving traffic capacity, network efficiency and decrease latency over 4G.
Key Players
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)
Segmentation
The global virtual software market is segmented by components like type, deployment, application and region. On the basis of type, the segment is further classified as 3D modelling software, 360 Degree Custom VR software and Real time Simulation. 3D modelling represents any surface or object in 3D view by manipulating polygons, edges, and vertices in simulated 3D space. 3D modeling can be achieved manually with specialized 3D production software that lets a user create and deform polygonal surfaces or by scanning the real-world objects into a set of data points that can be used to represent the object digitally. There are many 3D modeling software programs in the market such as AutoCAD, ZBrush, 3DS Max, Sketchup, Blender. Pixologix Inc., a U.S. based company which dedicated to developing software tools for gaming, films, graphic design and illustration markets, has developed ZBrush software. ZBrush has revolutionized the 3D industry with its powerful features and instinctive workflows. ZBrush is designed around a principle of circularity which facilitates the interaction of 3D models, 2D images and 2.5D Pixols in new and unique ways. Based on applications, the market has been segmented into aerospace & defense, commercial, consumer electronics, industrial, medical, and other VR applications
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 2017, 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 2017-2023.
Regional Analysis
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.
Industry News
February, 2018 - IrisVR Inc., a leading software and design services provider in virtual reality released a new update to their existing software which consists of meeting feature. This update allows users to meet virtually and can interact with one another. The company used their patented technology and embedded into the device of Iris VR helping in building industry standard 3D models in a better way when compared to other tools like Revit and Rhino.
30 Oct. 2017 - FarBridge Inc, manufacturer of Virtual reality solutions along with CyArk a non-profit organization have partnered with Oculus VR LLC for developing VR based applications. The partnership will help Oculus to develop more realistic replicas using FarBridge technology and can be embedded in headsets of Oculus VR and gear VR.
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Intended Audience
- Software Developers
- Testing
- Military personnel
- Hospitals
- Entertainment
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Virtual Reality Software Market
5 Industry Overview Of Global Virtual Reality Software Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
6 Market Trends
6.1 Introduction
6.2 Growth Trends
6.3 Impact Analysis
Continued…
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