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 Virtual
Reality Software 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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Industry Segments
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.
Detailed 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.
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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Industry Updates:
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.
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