Virtual Reality (VR) MarketThe 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 PitfallsThe 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.
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.
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.Industry SegmentsThe virtual reality market is divided by deployment into on-premise, cloud.