According to a research report "AR VR Software Market by Technology Type (AR Software and VR Software), Software Type (Software Development Kit, Game Engine), Vertical (Media & Entertainment, Retail & eCommerce, Manufacturing, Healthcare) and Region - Global Forecast to 2028" published by MarketsandMarkets, the AR VR Software market size is estimated at $32.5 billion in 2023 to $77.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 19.0%.
In vehicle design and prototyping, VR enables engineers and designers to craft and refine vehicle models in immersive digital environments, facilitating faster iterations and more precise prototyping. AR, on the other hand, enhances real-world showrooms by overlaying digital information, such as vehicle specifications or customization options, onto physical cars. Customers can use AR-equipped devices to explore and visualize vehicles in their preferred configurations, contributing to a more interactive and informed buying process. These applications in the automotive sector drive continuous software development, optimizing the design, marketing, and sales processes for vehicles and augmenting user experiences with cutting-edge technology, further fueling growth of AR VR Software.
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By Vertical, the Media & Entertainment segment is estimated to account for the largest market share in 2023.
Streaming platforms, in their pursuit of enriching user experiences, are delving into AR and VR content to expand their content libraries. By integrating augmented and virtual reality elements into their offerings, these platforms aim to captivate subscribers with immersive and interactive content. This diversification not only sets them apart in the highly competitive streaming market but also fuels software development focused on the distribution of AR and VR content. As users seek more engaging and interactive forms of entertainment, streaming platforms are at the forefront of providing these novel experiences, reshaping the landscape of content distribution in the digital age.
By technology, AR Software segment is expected to have fastest growth rate during the forecast period
The continual advancement of mobile devices, particularly smartphones and tablets, has become a catalyst for the development of mobile AR experiences. These devices now boast powerful processors, high-quality cameras, and precise sensors, enabling them to seamlessly integrate AR functionalities into everyday activities. Whether it's navigating with augmented reality directions, trying on virtual clothing, or playing AR games, the enhanced capabilities of mobile devices offer users a gateway to immersive and interactive AR applications. Consequently, developers are increasingly drawn to harnessing this potential, propelling the evolution of AR software that leverages the ubiquity and performance of modern mobile devices.
Asia Pacific to have the largest market size during the forecast period
In the realm of healthcare innovation across the Asia Pacific region, AR and VR technologies have found crucial applications. Medical professionals utilize these technologies for comprehensive medical training, enabling immersive simulations of surgeries and diagnostic procedures. Furthermore, AR and VR facilitate telemedicine, connecting patients with remote healthcare services through virtual consultations and examinations. In patient care, these technologies enhance diagnostics and treatment planning by providing interactive, 3D representations of medical data. The integration of AR and VR contributes to the growth of specialized healthcare software, revolutionizing medical education, patient care, and telemedicine services in the region.
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Market Players
The major vendors covered in the AR VR Software market include Microsoft (US), Google (US), Unity Technologies (US), Adobe (US), Autodesk (US), Meta (US), PTC (US), TeamViewer (Germany), NVIDIA Corporation (US), Advanced Micro Devices (US), Qualcomm (US), Zoho Corporation (India), Hexagon AB (Sweden), Magic Leap (US), VMware (US), Blippar (UK), Augment (France), ShapesXR (US), ARuVR (UK), Scope AR (US), Vectary (US), Eon Reality (US), Wevr (US), Talespin Reality Labs (US), Squint (US), Niantic (US), Marxent Labs (US), Inglobe Technologies (Italy), Ultraleap (US), Amelia (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the AR VR Software market.
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The global VR and AR market 2020 are poised to reach USD 767.67 billion by 2025, recording a whopping 73.7% CAGR over the assessment period (2018 to 2025).Market highlightsThe increasing need for head-mounted displays (HMDs) in gaming and entertainment, the adoption by firms of virtual reality for marketing campaigns, the increasing need for augmented reality and virtual reality in the automobile and e-commerce sectors contribute to the need for augmented reality technology in the healthcare sector and the investment and funding by major market players.The growing penetration across industries such as consumer electronics, automobiles, and retail of advanced technology is responsible for driving the development of the demand for augmented reality.
In addition, growing mobile device usage across the world is driving consumer growth, as it seems to be the most convenient type of augmented reality.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/6884Competitive Outlook: the major players identified by MRFR in the global Augmented Reality and Virtual Reality market as EON Reality Inc., Terminal Eleven (SkyView), Hewlett-Packard Company, Augmented Pixels Inc., DAQRI LLC, Wikitude GmbH, Sony Corporation, Zapper Limited, Virtalis Limited, Google LLC, awe.org Pty Ltd (buildar.com), HTC Corporation, Samsung Group, Blippar, Microsoft Corporation, Facebook Inc., Magic Leap Inc., PTC Inc., and Visteon Corporation Segmentation: The industry has been bifurcated between handheld augmented reality and virtual reality based on technology.The industry has been divided into devices, solutions, and applications based on the component.The AR-VR market has been divided into virtual reality devices and augmented reality devices based on the device type.The market has been split into consumer electronics, aerospace & defence, media & entertainment, hospitality , healthcare, automobile, BFSI, engineering, IT & telecommunication, travel & tourism, education, and real estate, based on the vertical.
Regional Analysis:The geographical analysis of AR-VR market has been analyzed for North America, Europe, Asia-Pacific, and the rest of the world.Due to the association of eminent market players and rising investors in AR / VR technology, North America has been identified as the most significant market share in the AR / VR market.
As a result of their demand in the defence industry for simulation-based training in the region, there is a rising need for head-mounted displays, accelerating market growth in the North American region.
The industry also produces considerable revenue from the growing implementation of virtual reality and augmented reality technologies in countries such as France, the United Kingdom , Germany, Spain , Italy and other European nations.Asia-Pacific is expected to account for the third-largest market share and is poised to experience considerable growth in the coming years due to the acceptance of augmented reality and virtual reality technologies for 3D modelling, 3D rendering, and virtualization by various industry verticals.
