Northbrook, IL 60062 -- (SBWIRE) -- 10/16/2023 -- The global AR VR Software Market size is estimated at USD 32.5 billion in 2023 to USD 77.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 19.0%, according to research report by MarketsandMarkets™.

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.

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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.

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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Innovation and technological advancements:

The market for AR and VR software was significantly fueled by ongoing technological developments, including advances in hardware, better visuals, improved user interfaces, and more immersive experiences.

Rise in Adoption Across Industries:

A growing number of industries, including healthcare, education, gaming, the automotive, real estate, retail, and manufacturing, are adopting AR and VR technologies. Demand for specialised AR and VR software was driven by the distinct use cases in each area.

Mobile AR is in Increasing Demand:

The development of the AR software business was greatly aided by the incorporation of AR capabilities into smartphones and tablets. More and more people are using mobile augmented reality (AR) applications, which have a variety of uses ranging from gaming to online shopping.

Growing Interest in VR Gaming

The demand for immersive gaming experiences continued to be a major driver of the VR software business, driving the creation of VR gaming applications and content.

Enterprise Adoption for Simulation and Training:

Businesses were using VR more and more for simulation, skill development, and training. The development of VR in this field was aided by its capacity to produce realistic training environments without the accompanying dangers and expenses.

Collaboration and communication over distance:

Due to the COVID-19 epidemic, there has been a significant surge in the demand for AR and VR solutions that enable more immersive and interactive virtual meetings, conferences, and collaboration.

Competitive and Segmentation Analysis:

The market for AR and VR software was traditionally segmented according to applications, components, devices, end users, and geography. Gaming, entertainment, education, healthcare, automotive, retail, real estate, and enterprise solutions were among the application categories that offered distinctive prospects and use cases for AR and VR software. The tools needed to create immersive experiences included software platforms, development tools, and content creation tools. The accessibility and uptake of AR and VR software were shaped by a variety of gadgets, including headsets, glasses, smartphones, and tablets. Consumers and organisations alike could be considered end users. organisations are increasingly using AR and VR for training, simulation, and collaboration.

The market for AR and VR software was traditionally segmented according to applications, components, devices, end users, and geography. Gaming, entertainment, education, healthcare, automotive, retail, real estate, and enterprise solutions were among the application categories that offered distinctive prospects and use cases for AR and VR software. The tools needed to create immersive experiences included software platforms, development tools, and content creation tools. The accessibility and uptake of AR and VR software were shaped by a variety of gadgets, including headsets, glasses, smartphones, and tablets. Consumers and organisations alike could be considered end users. organisations are increasingly using AR and VR for training, simulation, and collaboration.

The market segmentation took geographic areas into account as well, taking into account regional differences in adoption, infrastructure development, and regulatory frameworks. With their unique dynamics and possibilities for market expansion, North America, Europe, Asia Pacific, and other regions were key areas of concentration.

Important technological companies like Microsoft, Google, Facebook (Meta Platforms), Sony, and Samsung were significant players in the AR and VR software business. To promote innovation, improve hardware-software integration, and broaden the range of potential applications, these industry titans made significant investments in the development of AR and VR software.

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