DUBLIN, Nov. 1, 2023 /PRNewswire/ — The “Global AR VR Software Market by Technology Type (AR Software, VR Software), Software Type (Software Development Kit, Game Engine), Vertical (Media & Entertainment, Retail & eCommerce, Manufacturing, Healthcare) and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global AR VR Software market is estimated at USD 32.5 billion in 2023 to reach USD 77.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 19.0%.
The widespread deployment of 5G networks represents a significant technological leap for AR VR software by offering rapid data transfer and minimal latency. This advancement is pivotal in delivering seamless and immersive AR VR experiences. With 5G, users can enjoy high-quality, real-time interactions with AR VR applications, free from disruptions. This newfound speed and responsiveness unlock a wealth of possibilities for AR VR technology, enabling it to flourish across various domains. Consequently, 5G’s technical capabilities stand as a fundamental catalyst driving the growth and evolution of AR VR software, ensuring its continued innovation and adoption.
By software type, software development kit (SDK) segment to hold the largest market size during the forecast period
SDKs are essential tools for developing AR and VR applications. They provide developers with the tools and resources they need to create immersive experiences that interact with the real world and can be used for a variety of purposes, such as gaming, entertainment, education, and enterprise. SDKs can be used to develop high quality AR and VR applications for a variety of platforms, including mobile devices, smart glasses, and headsets.
Based on vertical, the travel & hospitality segment is expected to register the fastest growth rate during the forecast period
Augmented navigation revolutionizes the way tourists explore unfamiliar cities by seamlessly integrating augmented reality into their journeys. Through dedicated AR navigation apps, travelers can view their surroundings through their smartphone or AR glasses and receive real-time information about nearby points of interest, historical facts, and directions. This immersive experience transforms ordinary walks into informative and engaging adventures, allowing tourists to discover hidden gems and cultural insights while confidently navigating through the city’s streets. These AR-enhanced experiences not only make exploration more engaging but also serve as a compelling driver for the AR and VR software market. They drive development of more such sophisticated apps that cater to tourists’ demand for travel information and adventure, fostering growth in the AR and VR software sector.
Asia-Pacific highest growth rate during the forecast period
Across the Asia-Pacific region, numerous cities are investing substantially to transform into smart cities. Within these urban innovation initiatives, AR and VR technologies play pivotal roles. They facilitate streamlined urban planning processes by enabling immersive cityscape visualization. Moreover, these technologies contribute to efficient transportation management, offering real-time data and navigation solutions. In addition, AR and VR enhance public services with interactive information hubs and maintenance tools. This convergence of technology and urban development fosters the growth of tailored AR and VR software solutions, shaping the future of smarter, more connected cities in the region.
Premium Insights
- Government Initiatives and Strong Regulatory Framework to Drive Market
- AR Software Segment to Register Higher Growth Rate During Forecast Period
- Software Development Kit Segment Estimated to Lead Market in 2023
- Media & Entertainment Segment to Lead Market During Forecast Period
- AR Software and Media & Entertainment Segments Estimated to Hold Largest Market Shares in 2023
Market Dynamics
Drivers
- Growing Popularity of Gaming
- Diverse Use Cases of AR/VR Across Multiple Industries
- Advancements in Real-Time Rendering Engines
Restraints
- Diversity of AR/VR Platforms and Complex Development Landscape
- High Initial Costs and Limited Hardware Options
Opportunities
- Increase in Remote Working and Collaboration Through AR/VR Software
- Increasing Role of AR/VR Software in Healthcare Transformation
Challenges
- Requirement for Optimized Performance in AR/VR
- Limited Availability of Content for AR/VR
Companies Mentioned
- Adobe
- Advanced Micro Devices
- Amelia Virtual Care
- ARUVR
- Augment
- Autodesk
- Blippar
- EON Reality
- Hexagon AB
- Inglobe Technologies
- Magic Leap
- Marxent Labs
- Meta
- Microsoft
- Niantic
- NVIDIA Corporation
- PTC
- Qualcomm
- Scope AR
- ShapesXR
- Squint
- Talespin Reality Labs
- Taqtile
- TeamViewer
- Ultraleap
- Unity Technologies
- Vectary
- VMware
- Wevr
- Zoho Corporation
For more information about this report visit https://www.researchandmarkets.com/r/fij770
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