VR Software - Asia | Statista Market Forecast

In Asia, revenue in the VR Software market market is projected to reach US$1.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.13%, resulting in a projected market volume of US$2.4bn by 2029.
With a projected market volume of US$990.3m in 2024, most revenue is generated the United States.
In the VR Software market market withAsia, the number of users is expected to amount to 79.9m users by 2029.
User penetration will be 1.6% in 2024 and is expected to hit 1.9% by 2029.
The average revenue per user (ARPU) is expected to amount to US$23.8.
As Japan continues to innovate in technology, the VR software market is experiencing a surge in demand for immersive gaming experiences.

The VR Software market can be divided into two markets: Gaming and Video. Gaming includes all revenues that are generated from VR games, either through game purchases via Steam or any other marketplace or through in-game purchases. Purchases of physical video games are also included. According to Steam, the top-selling VR games are Half-Life: Alyx, Beat Saber, as well as Blade and Sorcery. The Video market contains all revenues from video apps, such as 360-degree videos, or from any other application, such as Google Earth VR. VR software revenues comprise in-app purchases, subscriptions, as well as app and game purchases.

Digital revenues from virtual reality games and videos for consumers
Virtual reality games that can be accessed via headsets and installed units
Virtual reality videos that can be accessed via headsets, such as 360-degree videos and virtual reality videos made for headset consumption

Virtual reality content that can be accessed without any installed devices, e.g., via desktop PCs or mobile phones
B2B enterprise software

The VR Software market in Asia is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Asia are driving the growth of the VR Software market.

Asian consumers are increasingly interested in immersive and interactive experiences, and virtual reality technology provides a unique opportunity to fulfill these preferences. VR Software allows users to explore virtual worlds, play games, and engage in virtual training, which appeals to the tech-savvy and adventurous nature of Asian consumers. Trends in the market are also contributing to the growth of the VR Software market in Asia.

The increasing availability and affordability of VR headsets have made virtual reality experiences more accessible to a wider audience. This has led to a growing demand for VR Software that can provide engaging and realistic experiences. Additionally, the rise of social VR platforms and multiplayer VR games has created a sense of community and social interaction, further driving the demand for VR Software in Asia.

Local special circumstances in Asia are playing a role in the development of the VR Software market. Asia is home to some of the world's largest tech companies, which are investing heavily in virtual reality technology. These companies are developing their own VR Software and creating partnerships with content creators and developers to expand the VR ecosystem in Asia.

Furthermore, Asia has a large and growing gaming market, which is driving the demand for VR Software that can enhance gaming experiences. Underlying macroeconomic factors are also contributing to the growth of the VR Software market in Asia. Economic growth in many Asian countries has led to an increase in disposable income, allowing consumers to invest in VR headsets and software.

Additionally, advancements in technology and infrastructure have made it easier for VR Software to be distributed and accessed in Asia. The growing middle class in Asia is also a key driver of the VR Software market, as they seek new and innovative forms of entertainment and experiences. In conclusion, the VR Software market in Asia is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Asian consumers' interest in immersive experiences, the availability of affordable VR headsets, the rise of social VR platforms, and the investment from tech companies are all contributing to the growth of the market. Additionally, economic growth, advancements in technology, and the growing middle class in Asia are creating a conducive environment for the VR Software market to thrive.

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR software revenue, which includes revenues from video games and VR videos consumed via stand-alone or tethered units.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

F2The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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Virtual reality (VR) is a simulated experience similar to or completely different from the real world. VR aims to create a sensory experience for the user, sometimes including sight, touch, hearing, smell, or even taste. The industry is growing at a fast pace, with the global VR market size projected to increase from less than 12 billion U.S. dollars in 2022 to more than 22 billion U.S. dollars by 2025. Both the enterprise and consumer segments, including the increased development of the VR gaming industry, are expected to profit from the forecast growth.