VR Software - Australia & Oceania

Australia & Oceania

Highlights

In Australia & Oceania, revenue in the VR Software market market is projected to reach US$192.5m in 2024.
Revenue in this region is expected to show an annual growth rate (CAGR 2024-2029) of 8.10%, resulting in a projected market volume of US$284.2m by 2029.
While most revenue in the VR Software market market is generated the United States, in Australia & Oceania also plays a significant role.
In this market, the number of users in Australia & Oceania is expected to amount to 5.1m users by 2029.
User penetration in this region will be 13.5% in 2024 and is expected to reach 15.4% by 2029.
The average revenue per user (ARPU) in Australia & Oceania is expected to amount to US$44.5.
Australia is witnessing a surge in VR software adoption across various sectors, driven by increased investment in immersive training and education technologies.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Software market in Australia & Oceania is experiencing significant growth and development due to several key factors. Customer preferences are shifting towards immersive and interactive experiences, driving the demand for VR software. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's growth.

Customer preferences: Customers in Australia & Oceania are increasingly seeking immersive and interactive experiences, which have fueled the demand for VR software. The region is known for its love of adventure and exploration, and VR technology offers a unique way to experience these activities without leaving the comfort of home. Whether it's exploring the Great Barrier Reef or skydiving over New Zealand's stunning landscapes, VR software allows customers to engage with these experiences in a more realistic and interactive manner.

Trends in the market: One of the key trends in the VR Software market in Australia & Oceania is the adoption of VR technology in various industries. The region has seen significant growth in the use of VR software in sectors such as tourism, real estate, gaming, and education. For example, virtual tours of properties have become increasingly popular in the real estate industry, allowing potential buyers to explore properties remotely. Similarly, VR gaming experiences have gained traction, offering gamers a more immersive and realistic gameplay experience.

Local special circumstances: Australia & Oceania's unique geography and distance from other major markets have contributed to the growth of the VR Software market. The region is known for its vast landscapes, diverse wildlife, and rich cultural heritage. VR software provides an opportunity for customers to explore and experience these unique aspects of the region without the need for extensive travel. Additionally, the region's relatively small population and high disposable income levels have created a favorable market for VR software developers and providers.

Underlying macroeconomic factors: The growing adoption of VR software in Australia & Oceania can be attributed to several underlying macroeconomic factors. The region has a strong and stable economy, which has resulted in increased consumer spending power. This, coupled with advancements in technology and affordability of VR hardware, has made VR software more accessible to a wider audience. Additionally, the region's high internet penetration rates and reliable internet infrastructure have facilitated the distribution and consumption of VR content. In conclusion, the VR Software market in Australia & Oceania is experiencing significant growth and development due to shifting customer preferences towards immersive experiences, the adoption of VR technology in various industries, unique local circumstances, and underlying macroeconomic factors. As the market continues to evolve, it presents opportunities for VR software developers and providers to cater to the growing demand in the region.

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).