VR Software - Nordics | Statista Market Forecast

In the Nordics, revenue in the VR Software market market is projected to reach US$87.4m in 2024.
Revenue in this region is expected to show an annual growth rate (CAGR 2024-2029) of 8.22%, which will result in a projected market volume of US$129.8m by 2029.
While most revenue is generated the United States with a projected market volume of US$990.3m in 2024, the Nordics are also experiencing growth in this sector.
In the VR Software market market, the number of users in the Nordics is expected to amount to 4.3m users by 2029.
User penetration in the Nordics will be 13.1% in 2024 and is expected to increase to 14.9% by 2029.
The average revenue per user (ARPU) in the Nordics is expected to amount to US$23.8.
The Nordic region is increasingly embracing VR software innovations, driven by its strong tech infrastructure and a growing demand for immersive experiences in education and entertainment.

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 Nordics is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Nordics are favoring immersive and interactive experiences, which is fueling the demand for VR software.

Customers in the region are increasingly seeking innovative and engaging ways to consume content, whether it be in gaming, entertainment, or even training and education. VR software provides a unique opportunity to create realistic and immersive experiences that cater to these preferences. Trends in the market are also contributing to the growth of the VR Software market in the Nordics.

One key trend is the increasing adoption of VR technology in various industries, such as healthcare, real estate, and tourism. For example, VR software is being used in the healthcare sector to simulate surgical procedures and train medical professionals. In the real estate industry, VR software is being utilized to create virtual property tours, allowing potential buyers to explore properties remotely.

These trends are driving the demand for VR software and creating new opportunities for market growth. Local special circumstances in the Nordics are also playing a role in the development of the VR Software market. The region has a strong focus on innovation and technology, with a high level of digital literacy among the population.

Additionally, the Nordics have a well-developed gaming industry, which provides a solid foundation for the growth of the VR Software market. The presence of established gaming companies and a supportive ecosystem for startups and entrepreneurs further contribute to the market's expansion. Underlying macroeconomic factors are also influencing the growth of the VR Software market in the Nordics.

The region has a stable economy and high disposable income levels, which enable consumers to invest in VR technology and software. Furthermore, the Nordics have a strong infrastructure in terms of internet connectivity and digital infrastructure, which supports the adoption and use of VR software. In conclusion, the VR Software market in the Nordics is experiencing significant growth and development due to customer preferences for immersive experiences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The region's focus on innovation, strong gaming industry, stable economy, and advanced digital infrastructure create a favorable environment for the growth of the VR Software market. As a result, the market is expected to continue expanding in the coming years.

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.