VR Software - Portugal

Portugal

Highlights

Revenue in the VR Software market market in Portugal is projected to reach US$7.3m in 2024.
Revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 8.72%, culminating in a projected market volume of US$11.1m by 2029.
Although most revenue in the VR Software market market is generated the United States, in Portugal is also positioned to benefit from this growth.
By 2029, the number of users in the VR Software market market in Portugal is expected to amount to 371.2k users.
User penetration in Portugal will be 3.0% in 2024 and is projected to reach 3.7% by 2029.
The average revenue per user (ARPU) in Portugal is anticipated to amount to US$23.5.
Portugal's burgeoning tech scene is increasingly embracing VR software, fostering innovative applications in education and tourism that enhance user engagement and experience.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Software market in Portugal is experiencing steady growth due to increasing customer preferences for immersive and interactive experiences, as well as the local special circumstances that support the development of this market.

Customer preferences: Customers in Portugal are increasingly seeking immersive and interactive experiences, and VR software provides exactly that. With VR software, users can explore virtual environments, play games, and even engage in virtual training programs. This appeals to a wide range of customers, including gamers, entertainment enthusiasts, and businesses looking to enhance their training programs. The demand for VR software is further fueled by the growing popularity of VR headsets and devices, which are becoming more affordable and accessible to the general public.

Trends in the market: One of the key trends in the VR software market in Portugal is the increasing adoption of VR technology in various industries. Businesses are recognizing the potential of VR software for training purposes, as it allows employees to practice real-life scenarios in a safe and controlled virtual environment. This trend is particularly evident in sectors such as healthcare, manufacturing, and education, where VR software is being used to train professionals and students. Another trend in the market is the development of VR software for entertainment purposes. Gaming companies are investing in VR software to create immersive gaming experiences, attracting gamers who are looking for a more interactive and realistic gaming experience. Additionally, VR software is being used to create virtual tours and experiences for tourists, allowing them to explore popular destinations without leaving their homes.

Local special circumstances: Portugal has a growing tech industry and a supportive startup ecosystem, which has contributed to the development of the VR software market. The country has seen an increase in the number of VR software startups, as well as the availability of funding and resources for these companies. This has led to the creation of innovative VR software solutions that cater to the specific needs and preferences of Portuguese customers.

Underlying macroeconomic factors: The growth of the VR software market in Portugal is also influenced by underlying macroeconomic factors. The country has experienced stable economic growth and an increase in disposable income, which has resulted in higher consumer spending on entertainment and technology products. Additionally, Portugal has a strong tourism industry, and VR software is seen as a way to enhance the tourist experience and attract more visitors to the country. In conclusion, the VR software market in Portugal is growing due to increasing customer preferences for immersive experiences, the adoption of VR technology in various industries, the supportive startup ecosystem, and the underlying macroeconomic factors. As the demand for VR software continues to rise, we can expect further growth and innovation in this market.

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).