VR Software - South America | Statista Market Forecast

Revenue in the VR Software market market in South America is projected to reach US$180.0m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 8.60%, resulting in a projected market volume of US$271.9m by 2029.
Although most revenue is generated the United States, in South America is also witnessing growth in the VR Software market market.
In South America, the number of users in the VR Software market market is expected to amount to 9.1m users by 2029.
User penetration in South America will be 2.1% in 2024 and is anticipated to increase to 2.4% by 2029.
The average revenue per user (ARPU) in South America is expected to amount to US$23.6.
As South America embraces technological advancements, the demand for VR software is rapidly growing, particularly in educational and entertainment sectors.

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 South America is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in South America are increasingly leaning towards immersive and interactive experiences. The demand for VR software is driven by the desire for realistic and engaging virtual environments. Consumers are seeking experiences that transport them to new worlds, allowing them to explore and interact with their surroundings.

This preference for immersive experiences is fueling the growth of the VR software market in South America. Trends in the market reflect the increasing adoption of VR technology in various industries. South American businesses are recognizing the potential of VR software to enhance their operations and engage with customers in innovative ways.

Industries such as gaming, entertainment, education, and healthcare are embracing VR technology to deliver unique experiences and improve outcomes. The growing number of VR software applications in these sectors is driving the expansion of the market in South America. Local special circumstances in South America contribute to the development of the VR software market.

The region is home to a young and tech-savvy population that is eager to embrace new technologies. This demographic factor creates a favorable environment for the adoption of VR software and drives demand. Additionally, South America has a growing number of startups and tech companies that are actively developing VR software solutions.

This entrepreneurial spirit and innovation ecosystem foster the growth of the VR software market in the region. Underlying macroeconomic factors also play a role in the development of the VR software market in South America. Economic growth and rising disposable incomes enable consumers to invest in VR technology and software.

As the economy improves, more individuals and businesses have the financial means to purchase VR software and hardware. This economic prosperity contributes to the expansion of the market in South America. In conclusion, the VR Software market in South America is experiencing growth and development due to customer preferences for immersive experiences, trends in various industries, local special circumstances, and underlying macroeconomic factors.

The region's tech-savvy population, entrepreneurial ecosystem, and improving economy all contribute to the positive trajectory of the VR software market in South America.

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.