VR Software - Spain

Spain

Highlights

In Spain, revenue in the VR Software market market is projected to reach US$90.5m in 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 9.42%, leading to a projected market volume of US$142.0m by 2029.
Although most revenue in the VR Software market market is generated the United States, in Spain is also part of this growing sector.
By 2029, the number of users in the VR Software market market in Spain is expected to amount to 4.8m users.
User penetration in Spain will be 8.3% in 2024 and is anticipated to rise to 10.1% by 2029.
The average revenue per user (ARPU) in Spain is expected to amount to US$23.0.
Spain's burgeoning interest in VR software is driven by its growing tech startups and increased investment in immersive experiences for tourism and education.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Software market in Spain is experiencing significant growth and development. 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 growth of the market.

Customer preferences: In Spain, customers are increasingly seeking immersive and interactive experiences. VR software provides a unique opportunity to engage with digital content in a more realistic and engaging way. This trend is driven by the desire for entertainment, gaming, and virtual tourism experiences. Customers are also interested in VR software for educational and training purposes, as it allows for more engaging and practical learning experiences.

Trends in the market: One of the key trends in the VR Software market in Spain is the increasing adoption of VR technology in various industries. Companies are leveraging VR software to enhance their marketing efforts, create virtual showrooms, and offer virtual tours of their products or services. This trend is particularly prominent in the real estate and tourism sectors, where VR software is being used to showcase properties and destinations to potential customers. Another trend in the market is the development of VR software for healthcare and therapy purposes. Virtual reality has shown promising results in helping patients with anxiety disorders, phobias, and post-traumatic stress disorder. The use of VR software in therapy sessions allows for controlled exposure to triggering situations and can help patients overcome their fears or anxieties in a safe environment.

Local special circumstances: Spain has a strong tourism industry, and the use of VR software is becoming increasingly prevalent in this sector. Virtual tourism experiences are being developed to attract tourists and provide them with a preview of what they can expect when visiting a particular destination. This is particularly beneficial for smaller, lesser-known destinations that may not have the same marketing resources as larger cities.

Underlying macroeconomic factors: Spain has a growing economy, and the increasing adoption of VR software is in line with the overall technological advancements in the country. The government has also been supportive of the VR industry, providing funding and incentives for companies to develop and innovate in this space. Additionally, the availability of high-speed internet and the widespread use of smartphones contribute to the growth of the VR Software market in Spain. In conclusion, the VR Software market in Spain is experiencing significant growth and development due to customer preferences for immersive and interactive experiences. The adoption of VR technology in various industries, such as real estate, tourism, and healthcare, is driving the demand for VR software. The local special circumstances, such as the strong tourism industry, and the underlying macroeconomic factors, including a growing economy and government support, are also contributing to the growth of the 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).