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VR Software - Australia

Australia

In Australia, revenue in the VR Software market market is projected to reach €165.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.90%, resulting in a projected market volume of €242.0m by 2029.
While most revenue is generated the United States, in Australia is also witnessing significant developments in the VR Software market market.
In Australia, the number of users in the VR Software market market is expected to amount to 4.5m users by 2029.
User penetration in Australia will be 14.3% in 2024 and is expected to increase to 16.2% by 2029.
The average revenue per user (ARPU) in Australia is expected to amount to €43.4.
Australia's VR software market is witnessing a surge in demand as businesses increasingly adopt immersive technologies for training and customer engagement.

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Analyst Opinion

The VR Software market in Australia is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Australia are increasingly interested in immersive and interactive experiences, which is fueling the demand for VR software. They are seeking innovative ways to engage with digital content, whether it be for entertainment, gaming, or business purposes. VR software offers a unique and captivating experience that allows users to explore virtual worlds and interact with virtual objects. This aligns with the growing demand for more personalized and immersive experiences in the digital age.

Trends in the market: One of the key trends in the VR software market in Australia is the adoption of VR technology in various industries. Businesses are recognizing the potential of VR software for training, simulation, and visualization purposes. For example, in the healthcare sector, VR software is being used for medical training and patient rehabilitation. In the real estate industry, VR software is enabling virtual property tours, allowing potential buyers to explore properties from the comfort of their own homes. These trends are driving the demand for VR software and opening up new opportunities for software developers and providers.

Local special circumstances: Australia has a strong gaming and entertainment industry, which is contributing to the growth of the VR software market. The country is known for producing high-quality video games and has a large community of gamers. This gaming culture is creating a favorable environment for the adoption of VR software, as gamers are often early adopters of new technologies. Additionally, Australia has a vibrant startup ecosystem, with many innovative companies focused on developing VR software solutions. This entrepreneurial spirit is fueling the growth of the VR software market in the country.

Underlying macroeconomic factors: Australia has a stable and growing economy, which provides a favorable environment for the development and adoption of VR software. The country has a high level of disposable income, which allows consumers to invest in new technologies and experiences. Additionally, the government is supportive of the technology sector and has implemented policies to encourage innovation and entrepreneurship. This creates a conducive environment for VR software companies to thrive and expand their operations. In conclusion, the VR software market in Australia is experiencing significant growth and development due to customer preferences for immersive experiences, the adoption of VR technology in various industries, the country's strong gaming and entertainment industry, and the underlying macroeconomic factors. As the demand for immersive and interactive experiences continues to grow, the VR software market in Australia is expected to expand further in the coming years.

Methodology

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).