3D Virtual Platform Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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3D Virtual Platform Market Analysis
The Global 3D Virtual Platform Market is expected to register a CAGR of 13.5% over the forecast period (2022 - 2027). Factors such as the increasing adoption of smartphones and a high internet penetration rate are contributing to the growth of the 3D virtual platform market across the globe.
- Virtual Reality is the usage of software technology, primarily to create a simulated environment. VR places the user inside an experience, which means instead of viewing a monitor screen in front of them, users are immersed and can interact with the 3D world. Technology has transformed the world by simulating as many senses as possible, such as vision, touch, hearing, and even smell.
- The 3D virtual platform offers users a partially virtual environment. The platform is equipped with semi-immersive technology offering realism through 3D graphics. This virtual Reality is fundamentally used for the conduction of events and educational or training purposes. It relies on high-resolution displays, projectors, powerful computers, or hard simulators to partially reproduce the form and functionality of real-world machinery.
- The healthcare industry has also adopted the 3D virtual reality technology in an intrinsic manner where some high-grade institutions have been using the images a computer has generated to do multiple types of diagnoses. For instance, In June 2022, Novard, a healthcare technology provider, announced that VisAR, an augmented reality surgical navigation system from healthcare technology, received FDA approval for precision-guided intraoperative spine surgery. It transformed a patient's imaging data into a 3-dimensional hologram visible through an optical visor and superimposed onto the patient with submillimeter accuracy.
- In June 2022, Qatar Airways announced to soon introduce new features in its metaverse platform, QVerse. The company plans to integrate `NFTs ticket purchases and more into its virtual reality platform. The platform was created using Epic Game's Unreal Engine, which is one of the enhanced 3D creation tools.
- The COVID-19 pandemic has boosted the digital transformation of industries, and companies are focusing more on a digital platform to interact with their clients and customers. Virtual reality can also capture various office environments as the conferences can take place on virtual reality platforms, and multiple brands and product launches can be conducted through it. The education and healthcare sector is also targeted as they are the industry getting high digital transformation in this pandemic. For Instance, In January 2020, Federal Emergency Management Agency (FEMA) launched a virtual reality experience called IMMERSED. The new system could create an experience of actual flood-like situations which can help the authorities to plan the mitigation. The action taken through the virtual property can reduce the loss of life and property. Such use of virtual reality for disasters will help in providing adverse solutions during the pandemic situation.
3D Virtual Platform Market Trends
This section covers the major market trends shaping the 3D Virtual Platform Market according to our research experts:
Healthcare Industry to Drive Market Growth
- The healthcare industry is witnessing increased demand for 3D virtual platforms to ease certain healthcare conditions of patients and provide better and more engaging training solutions for healthcare professionals.
- Medical VR technology companies have also witnessed the growth of VR technology platforms in the Healthcare sector. For instance, In November 2021, AppliedVR, a startup and a provider of therapeutic virtual reality for pain management, announced that they had raised USD 36 million to enhance its virtual reality platform to support even more health care companies.
- The company's Virtual platform uses goggles and headsets to create an immersive, 3D virtual world aiming toward reducing labor pains during childbirth and reducing the pain from burns to discomfort experienced undergoing infusions during cancer treatment.
- Major players in the studied market are looking forward to adopting more partnerships with competitors. Through this collaboration, the company can increase the adoption of the 3D virtual platform in healthcare. For instance, In May 2022, PrecisionOS announced a partnership with Siemens Healthineers to provide immersive virtual reality (VR) training. The module allows surgeons and technicians to practice using Siemens Healthineers' mobile 3D C-arm Cios Spin for intraoperative quality control and surgical workflow guidance. PrecisionOS' VR software will enable surgeons to practice and behave authentically and collaboratively in a hyper-realistic environment.
- Similarly, In April 2022, FundamentalVR, a Fundamental Surgery platform, announced the addition of endovascular surgery to its suite of haptic VR medical simulations. These features ensure that individual is provided with the dynamic environment needed to explore patient cases, anatomy, procedures, devices, and more to attain their learning goals.
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North America is Expected to Hold a Major Share
- North America is witnessing many advancements in the 3D virtual platform market as numerous significant companies are present in the US and Canada, contributing to the regional market's growth. The increasing adoption of cloud and artificial intelligence by key players across the region will further drive growth in the 3D virtual platform in the forecast period.
- The healthcare sector in the region is experiencing partnerships with market players to provide enhanced medical solutions. For instance, In June 2022, Relias, Healthcare Training and Performance Solutions provider, announced a partnership with Health Scholars, the virtual reality (VR) clinical training for healthcare professionals to improve obstetrics (OB) product offerings.
- Furthermore, In March 2022, Seaspan Shipyards announced the launch of its new HoloShip facility, an immersive visualization system that allowsSeaspan and the Canadian marine industry community to access a virtual reality environment to integrate, develop, test, and demonstrate new digital twin capabilities and transform how ships are constructed, built, and maintained. The Holoship uses 3D and virtual reality headsets, through which participants are transported onto the ship, offering the ability to view and interact with the space and the equipment, systems, components, and subsystems.
- Other industry verticals, including aerospace, healthcare, military, gaming, and retail, are investing in this technology to take advantage of the growth potential. For instance, In November 2021, Unity, a platform for generating and operating real-time 3D (RT3D) content, recently released two reports detailing the high demand for multiplayer games and the relevance of post-launch content in maintaining player engagement. Over half of all Americans (56%) played multiplayer games in the last year, with 87% of those gamers playing cross-platform games, according to Unity Gaming Services' Cross-Platform Gaming Study, performed on behalf of Unity by The Harris Poll.
- Moreover, the market players in this region are actively looking to invest in diverse VR technology solutions. For instance, In December 2021, Facebook announced the launch of its Horizon Worlds virtual-reality (VR) platform for the citizens of North America, to put a step forward to build its metaverse vision for the future.
- Companies in the studied market are providing advanced 3D virtual platform-related solutions. For instance, In December 2021, Nextech AR Solutions Corp, a Metaverse Company and a provider of augmented reality technologies, announced a multi-year, Metaverse marketplace deal with Restaurants Canada. It will offer the company's virtual events and Metaverse Studio as a managed service, incorporating 3D AR booths, 3D AR product experiences, human holograms, and augmented reality ads.
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3D Virtual Platform Industry Overview
The Global 3D Virtual Platform market appears to be fragmented owing to the availability of the large number of players intensifying the competition. Major players in the Global 3D Virtual Platform market are adopting acquisitions and partnerships to expand their reach to more consumers worldwide. Some of the major companies in the payments market are Praxilabs, Spektra Systems, and Samaaro, among others.
- In April 2022, Fluxon, a global product development firm, announced the acquisition of Pluto, a virtual event platform through which users can collaborate and hang out in metaverse, in 3D worlds such as the Maldives, Burning Man, or Admont Abbey in Austria. The acquisition is adding to the company's growth strategy by offering productivity and collaboration tools, including the real-time Q&A application, Dory.
- In March 2022, NVIDIA announced a platform for scientific digital twins that promotes physics machine-learning models to solve million-x scale science and engineering problems multiple times faster than earlier. The accelerated digital twins' platform for scientific computing comprises the NVIDIA Modulus AI framework for advancing physics-ML neural network models and the NVIDIA Omniverse™ 3D virtual world simulation platform.
3D Virtual Platform Market Leaders
Spektra Systems LLC
*Disclaimer: Major Players sorted in no particular order
3D Virtual Platform Market News
- In May 2022, Camp K12, an edtech startup, launched Hatch Kids, a metaverse and AR/VR creation platform for young learners. It is a free online 3D creation platform for kids 6 - 18 years of age to code, design, and publish 3D games, Augmented Reality (AR) apps, interactive Virtual Reality (VR) worlds, and metaverse experiences without any prior experience in design or coding.
- In September 2021, Rooom, a Germany-based global startup, announced that it had raised USD 7 million to integrate games like 3D virtual experiences and other means of communication into its events platform.
3D Virtual Platform Market Report - Table of Contents
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness-Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of Impact of COVID-19 on the Market
4.4 Use Cases (Education, automotive, construction, aviation sectors vis-a-vis event planning, simulations, meeting, etc)
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing adoption of digital media platform to expand audience base.
5.1.2 Growing usage of virtual reality in instructive training, such as for training mechanics, engineers, pilots, soldiers in defense, field workers, and technicians, and manufacturing sectors is driving the market growth
5.2 Market Challenges
5.2.1 Data privacy, security, and data migration are some challenges that are likely to impede the growth of the market
6. MARKET SEGMENTATION
6.1 By End User
6.1.2 Transport & Logistics
6.2 By Geography
6.2.1 North America
6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.2 Spektra Systems LLC (Cloudlabs AI)
7.1.6 3D Bear
7.1.7 Outreal XR
7.1.10 Worldviz, Inc
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
3D Virtual Platform Market Research FAQs
What is the current Global 3D Virtual Platform Market size?
The Global 3D Virtual Platform Market is projected to register a CAGR of 13.5% during the forecast period (2023-2028).
Who are the key players in Global 3D Virtual Platform Market?
PraxiLabs, Spektra Systems LLC, Samaaro, PandaMR and MootUp(Hyperspaceᵐᵛ) are the major companies operating in the Global 3D Virtual Platform Market.
Which is the fastest growing region in Global 3D Virtual Platform Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global 3D Virtual Platform Market?
In 2023, the North America accounts for the largest market share in the Global 3D Virtual Platform Market.
Global 3D Virtual Platform Industry Report
Statistics for the 2023 Global 3D Virtual Platform market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global 3D Virtual Platform analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.