Market Insights Advertising & Media AR & VR

VR Software - Thailand

Thailand

In Thailand, revenue in the VR Software market market is projected to reach €29.7m in 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 8.68%, leading to a projected market volume of €45.0m by 2029.
Although the United States generates most of the revenue with a projected market volume of €908.8m in 2024, in Thailand is also anticipated to grow within this sector.
The number of users in Thailand's VR Software market market is expected to amount to 1.6m users by 2029.
User penetration in Thailand will be 1.9% in 2024 and is expected to increase to 2.3% by 2029.
The average revenue per user (ARPU) in Thailand is expected to amount to €21.5.
Thailand's burgeoning tourism sector is increasingly adopting VR software to enhance visitor experiences, reflecting a growing trend towards immersive technology in the hospitality industry.

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Analyst Opinion

The VR Software market in Thailand is experiencing significant growth and development.

Customer preferences: Thailand's tech-savvy population has shown a strong interest in virtual reality (VR) technology. With a growing number of consumers embracing VR devices, there is a rising demand for VR software that can provide immersive and interactive experiences. Customers in Thailand are particularly drawn to VR software that offers realistic graphics, a wide range of applications, and seamless integration with VR hardware. They also value software that is user-friendly and accessible to both casual users and professionals.

Trends in the market: One of the key trends in the VR Software market in Thailand is the increasing adoption of VR in various industries. The healthcare sector, for example, is utilizing VR software for medical training and simulations, allowing healthcare professionals to practice complex procedures in a safe and controlled environment. The education sector is also incorporating VR software into classrooms, providing students with interactive and engaging learning experiences. Furthermore, the entertainment and gaming industries are leveraging VR technology to offer immersive gaming experiences and virtual tours. Another trend in the market is the development of localized VR software. Thai developers are creating VR applications and games that cater specifically to the local market, incorporating Thai culture, language, and landmarks. This localization strategy helps to enhance the user experience and resonate with the Thai audience. Additionally, Thai developers are collaborating with international VR software companies to bring their products to the Thai market, further expanding the range of VR software available.

Local special circumstances: Thailand's tourism industry plays a significant role in the development of the VR Software market. With its stunning landscapes, historical sites, and vibrant culture, Thailand attracts millions of tourists each year. VR software is being used to create virtual tours and experiences, allowing tourists to explore Thailand's attractions remotely. This not only enhances the tourism industry but also creates opportunities for VR software developers to showcase their products. Furthermore, the Thai government has been supportive of the VR industry, providing incentives and initiatives to promote its growth. This includes funding for VR research and development, as well as tax incentives for VR software companies. These government efforts have contributed to the expansion of the VR Software market in Thailand.

Underlying macroeconomic factors: Thailand's strong economic growth and increasing disposable income have contributed to the development of the VR Software market. As the economy continues to grow, more consumers have the means to invest in VR hardware and software, driving the demand for VR experiences. Additionally, the growing middle class in Thailand is becoming more tech-savvy and seeking innovative technologies like VR. In conclusion, the VR Software market in Thailand is experiencing significant growth and development, driven by customer preferences for immersive experiences, the adoption of VR in various industries, the development of localized software, and the support of the Thai government. With a strong economy and increasing disposable income, the VR Software market in Thailand is poised for further expansion 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).