Global Virtual Reality Content Creation Market is expected to register USD 265.3 billion at a CAGR of 62.10% during the review period, 2022-2030.
The virtual reality content creation software is a significant development in the content-based applications owing to its wide scope of end-users. The virtual reality content creation tools are widely used as open-source platforms to create content offering immersive experiences. These tools are developed to be user friendly, thus the adoption of virtual reality content creation is expected to rise at a high rate during the forecast period.
The rise in demand for head-mounted displays (HMDs) such as VR and AR products among individuals across the globe and the high availability of cost-efficient VR devices in the gaming and entertainment sector is expected to drive the growth of the global virtual reality content creation market. Furthermore, there is an increase in the demand for VR content in the marketing sector owing to a surge in demand for exquisite customer experience marketing strategies across diverse end-users. However, the lack of awareness associated with the benefits of using VR devices in developing economies is a factor expected to restrain the growth of the global market to a certain extent.
Global Virtual Reality Content Creation Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Blippar, 360 Labs, Matterport, Koncept VR, SubVRsive, Panedia Pty Ltd., WeMakeVR, VIAR (Viar360), Pixvana, Inc., and Scapic. among others.
Global Virtual Reality Content Creation Market has been segmented based on Content-Type, Component, End User, and Region.
By Content Type, the market has been segmented into videos, 360-degree photos, and gaming.
By Component, the market has been segmented into software and service.
By End User, the market has been segmented into real estate, travel & hospitality, media & entertainment, healthcare, gaming, automotive, and others.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Geographically, the Global Virtual Reality Content Creation Market has been categorized into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominated the global virtual reality content creation market in 2018 and is expected to have the largest market share during the forecast period. The growth is majorly attributed to the availability of well-developed IT infrastructure. Also, high IT spending capability of the countries in North America also supports the growth of virtual reality content creation in this region. The market in Asia-Pacific is expected to register the highest CAGR over the forecast period, owing to increasing VR based startups across various countries in this region.
Key Questions Addressed by the Report
|Market Size||USD 265.3 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Type|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Blippar 360 Labs Matterport Koncept VR SubVRsive Panedia Pty Ltd. WeMakeVR VIAR (Viar360) Pixvana Inc. Scapic|
|Key Market Opportunities|
|Key Market Drivers||The rise in demand for head-mounted displays (HMDs) such as VR and AR products|
The importance placed on customer experience marketing strategies is predicted to garner a favourable expansion momentum.
Intensifying growth momentum is estimated to be seen in the market through the forecast period.
A CAGR of 76.5% is appraised to guide the market in the forecast period.
Matterport, Koncept VR, SubVRsive, 360 Labs and Panedia Pty Ltd. are some of the top firms in the global market.
The accessibility to well-developed I.T. infrastructure is estimated to reinforce the North American regions top position in the market.