Global Virtual Reality Content Creation Market - Overview
Virtual reality
(VR) content creation is software used in creating immersive experiences via
different types of mediums. The mediums can be games, education, and others for
providing entertainment or knowledge through a 360 degree perspective. The
global Virtual
Reality Content Creation Market report by Market
Research Future (MRFR) provides a clear outline on various niches and trends in
VR coupled with drivers and challenges to be aware of in the period of 2019 to
2025 (forecast period). The COVID-19 outbreak and its impact on the industry
are also included.
Market Scope
The global virtual
reality content creation market is expected to register a CAGR of 76.5% during
the review period. Rising demand of head-mounted displays by individuals and
lowered costs of VR devices can drive the market demand significantly.
Increasing demand for immersive experiences and its potential in entertainment
and gaming sectors can bode well for the market.
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Rollout of VR
content by TV channels for increasing the retention of viewers can drive the
market demand. Recently, RTV Slovenia implemented VR for covering important
announcement and news and registered 5,000 viewers in 2 minutes. According to a
study by researchers at CUB Erasmus Hospital, Belarus, VR can improve tolerance
of local anesthesia required for orthopedic procedures. The research indicated
a drop in requirement for intravenous sedation by 50% for patients at the
hospital.
But lack of
awareness of benefits of VR in developing economies can impede the market growth.
Segmentation
By content type,
the market has been segmented into 360-degree photos, videos, and gaming. The
gaming segment can capture a large market share owing to advances in VR
headsets. Inclination towards gaming by a large demographic globally can drive
the demand of VR content. Moreover, the penchant for storytelling and immersive
storylines and development of VR headsets can drive the segment demand.
By component, the
market has been segmented into software and service.
By end user, the
market has been segmented into travel & hospitality, media &
entertainment, gaming, healthcare, automotive, real estate, and others. The
healthcare segment is expected to earn huge dividends for the global virtual
reality content creation market owing to its assistance in healthcare education
and precision in surgery. Rehabilitation, pain management, and others are vital
sub-segments in healthcare likely to drive the market demand till 2025.
Regional
Analysis
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. Improvement in tolerance levels of anesthesia using VR is an indicator
of the large potential for the market.
The market in Asia
Pacific is expected to register the highest CAGR over the forecast period owing
to increasing emergence of VR based startups across various countries in this
region. Introduction of 5G networks and adoption of VR games by consumers are
major drivers of the regional market.
Competitive
Outlook
Pixvana, Inc.,
SubVRsive, 360 Labs, Koncept VR, Scapic, Blippar, Panedia Pty Ltd., Matterport,
VIAR (Viar360), WeMakeVR, and others are key players of the global virtual
reality content creation market.
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