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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