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Press Release: Virtual Reality Content Creation Market to Generate US$ 39.5 Billion by 2025
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Virtual Reality Content Creation Market - Insights
Virtual reality creates a digital environment to provide real lifelike experience to the user. Rampant growth of the gaming sector is a major factor for the growth of virtual reality content creation market. Increasing demand for virtual reality games on various platform such as smartphones, PlayStation, and computer have accelerated the growth of gaming segment in the virtual reality content creation market. Adventure Time, Vanguard V, Proton Pulse, Need for Speed No Limits VR, Grand Theft Auto VR, Rez Infinite, Thumper, Kittypocalypse, and Hover Junkers are some of the games based on virtual reality.
Increasing adoption of virtual reality technology by media and entertainment segment have boosted the growth of the virtual reality content creation market globally.
The online customer retention has become one of the major challenge for media and entertainment industries. The implementation of virtual reality technology increases the retention of viewers for the online channels. For instance, RTV Slovenia, a Slovenia's national public broadcasting organization have implemented a virtual reality technology, which helps to improve the engagement through online content. According to RTV, it recorded 5,000 viewers in 48 hours with an average time of 2 minutes per session. Similarly, Hotstar an India-based digital entertainment platform have implemented Vizrt augmented and virtual reality technology for live online coverage of Indian premier league cricket. High adoption of virtual technology by film industry have fueled the growth of virtual reality content creation market. For instance, in 2016, HBO launched a VR-based game of thrones promo.
Gaming segment held the dominant position in global virtual reality content creation market in 2016.
Gaming segment held the dominant position in virtual reality content creation market, in 2016 and is projected to retain its dominance throughout the forecast period, owing to increasing advancement of technology in VR headsets such as HTC Vive and PlayStation VR. Increase in traction of population towards gaming have also boosted the growth of the gaming segment in virtual reality content creation market. According to Coherent Market Insights, in 2016 the global gaming market generated the revenue of US$ 101.1 billion and is projected to reach US$ 115.8 billion by 2018.
Figure. Global Virtual Reality Content Creation Market, By End-User (2016 - 2025)
North America held the dominant position in virtual reality content creation market in 2016.
On the basis of geography, the virtual reality content creation market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The North America region held the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are major economies driving the growth of virtual reality content creation market in this region. High adoption of novel technology such as virtual reality and prevalent of video gaming culture in the region especially in the U.S. have driven the growth of virtual reality content creation market. Moreover, the Asia Pacific virtual reality content creation market is projected to grow with the highest CAGR over the forecast period. Increasing VR based startups play a key role for the growth of VR content creation market in Asia Pacific region. SmartVizX, Grey Kernel, Merxius, Xenium, Tesseract Inc., and AbsentiaVR are some of the India based startup companies, which produces virtual reality based software or solutions.
Key Companies- Global Virtual reality content creation Market.
Some of the major companies in the global virtual reality content creation market include 360 Labs, Blippar, Koncept VR, Matterport, Panedia Pty Ltd., SubVRsive, Vizor, Voxelus, WeMakeVR, and Wevr
Virtual reality is the creation of simulated environment using computer technology. Increasing adoption of virtual reality technology by various application such as branding & marketing, manufacturing, healthcare, entertainment, retail, and education are some of the key factors driving the growth of the global virtual reality content creation market. Moreover, Increasing technical advancement such as development of smart glasses, head mounted displays and increasing adoption of technology by enterprises for various application such as on the job training, virtual offices for remote teams, training such as virtual meetings, and education are fueling the growth of virtual reality content creation market.
Market Dynamics
The increasing adoption of virtual reality technology have boosted the growth of market globally, owing to the adoption of virtual reality technology by news and entertainment. For instance, in 2015, the New York Times news magazines launched a virtual reality film, which shows children’s eradicated due to war. The on-demand series providers have also adopted the virtual reality technology. For instance, in 2016, HBO adopted the virtual reality 360 degree content for Game of Thrones series. Increasing gaming platform have accelerates the growth of virtual reality content creation market. In 2016, Sony launched a PlayStation VR in the market. The adoption of virtual reality technology provided the new platform to the retail industry for marketing and branding their products. For instance, German automobile manufacturer Audi has adopted the technology by permitting users to use head mounted devices to see the interior of the vehicles.
Key features of the study:
Detail Virtual Reality Content Creation Market Segmentation:
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