VR Content Creation Market: Snapshot
Tools used in VR content creation help in the creation of virtual assets such as applications and cinematic views. The advent of VR tools is therefore considered a major breakthrough, which enabled people present 3D ideas and design more efficiently than ever. VR content creation tools can put targeted audience into the world of virtual entertainment, which is idea behind designing more interesting and interactive contents. VR content creation includes the development of sketch, pre-production activities, shoot, and post-production. In order to create virtual reality content, enterprises engaged in VR content creation use advance software and cameras. Driven by these factors, the global VR content creation market is forecast to witness strong growth in the coming years.
According to Transparency Market Research (TMR), the global VR content creation market is likely to exhibit a CAGR of 89.8% between 2016 and 2024. At this pace, the market is expected to reach a whopping US$41.01 bn by the end of 2024 from a valuation of US$147.5 mn in 2015.
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Asia Pacific to Exhibit Highest Growth as Regional VR Content Creation Market
Regionally, North America emerged dominant in the global VR content creation market with a share of 73.4% in 2016. The prevalent gaming culture in the region, especially in the U.S., and the rising adoption of novel technologies such as virtual reality have aided the expansion of the VR content creation market in North America. As consumers are more interested towards immersive experience they are receiving through the integration of virtual reality, the demand for VR content creation is forecast to increase further in the region.
However, over the course of the forecast period Asia Pacific is forecast to exhibit higher growth. TMR has projected the region to exhibit an exponential CAGR of 116.1% between 2016 and 2024. This regional market will gain from the rising awareness about virtual reality in the region and the entry of new players.
Technological Advancements to Seal Dominance of Gaming Sector
The global VR content creation market can be segmented based on content type, end use, and solution. Among the end users constituting travel, hospitality, and event, real estate, media and entertainment, retail, gaming, and automotive sectors, the gaming industry is exhibiting the most lucrative opportunities. This industry therefore enjoyed lead in the overall market in 2015. In addition, the recent technological advancements are expected to seal the dominance of the gaming sector in the overall market.
During the next few years, the use of VR content creation is also likely to increase across media and entertainment, and travel, hospitality, and event sectors. Moreover, the automotive industry is forecast to showcase attractive opportunities. The market is expected to gain traction as the adoption of immersive and 360 degree videos increase in the retail sector. Big retail brands are expected to use VR content creation to improve the overall consumer experience. Spurred by these factors the global VR content creation market is expected to report strong growth in the coming years.
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Some of the companies to benefit from the aforementioned trends are Koncept VR, VOXELUS, SubVRsive, Panedia Pty Ltd., WEMAKEVR, 360 Labs, MATTERVR and Elysian Studio Private Limited (Meraki).
The growth of the VR content creation market witnessed an upward trajectory during the outbreak of the COVID-19 pandemic. As governments induced lockdowns and travel restrictions, more and more people stayed indoors. This prompted them to consume more digital content in order to pass time and for entertainment and education as well. With e-commerce sector booming during the pandemic because of requirement of essential and other items, VR console sets also witnessed a promising growth.
Content creators across digital channels came up with new and innovative ideas to produce and publish their content online. VR content played a huge role in keeping global masses entertained. As such, there was an increased demand for more immersive and experience rich content. This has helped drive the market during the peak months of the COVID-19 outbreak.
The virtual reality content creation tools are widely used as an open source platform to create immersive experience content. These tools are developed to be user friendly, hence the adoption of virtual reality content creation is expected to rise at a high rate during the forecast period. North America dominated the overall virtual reality content creation market growth in 2018, as several major players are operating from this region, owing to availability of well-developed IT infrastructure. North America dominated the overall virtual reality content creation market in 2018, as several major players are operating from this region, owing to availability of well-developed IT infrastructure.
Increasing demand for the head mounted displays such as AR and VR products among people across the world and easy availability of cost effective VR devices in the entertainment and gaming sector have also played a key role in driving the growth of the global VR content creation market. As the world moves towards increased digitalization, the market is expected to witness even more promising growth in the coming years.