Virtual Reality Content Creation Market Size, Region, Application, Driver, Trends & Predictions

Market Highlights

The popularity and improved accessibility to open-source platforms are anticipated to transform the virtual reality content creation market in the coming years. The escalation in demand for head-mounted displays (HMDs) like VR and AR products, especially in times like the current COVID-19 crisis is estimated to promote further growth in the virtual reality content creation market in the foreseeable future.

Global Virtual Reality Content Creation Market is expected to register a CAGR of 76.5% during the review period, 2019–2025.

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Detailed Regional Analysis

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.

Segmentation:

The segmental insight into the virtual reality content creation market has been segmented based on component, end-user, content-type, and region. On the basis of component, the virtual reality content creation market has been divided into software and service. Based on the content type, the virtual reality content creation market has been segmented into 360-degree photos, videos, and gaming. The end-user basis of segmenting the virtual reality content creation market has been segmented into travel & hospitality, real estate, media & entertainment, gaming, automotive, healthcare, and others. Based on the regions, the virtual reality content creation market consists of the Asia Pacific, the Middle East, North America, Europe, Africa, and South America.

Competitive Analysis

The instability in the forces of demand and supply is estimated to create a beneficial impact on the overall global market in the forecast period. The restoration and everyday operations are estimated to take some time, which will lead to intensive development of backlog in delivery. The financial assistance provided by the government around the world and trade bodies is estimated to salvage the situation in the coming years. The downturn effects visible in the market are estimated to stay a little longer due to the scale of impact on the global market. The need for prudent analysis of the market trends and demand projections is estimated to lead to formidable development in the market. The constraints of growth are expected to be significant and considerable support will be needed to transform the market effectively.

The crucial companies in the virtual reality content creation market are Koncept VR, SubVRsive, Matterport, Panedia Pty Ltd., Blippar, 360 Labs, Pixvana, Inc., WeMakeVR, VIAR (Viar360), and Scapic among others.

Industry Updates:

May 2020 Apple Inc. has purchased the virtual reality startup NextVR Inc., which concentrates on making VR video content on events such as musical performances and sports matches. It creates VR content that can be seen on consumer headsets such as the PlayStation VR, Facebook Inc.’s Oculus, and others. The startup is also recognized for its partnership with the NBA and Wimbledon to stream live sports from dedicated cameras set up courtside to individual’s headsets at home.

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Global Virtual Reality Content Creation Market Research Report: By Content Type (Videos, 360-degree photos and Games), By Component ( Software and Services), By End User ( Real estate, Travel & Hospitality, Media & Entertainment, Healthcare, Gaming, Automotive and Others), By Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Forecast till 2025