Virtual Reality Content Creation Market Growing at a CAGR of 77.10% from 2019 to 2026
According to a recent report published by Allied Market Research, titled, "Virtual Reality Content Creation Market by Content Type, Component, and End-use Sector: Global Opportunity Analysis and Industry Forecast, 2019-2026," the virtual reality content creation market size was valued at $431.3 million in 2018, and is projected to reach $46.5 billion by 2026, growing at a CAGR of 77.10% from 2019 to 2026.
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Virtual reality (VR) is among one of the key technologies that provides interactive virtual experiences to end-users. VR content is the data that helps end-user to experience the VR environment. For example, a VR software game displays virtual simulation to the end-user and allows them to interact with the virtual environment. Increase in demand for head-mounted display (HMDs) in gaming and entertainment sector due to its virtualization ability is a key factor expected to drive the growth of the global virtual reality content creation market.
VR content allows end-user to experience 3D modelling and animation effects. This has propelled the demand for VR content among various industry verticals. Rise in development in computer animation fosters the need for VR content to stay competitive in the market. This in turn is also expected to drive the growth of the market during the forecast period. Moreover, the growth in demand for high-resolution VR headset among individuals is attributing to increase the demand for high quality content at a significant rate. This is one of the major factors expected to fuel the VR content creation market growth.
Based on content type, the videos segment dominated the overall virtual reality content creation market in 2018 and is expected to continue this trend during the forecast period. This is attributed to rise in demand for virtual reality content among the gaming industry that provides immersive videos for exquisite experience,
Moreover, high demand for virtual reality video content from various industry verticals is a major factor anticipated to drive the growth of this segment in the global VR content creation market. For example, in gaming industry the video games are developed by using various software simulations that replicate the virtual reality video segment real-world with the help of captured videos. Furthermore, 360 Degree Photos segment witnessed significant growth in the virtual reality content creation market share in 2018 and is further expected to continue this drift during the forecast period.
The gaming industry dominated the virtual reality content creation market in 2018 and is expected to proliferate the adoption of virtual content during the forecast period. This is attributed to the rise in number of virtual reality games launched and the development of virtual reality gaming equipment. Further, the healthcare segment is expected to witness the highest CAGR during the forecast period as the healthcare industry is opting for digitalization solutions and are inclining toward increase in its clinical trials through technological advancements. This in turn creates lucrative opportunities for the players operating in the global market which in turn is expected to drive the virtual reality content creation market growth in the coming years. Furthermore, the automotive industries have witnessed significant growth rate in 2018 and is further expected to increase its adoption during the forecast period.
Key Finding of The Virtual Reality Content Creation Market:
- By content type, the videos segment dominated the virtual reality content creation market. However, the 360 degree photos segment is expected to exhibit significant growth during the forecast period in the virtual reality content creation industry.
- Based on component, the software segment accounted for the highest revenue in 2018.
- Depending on industry vertical, the gaming industry generated the highest revenue in 2018. However, healthcare sector is expected to witness considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the upcoming years.
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Some of the key market players profiled in the report include Blippar, 360 Labs, Matterport, Koncept VR, SubVRsive, Panedia Pty Ltd., WeMakeVR, VIAR (Viar360), Pixvana Inc., and Scapic. Major players operating in this market have witnessed high growth in demand for high quality virtual reality content especially due to rise in consumers demand for virtual reality applications. This study includes virtual reality content creation market analysis, trends, and future estimations to determine the imminent investment pockets.