The global market for virtual reality (VR) content creation hosts a number of market players who want to invent innovative technologies in order to earn a greater market. The resources at the disposal of these players vary across a wide spectrum of the market, and there is also a great level of variation in the size of these players. In recent times, forming partnership and alliances with smaller companies has become the catchphrase of well-established market players. This is done to fetch a wider geographical reach and penetrate local markets without any hassles. The aforementioned factors helped Transparency Market Research (TMR) is estimating that the competition would intensify in the market in the coming years. The key market players include Blippar, Voxelus, and Matterport. Companies within the VR content industry are also expected to resort to acquisition of other companies in order to grow their market share.
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Transparency Market Research (TMR) presents a report that
throws light on the market dynamics and forecasts the future success of the
global market for VR content. The market is anticipated to inflate at a commendably
high CAGR of 89.8% over the period from 2016 to 2024. The market value that was
worth US$147.5 mn in 2015 is projected to rise to an astral figure of US$41.01
bn by the end of 2024. These are plush figures that show the bright prospects
of the market over the forecast period. Based on the end-user categorization,
the gaming segment is anticipated to bring in high revenue into the market.
This segment accounted for a little below 50% of the total market share within
the end-use segment. If we analyze the regional markets, North America
exhibited positive results in the years 2016 and had a market share of 73.4% in
the same year. Despite the prominent position of the North American Market, the
market in Asia Pacific is expected to register the highest growth rate over the
forecast period.
Media and Entertainment Industry Pushes Market Growth
The demand for VR content comes from an array of fields,
which has created a regular flow of revenue into the market. The media and
entertainment industry has been an ardent user of content based on virtual
reality. The rise of the 3D market has given a strong push to the global market
for VR content. Other industries using VR content include hospitality, travel,
real estate, automobile, and retail. Hence, it isn’t surprising that the market
has gained stupendous traction and exhibits an unusually high CAGR. The quest
to offer better entertainment experiences to consumers has also necessitated
the need for VR content. Although the VR technology is relatively new, almost
all of the sectors have realized the worth of this technology. VR content has
also become an efficient tool for marketing products and building stories
around them. This helps the companies in asserting their iconic brand and
reaping the benefits of better marketing. The gaming industry has pervaded
across the globe, and there are substantial resources being invested towards
providing better gaming experiences. Hence, the market also grows alongside the
need to provide virtual reality experiences to gamers.
Cyber-Threats Hinder Market Demand
Despite the affluence of the market, the threat to privacy
hasn’t been entirely eliminated. Cyber-invasions into key information has
hindered the hassle-free progress of the market. Nevertheless, cloud-computing
can come to the rescue of the market by providing security solutions. The
development of software tools and hardware suits is also a key factor offering
tremendous opportunities to market players.
The market review is based on TMR’s report titled, ‘VR
Content Creation Market (Content – Video (Immersive, and 360 Degree), 360
Degree Photos, Games; Solution – Software/Application, and Services; End-use
Sector – Retail, Travel, Hospitality and Events, Media and Entertainment,
Retail, Gaming, Automotive, Education, Engineering, and Defense) – Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’
Key Takeaways
- The
gaming segment has grown by leaps and bounds, thus, giving an impetus to
the VR content market.
- Adoption
of VR technologies by multiple industries expected to keep bolstering
market growth.
The market is segmented along the following lines:
By Content Type
- Videos
- 360
Degree
- Immersive
- 360
Degree Photos
- Games
By Solution
- Software/Application
- Services
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By End-Use Sector
- Real
Estate
- Travel,
Hospitality and Events
- Media
and Entertainment
- Retail
- Gaming
- Automotive
- Others
About Us
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