The virtual reality content creation market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the virtual reality content creation market highlights the future prediction and the growth alternatives that can be created. —
The growing need to be physically in specific places is estimated to spur the virtual reality content creation market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A towering CAGR of 76.5% is forecasted for the market in the impending period.
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.
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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.
Detailed Regional Analysis
The regional study of the virtual reality content creation market has been segmented into the Asia Pacific, the Middle East, North America, Europe, Africa, and South America. The North American region led the virtual reality content creation market in the year of 2018 and is projected to have the leading market portion all through the forecast period. The augmentation of the regional market in North America is majorly ascribed to the accessibility to a secure IT infrastructure. Moreover, towering IT spending capacity of the nation in North America also motivates the development of virtual reality content creation in the region. The virtual reality content creation market in the Asia Pacific region is anticipated to record the maximum CAGR in the forecast period due to the escalating establishment of VR based startups in different countries in this region.
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.
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
Release ID: 88962339