Virtual Reality Content Creation Market to Reach $46.54 Bn, Globally, by 2026 at 77.1% CAGR: Allied Market Research
Rise in demand for head-mounted display (HMDs) in gaming & entertainment sector, and availability of reasonable virtual reality devices are the major factors fueling the growth of the global virtual reality content creation market
PORTLAND, Oregon, Nov. 25, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Virtual Reality Content Creation Market by Content Type (Videos, 360 Degree Photos, and Games), Component (Software and Services), and End-use Sector (Real Estate, Travel and Hospitality, Media and Entertainment, Healthcare, Retail, Gaming, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global virtual reality content creation industry was estimated at $431.3 million in 2018 and is expected to hit $46.54 billion by 2026, registering a CAGR of 77.1% during the estimated period.
Drivers, restraints and opportunities-
Increase in demand for head-mounted display (HMDs) in gaming & entertainment sector, availability of reasonable virtual reality devices, rise in virtual reality marketing, and high demand for three-dimensional content among various industries propel the growth of the global virtual reality content creation market. On the other hand, lack of awareness regarding the advantages of using virtual reality devices impedes the growth to some extent. However, penetration of HMDs in healthcare and architectural applications, and use of virtual reality in training as well as simulation among aerospace & defense and transportation sector are expected to pave the way for a plethora of lucrative opportunities in the industry.
Based on content type, the videos segment accounted for nearly half of the global virtual reality content creation market share in 2018 and is expected to dominate throughout the forecast period. Rise in demand for 360-degree videos is the major factor fueling the growth. The 360-degree photo segment, on the other hand, would showcase the fastest CAGR of 81.5% by the end of 2026. Surge in use of smart phones across the world has propelled the growth
The software segment to dominate during the estimated period-
Based on component, the software segment contributed to more than four-fifths of the global virtual reality content creation market revenue in 2018 and is anticipated to rule the roost by 2026. Growing demand for virtual reality content creation tools among individuals owing to its low-cost benefit is anticipated to boost the growth of the segment. Simultaneously, the services segment is likely to cite the fastest CAGR of 83.5% during the study period. This is due to its all-in-one suite availability.
North America to maintain its top status in terms of revenue-
Based on geography, North America held the major share in 2018, generating nearly three-fifths of the global virtual reality content creation market. North American countries are now projected to implement virtual reality content creation solutions at a high rate to provide its consumers with immersive experiences. At the same time, the region across Asia-Pacific is predicted to grow at the fastest CAGR of 91.3% throughout the estimated period. This is owing to the strong penetration of virtual reality devices in the region.
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