Global Virtual Reality Content Creation Market - Overview
Virtual reality (VR) content creation is software used in creating immersive experiences via different types of mediums. The mediums can be games, education, and others for providing entertainment or knowledge through a 360 degree perspective. The global report by Market Research Future (MRFR) provides a clear outline on various niches and trends in VR coupled with drivers and challenges to be aware of in the period of 2019 to 2025 (forecast period). The COVID-19 outbreak and its impact on the industry are also included.
The Virtual Reality Content Creation Market Report is a comprehensive document that contains vital information related to the key players, market trends, price analysis, and market overviews for the forecast period.
Pixvana, Inc., SubVRsive, 360 Labs, Koncept VR, Scapic, Blippar, Panedia Pty Ltd., Matterport, VIAR (Viar360), WeMakeVR, and others are key players of the global virtual reality content creation market.
The global virtual reality content creation market is expected to register a CAGR of 76.5% during the review period. Rising demand of head-mounted displays by individuals and lowered costs of VR devices can drive the market demand significantly. Increasing demand for immersive experiences and its potential in entertainment and gaming sectors can bode well for the market.
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Rollout of VR content by TV channels for increasing the retention of viewers can drive the market demand. Recently, RTV Slovenia implemented VR for covering important announcement and news and registered 5,000 viewers in 2 minutes. According to a study by researchers at CUB Erasmus Hospital, Belarus, VR can improve tolerance of local anesthesia required for orthopedic procedures. The research indicated a drop in requirement for intravenous sedation by 50% for patients at the hospital.
But lack of awareness of benefits of VR in developing economies can impede the market growth.
By content type, the market has been segmented into 360-degree photos, videos, and gaming. The gaming segment can capture a large market share owing to advances in VR headsets. Inclination towards gaming by a large demographic globally can drive the demand of VR content. Moreover, the penchant for storytelling and immersive storylines and development of VR headsets can drive the segment demand.
By component, the market has been segmented into software and service.
By end user, the market has been segmented into travel hospitality, media entertainment, gaming, healthcare, automotive, real estate, and others. The healthcare segment is expected to earn huge dividends for the global virtual reality content creation market owing to its assistance in healthcare education and precision in surgery. Rehabilitation, pain management, and others are vital sub-segments in healthcare likely to drive the market demand till 2025.
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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. Improvement in tolerance levels of anesthesia using VR is an indicator of the large potential for the market.
The market in Asia Pacific is expected to register the highest CAGR over the forecast period owing to increasing emergence of VR based startups across various countries in this region. Introduction of 5G networks and adoption of VR games by consumers are major drivers of the regional market.