Media and Entertainment Industry Drives Growth in VR Content Creation Market, According to TMR
The VR content creation market is expected to display a CAGR of 89.8% between 2016 and 2024, which is expected to reach $ 41.01 billion by the end of 2024
ALBANY, NY, United States, December 10, 2021 /EINPresswire.com/ – The global virtual reality content creation market welcomes a number of market players who wish to invent innovative technologies in order to gain a larger market. The resources available to these players vary across a broad spectrum of the market, and there is also a large level of variation in the size of these players. In recent times, forming partnerships and alliances with smaller companies has become the slogan of established market players. This is done to fetch a wider geographic reach and enter local markets without any hassle. The aforementioned factors have helped Transparency Market Research (TMR) estimate that competition will increase in the market in the coming years. The main players in the market are Blippar, Voxelus and Matterport. Companies within the VR content creation market should also resort to the acquisition of other companies in order to increase their market share.
Transparency Market Research (TMR) presents a report which sheds light on market dynamics and predicts the future success of the global VR content market. The market is expected to swell at a remarkably high CAGR of 89.8% over the period 2016 to 2024. The market value which was worth US $ 147.5 million in 2015 is expected to reach an astral figure of US $ 41.01 billion by the end of 2024. These are lavish numbers that show the bright outlook for the market during the forecast period. Based on the categorization of end users, the gaming segment is expected to generate high revenue in the market. This segment accounted for just under 50% of the total market share within the end-use segment. If we analyze the regional markets, North America showed positive results during the years 2016 and held a market share of 73.4% in the same year. Despite the prominent position of the North American market, the Asia-Pacific market is expected to register the highest growth rate during the forecast period.
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The demand for VR content comes from a range of fields, which has created a steady stream of income in the market. The media and entertainment industry has been an avid user of virtual reality-based content. The boom in the 3D market has given a strong boost to the global VR content market. Other industries using VR content include hospitality, travel, real estate, automotive, and retail. Therefore, it is not surprising that the market has gained extraordinary traction and exhibits an unusually high CAGR. The quest to deliver better entertainment experiences to consumers has also necessitated the need for VR content. Although VR technology is relatively new, almost every industry has realized the value of this technology. VR content has also become an effective tool for marketing products and building stories around them. It helps businesses assert their iconic brand and reap the rewards of better marketing. The gaming industry has spread all over the world and substantial resources are being invested to provide better gaming experiences. Hence, the market is also growing along with the need to provide virtual reality experiences to gamers.
Cyber threats hamper market demand
Despite the wealth of the market, the threat to privacy has not been entirely eliminated. Cyber invasions of key information have hampered 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 combinations is also a key factor providing huge opportunities for market players.
The market review is based on the report by TMR titled “VR Content Creation Market (Content – Video (Immersive & 360 Degree), 360 Degree Photos, Games; Solution – Software / Applications & Services; Industry” end use – Retail, Travel, Hospitality & Events, Media & Entertainment, Retail, Games, Automotive, Education, Engineering & Defense) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024 ‘
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Asia-Pacific to Show Highest Growth as Regional VR Content Creation Market
Regionally, North America has become dominant in the global VR content creation market with a share of 73.4% in 2016. The predominant gaming culture in the region, especially in the United States, and The increasing adoption of new technologies such as virtual reality have contributed to the expansion. of the VR content creation market in North America. As consumers are more interested in the immersive experience they receive through the integration of virtual reality, the demand for VR content creation is expected to increase further in the region.
However, during the forecast period, Asia-Pacific is expected to show higher growth. TMR predicted that the region would display an exponential CAGR of 116.1% between 2016 and 2024. This regional market will benefit from the growing awareness of virtual reality in the region and the entry of new players.
Technological advances to seal the domination of the gaming industry
The global VR content creation market can be segmented on the basis of content type, end use, and solution. Among end users in the travel, hospitality and events, real estate, media and entertainment, retail, gaming and automotive industries, the gaming industry presents the most lucrative opportunities. This industry was therefore leading the global market in 2015. In addition, recent technological advances should seal the domination of the games sector in the global market.
In the coming years, the use of VR content creation is also expected to increase in the media and entertainment industries, as well as travel, hospitality and events. In addition, the automotive industry should present interesting opportunities. The market is expected to gain traction as the adoption of immersive and 360-degree videos increases in the retail industry. Big retail brands should use VR content creation to improve the overall consumer experience. Driven by these factors, the global VR content creation market is expected to experience strong growth in the coming years.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking information to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.
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