Portland, OR, October 26, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the virtual reality content creation market was estimated at $ 431.3 million in 2018 and is expected to reach $ 46.54 billion by 2026, registering a CAGR of 77.1% from 2019 to 2026. The report provides a detailed analysis of the main pockets of investment, best winning strategies, drivers & opportunities, market size & estimates, competitive scenario and fluctuating market trends.
The increasing demand for Head Mounted Displays (HMDs) in the gaming and entertainment industry, the availability of cost-effective virtual reality devices, the increase in marketing of virtual reality, and the high demand for content three-dimensional among various industries are driving the growth of the global virtual market. reality content creation market. On the other hand, the lack of awareness regarding the benefits of using virtual reality devices is holding back the growth to some extent. Nonetheless, the penetration of HMDs in healthcare and architectural applications, and the use of virtual reality in training, as well as simulation in the aerospace and defense and transportation sectors, are expected. create multiple opportunities for the main players in the industry market.
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Covid-19 scenario-
- Supply chain disruptions, due to covid-19, have resulted in a significant drop in the manufacture of reasonable virtual reality devices.
- However, the pandemic has resulted in “stay-at-home” orders in most countries. And, with this drift on board, there has been a surge in demand for Headsets (HMDs) such as VR and AR products among individuals around the world.
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The global market is analyzed on the basis of content types, components, end-use sectors, and regions. By content type, the video segment contributed almost half of the total market revenue in 2018 and is expected to reign on the roost during the study period. Simultaneously, the 360-degree photos segment is expected to post the fastest CAGR of 81.5% by 2026.
By component, the software segment accounted for over four-fifths of the total market share in 2018 and is expected to lead the way through 2026. At the same time, the services segment is believed to account for the fastest CAGR of 83.5% throughout the forecast period. .
By geography, North America captured the highest share in 2018, holding nearly three-fifths of the global market. Asia-Pacific, for its part, would grow at the fastest CAGR of 91.3% from 2019 to 2026. The report also covered regions such as Europe and LAMEA.
Major market players analyzed in the Global Virtual Reality Content Creation Market report include 360 Labs, Scapic VIAR (Viar360), Matterport, Panedia Pty Ltd., Koncept VR, SubVRsive, WeMakeVR, Pixvana Inc., and Blippar . These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures and others to prove their achievements in the industry.
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