Virtual reality content creation market to reach USD 46.54 billion by 2026, a huge opportunity for investors
The main drivers for the growth of the market are the growing penetration of smartphones and high-speed internet.
PORTLAND, PORTLAND, OR, USA, September 22, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “Virtual Reality Content Creation Market to Hit $46.54 Billion by 2026, Huge Opportunity for Investors.” The report offers an in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis, and competitive landscape. This study is a useful source of information for market players, investors, VPs, stakeholders and new entrants to gain an in-depth understanding of the industry and determine the steps to be taken to obtain a competitive advantage.
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Global Virtual Reality Content Creation Market was estimated at USD 431.3 Million in 2018 and is projected to reach USD 46.54 Billion by 2026, registering a CAGR of 77.1% from 2019 to 2026.
The report offers key drivers propelling the growth of the Global Virtual Reality Content Creation Market. This information helps market players design strategies to gain market presence. The research also highlighted market constraints. Opportunity insights are mentioned to help market players take further steps by determining the potential in untapped regions.
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Rising demand for head-mounted displays (HMDs) in the gaming and entertainment industry, availability of cost-effective virtual reality devices, increasing virtual reality marketing, and high demand for content in three dimensions among various industries are driving the growth of the global virtual. reality content creation market. On the other hand, the lack of awareness about the benefits of using virtual reality devices is restraining the growth to some extent. Nevertheless, the penetration of HMDs in healthcare and architectural applications, and the use of virtual reality in training, as well as simulation in the aerospace, defense and transport sectors, are expected to create multiple opportunities for the major market players in the industry.
The global market is analyzed based on content types, components, end-use industries, and regions. By content type, the videos segment contributed almost half of the total market revenue in 2018 and is expected to rule the study period. Simultaneously, the 360-degree photo segment is expected to post the fastest CAGR of 81.5% by 2026.
By component, the software segment accounted for more than four-fifths of the total market share in 2018 and is expected to lead the way through 2026. Meanwhile, the service segment would exhibit the fastest CAGR of 83.5% throughout the forecast period. .
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By geography, North America had the highest share in 2018, holding nearly three-fifths of the global market. Asia-Pacific, on the other hand, would witness the fastest growth of 91.3% CAGR from 2019 to 2026. The report also covered regions such as Europe and LAMEA.
Key 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 exploits in the industry.
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• Supply chain disruptions, due to covid-19, have led to a significant decline in the manufacture of reasonable VR 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 Head Mounted Displays (HMDs) such as VR and AR products among individuals all over the world.
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Finally, this report provides market insights in the most comprehensive way. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
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