Virtual Reality Content Creation Services Market Report 2022: Marked Increase in Market Activity for VR Solutions Driven by Enterprise Use Cases That Require Content Creation and Rendering – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “VR Content Creation Services Market – Growth, Trends, Impact of COVID-19 and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.

The global virtual reality content creation services market is expected to register a CAGR of 40.2% during the forecast period (2022-2027). The global virtual reality content production services market is growing due to the increasing use of virtual reality technology by media and entertainment, industry, healthcare and education sectors .

Highlights

  • The use of VR technology by enterprises is increased for applications such as on-the-job training, virtual offices for remote teams, training such as virtual meetings and education is fueling the growth of the market for virtual reality content creation.

  • The introduction of Virtual Reality (VR) technologies is a breakthrough, allowing individuals to communicate 3D ideas and designs more effectively than ever before. The goal of creating more intriguing and interactive content is to leverage VR content production technologies to immerse target consumers in the world of virtual entertainment. Accordingly, the increasing use of virtual reality content development is expected to drive the market throughout the forecast period.

  • The Asian virtual reality market has grown rapidly, boosted by government financial support. Asian venture capital firms, such as Japan’s Gumi, are supporting Asian growth while also taking an interest in global VR talent, particularly in Europe. Asia is also active in content creation, although it mainly focuses on the Asian market for cultural and linguistic reasons.

  • Vendors develop advanced VR content creation platforms and services by forming partnerships. For example, in May 2022, DPVR and FXG Video Science and Technology teamed up to create more convenient VR content systems by combining their technology and resources.

  • Factors such as content offerings, user experience, consumer reluctance, funding, and lack of supporting infrastructure are restraining the growth of the market.

  • VR technology has the potential to alleviate many of the challenges posed by the pandemic, which has spurred increased adoption. However, relatively low overall adoption and limited software still limit the power of virtual reality to effectively address COVID-19 challenges.

Growing Adoption of Virtual Reality in Games

  • Virtual reality is becoming popular in the gaming sector, which has benefited from this immersive technology. Many large-scale game development companies have jumped on the VR bandwagon to transform the user experience.

  • Over time, more developers are interested in VR games. Adding and modifying existing VR content has changed the image of games in recent years.

  • The market size of VR game industry is growing at a rapid pace as the concepts and contents used in virtual reality games are exciting. This is the reason why virtual reality has become a potential to introduce new things in the gaming industry.

  • In April 2021, Sony Interactive Entertainment filed a patent, which suggests the company is working on machine learning for image scaling on PS5 VR games. The patent also creates an opportunity to improve the PS5 VR headset without sacrificing processing power to run the new and improved VR games.

  • Additionally, in July 2021, Virtex announced plans to launch a virtual reality stadium, “Virtex Stadium”, which allows fans to watch the game with their friends from the center of the pitch. The launch is in line with the growing popularity of esports and the increasing affordability and performance of consumer VR devices. Such innovations and developments by leading vendors in the gaming industry using virtual reality add to the demand for new content creation in games and related services, which is expected to propel the growth of the market.

Main topics covered:

ABSTRACT

MARKET OVERVIEW

  • Market overview

  • Industry Value Chain Analysis

  • Industry Attractiveness – Porter’s Five Forces Analysis

  • Assessment of the impact of COVID -19 on the industry

MARKET DYNAMICS

  • Market factors

    • VR-based content is increasingly being received by customers, driven primarily by location-based VR experiences

    • Marked increase in market activity for VR solutions driven by enterprise use cases that require content creation and rendering

  • Market challenges

    • Infrastructure challenges remain a concern. In addition, the relatively long development cycles require considerable additional budgetary costs.

  • Market opportunities

  • Analysis of the industry ecosystem

  • Current barriers to entry into VR film production

  • Current activities and developments in the VR cinema sector

  • Overview of the Current VR Landscape – Hardware, Software and Content Services

6 MARKET SEGMENTATION

  • Per end user

    • Media and entertainment

    • Business and Industry

  • By geography

COMPETITIVE LANDSCAPE

7.1 Company Profiles

  • View Creative Limited

  • VREI

  • Panedia Pty Ltd

  • In

  • Median Fieback

  • Evolution Studio

  • FirebirdVR

  • FX-Gear

KEY STAKEHOLDERS

INVESTMENT ANALYSIS

For more information on this report, visit https://www.researchandmarkets.com/r/cb3yib

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Jenny T. Curlee