Virtual Reality Content Creation - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Virtual Reality Content Creation Market is accounted for $1,374.98 million in 2020 and is expected to reach $109,306.32 million by 2028 growing at a CAGR of 72.8% during the forecast period. The availability of affordable virtual reality devices, increasing adoption of VR technology in the gaming sector are the factors driving the market growth. However, the lack of awareness regarding the advantages of using virtual reality devices is hampering the growth of the market.
The virtual reality content creation tools are widely used as an open source platform to create captivating experience content where users experience sensor simulations provided by a computer. VR content allows end users to experience 3D modelling and animation effects. Virtual reality (VR) is a simulated experience that may be similar to or completely different from reality and virtual reality content creation devices replicate the real-time environment into the virtual environment. These tools are developed to be user friendly and using virtual reality equipment one can able to look around the artificial world, move around in it, and interact with virtual features or items.
Based on the end user, the gaming segment is going to have lucrative growth during the forecast period owing to the increasing advancement of technology in VR headsets such as high tech computer (HTC) vive and PlayStation VR. An increase in the purchase of the population towards gaming will expand the growth of the gaming segment in the virtual reality content creation market.
By geography, North America is going to have high growth during the forecast period owing to the increasing adoption of new technology such as virtual reality and video gaming culture across various countries in the region. North America dominates the virtual reality content creation market due to the prominent usage of visual effects (VFX), escalating demand from the Hollywood and animation film making industry. The growth is majorly attributed to the availability of well-developed IT infrastructure and high IT spending capability of the countries in North America also supports the growth of the virtual reality content creation market in this region.
Some of the key players profiled in the Virtual Reality Content Creation Market include Blippar, 360 Labs, Koncept VR, SubVRsive, Panedia Pty Ltd., WeMakeVR, VIAR (Viar360), Scapic, Wevr, Voodle, Inc, Vizor, Dell, Intel Corporation, Cisco Systems Inc., Huawei Technologies Co., Ltd.
Content Types Covered:
• 360-Degree Photos
End Users Covered:
• Real Estate
• Travel, Hospitality and Events
• Media & Entertainment
• Military & Education
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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