Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Virtual Reality Content Creation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global virtual reality content creation market has achieved remarkable growth, reaching a market size of US$ 3.2 billion in 2022. Industry analysts anticipate continued expansion, with the market poised to reach US$ 60.1 billion by 2028, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 58.5% during the forecast period from 2023 to 2028.
Virtual reality (VR) content creation encompasses computer-based applications that enable creators to design and visualize various simulated assets and cinematic experiences, offering users an immersive and engaging encounter. This process involves phases such as sketching, pre-production activities, shooting, production, and post-production, with enterprises employing a range of tools, advanced software, and cameras for virtual content creation.
Presently, VR content creation employs two primary practices: computer-generated content, where every aspect of the virtual world is designed and synthesized through code, and 360-degree video creation, which employs omnidirectional cameras to capture content, which can later be edited as needed.
VR content serves as a pivotal tool for fostering collaborations, enhancing customer engagement, conducting campaigns, and facilitating content marketing. Consequently, it finds application across industries for marketing, engineering, and training or promotional purposes.
Key Market Trends:
The global VR content creation market's growth can be attributed to the rapid expansion of the media and entertainment sector, coupled with the increasing demand for innovative marketing approaches, including 360-degree experiences, to provide customers with exceptional experiences. The rising adoption of effective head-mounted display (HMD) systems, encompassing augmented reality (AR) and VR, and increasing consumer awareness of their numerous benefits further fuel market growth.
Additionally, the escalating demand for VR content across diverse platforms and the widespread adoption of immersive indoor gaming, particularly during the COVID-19 pandemic, have bolstered market expansion. Moreover, marketers and brands have embraced the concept of telepresence to offer computer-simulated reality experiences, driving brand awareness. Concurrently, ongoing advancements in visual display systems, such as desktops and smartphones, have enabled improved access to virtual simulations, positively impacting market prospects.
Key Market Segmentation:
The report provides an in-depth analysis of key trends within each sub-segment of the global virtual reality content creation market, accompanied by forecasts at the global, regional, and country levels for the period from 2023 to 2028. The market is segmented based on content type, component, and end-user.
Breakdown by Content Type:
- Videos
- 360 Degree Photos
- Games
Breakdown by Component:
- Software
- Services
Breakdown by End User:
- Real Estate
- Travel and Hospitality
- Media and Entertainment
- Healthcare
- Retail
- Gaming
- Automotive
- Others
Breakdown by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has been thoroughly examined, with profiles of key players including 360 Labs, Blippar Group Limited, Dell Inc., Koncept VR LLC, Matterport Inc., Panedia Pty Ltd., Scapic Innovations Private Limited, Subvrsive, VIAR Inc., and WeMakeVR.
Key Questions Answered:
- What is the current size of the global virtual reality content creation market?
- What is the projected growth rate for the global virtual reality content creation market during 2023-2028?
- What are the key drivers of the global virtual reality content creation market?
- What has been the impact of COVID-19 on the global virtual reality content creation market?
- How is the global virtual reality content creation market segmented by content type?
- How is the market segmented by component?
- How is the market segmented by end user?
- Which regions play a significant role in the global virtual reality content creation market?
- Who are the key players/companies in the global virtual reality content creation market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3.2 Billion |
| Forecasted Market Value (USD) by 2028 | $60.1 Billion |
| Compound Annual Growth Rate | 63.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/kzzuzk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
