Portland, OR, Oct. 26, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global virtual reality content creation market was estimated at $431.3 million in 2018 and is expected to hit $46.54 billion by 2026, registering a CAGR of 77.1% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and fluctuating market trends.
Surge in demand for head-mounted display (HMDs) in gaming & entertainment sector, availability of cost-effective virtual reality devices, rise in virtual reality marketing, and high demand for three-dimensional content among various industries drive the growth of the global virtual reality content creation market. On the other hand, lack of awareness regarding the advantages of using virtual reality devices curtails down the growth to certain extent. Nevertheless, penetration of HMDs in healthcare and architectural applications, and use of virtual reality in training, as well as simulation among aerospace & defense and transportation sector, are anticipated to create multiple opportunities for the key market players in the industry.
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Covid-19 scenario-
- Disruptions in the supply chain, due to covid-19, have caused significant decline in the manufacturing of reasonable VR devices.
- However, the pandemic has brought in ‘stay-at-home’ orders in most of the countries. And, with this drift on board, there’s been a steep increase in demand for head-mounted display (HMDs) such as VR and AR products among individuals all around the world.
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The global market is analyzed across content types, components, end-use sectors, and regions. By content type, the videos segment contributed to nearly half of the total market revenue in 2018 and is anticipated to rule the roost during the study period. Simultaneously, the 360-degree photo segment is projected to manifest 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 trail till 2026. At the same time, the services segment would portray the fastest CAGR of 83.5% throughout the forecast period.
By geography, North America garnered the highest share in 2018, holding nearly three-fifths of the global market. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 91.3% from 2019 to 2026. The report has also covered regions such as Europe and LAMEA.
The 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 embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their feats in the industry.
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