New York, US, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global VR Content Creation Market information by Content Type, by Components, by End User and Region – forecast to 2027” market size to grow at a compound annual growth rate of 76.5%.
VR Content Creation Market Scope:
The global virtual reality content creation market is witnessing rapid traction. The market is driven by augmenting demand for VR content in the marketing sector to offer exquisite customer experience marketing strategies across diverse end-users. With rising uses of VR head-mounted displays (HMDs) among individuals and VR devices in the gaming & entertainment sector, the market is estimated to witness a substantial rise over the next seven years.
Dominant Key Players on VR Content Creation Market Covered Are:
Panedia Pty Ltd.
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Market USP Exclusively Encompassed:
Proliferating Online Gaming Industry Positively Impacts the VR Content Creation Market
Architects, developers, content creators, artists, VLAND owners, and users all contribute to an exciting, visually stimulating, fun, and thoughtful world. In online gaming, VR solutions are used to enable influencers to participate, create and publish content through their channels and explore new content production methods.
In the media and entertainment industry, VR technologies are used to create interactive content, architectural & theatrical design, and improve venue operations. Technological advancements have created opportunities for companies to integrate virtual reality solutions in the learning & education and, media & entertainment industries. VR upgrades prove to be impactful for many industries, enhancing production efficiencies and increasing profitability while eliminating safety incidents.
Additionally, increasing investments by travel & hospitality, healthcare, gaming, and automotive companies escalate the market growth. Besides, investments in cloud-based online education infrastructure to gain enhanced control over the whole learning management gamut boost the market size.
Lack of Awareness for the Benefits of VR Devices Restrict Market Growth
Many developing economies still lack awareness of VR devices benefits, which is a major factor expected to restrain the growth of the market. Also, the lack of IT infrastructure hampers the growth of the market. Simultaneously, financial constraints and limited expertise are significant challenges projected to obstruct the market's growth.
Browse In-depth Market Research Report (111 Pages) on VR Content Creation Market:
North America dominates the global virtual reality content creation market. The availability of well-developed IT infrastructure and high IT spending capability of North American countries supports the market growth. Besides, the presence of key technology providers in the region enabling content creators to produce virtual reality on their own substantiates the market size.
The high adoption of virtual reality technologies that can make the whole marketing and education experience interactive, integrating with related concepts boosts the market share. Additionally, the increasing adoption of VR solutions in a number of verticals to enhance production efficiencies, eliminate safety incidents and increase profitability drives market growth.
The region is leading on the path to becoming a smart factory, which increases the market demand to improve operational efficiency and deliver great experiential learning and unbelievable return-on-investment (ROI) benefits. Furthermore, the rapidly growing online gaming industry in the region fosters the adoption of VR technologies to enable influencers to participate, create and publish content through their channels and explore new content production methods.
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Segmentation of Market Covered in the Research:
The market is segmented into content types, components, end-users, and regions. The content-type segment is sub-segmented into videos, 360-degree photos, and gaming. The component segment is sub-segmented into software and service.
The end-user segment is sub-segmented into real estate, travel & hospitality, media & entertainment, healthcare, gaming, automotive, and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
COVID-19 Impact on the Global Virtual Reality Content Creation Market
The COVID 19 pandemic impacted the virtual reality content creation market positively. Lockdown, physical distancing mandates, and safety protocols boosted the gaming industry and OTT platforms. This, as a result, increases the adoption of VR devices to manage the whole gamut. With the COVID 19 disruptions like to continue for a couple of years, the virtual reality content creation market is further expected to create a substantial revenue pocket.
VR Content Creation Market: Competitive Analysis
The virtual reality content creation market witnesses significant product launches and strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Key players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 21, 2021, L'Oréal USA announced that it is expanding its Pinterest activation with a new campaign that leverages Pinterest's content creator platform, pushing into content marketing. The campaign is L'Oréal's latest foray into the digital space, expanding its efforts in content marketing for its consumer-facing brands.
The partnership begins this week and will run through mid-September. Over 20 Pinterest creators would develop branded content for seven L'Oréal's personal care subsidiaries using short-form video feature Idea Pins. The content would cover beauty tutorials and trends for consumers looking to return to social activity amid the ebb of the pandemic.
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