Virtual Reality Content Creation Market to Generate US$ 39.5 Billion
The Virtual Reality Content Creation market was valued at US$ 240.9 million in 2016 and is projected to reach US$ 39.5 billion by 2025, according to a market research report Virtual Reality Content Creation Market by Content Type (Videos, 360 Degree Photos and Games), by Component (Software and Services), by End Users (Gaming and Entertainment, Engineering, Healthcare, Real state, Retail, Military and Education) and Geography–Global Forecast to 2025 by Coherent Market Insights.
Virtual reality creates a digital environment to provide real lifelike experience to the user. Healthcare segment holds a huge opportunity for the growth of virtual reality content creation market. Increasing application of virtual reality technology in healthcare segment have reduced the R&D and training cost, which uplifted the demand for virtual reality content in this segment. Visualization (virtual endoscopy, colonoscopy), computer assisted surgery (training, planning, rehearsal, and delivery), therapy, and telemedicine education (teaching, training etc) are some of the key applications of virtual reality technology in healthcare segment. For instance, Psious a U.S.-based company that provides virtual reality treatment for therapist. Virtually Better provides virtual reality therapy for phobias, depression, and anxiety. Firsthand Technology provides relief from the chronic pain. According to Firsthand Technology, narcotics reduces the pain sensation by 10% while hand virtual reality reduces 48%. This in turn accelerates the growth of healthcare segment in global virtual reality content creation market.
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Key Takeaways of the Virtual Reality Content Creation Market:
Global Virtual Reality Content Creation market was valued at US$ 240.9 million in 2016 and is projected to reach US$ 39.5 billion by 2025, exhibiting a CAGR of 86% over the forecast period.
The gaming segment held the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period, owing to the increasing trend of VR technology in gaming industry. According to the Coherent Market Insights, by 2020 the global gaming market is projected to reach US$ 128.5 billion up from US$ 108.9 billion in 2017.
North America region held the dominant position in the Virtual Reality Content Creation market in 2016 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are growth engines in the region. The high spending on augmented and virtual reality majorly in the U.S. have dominated the market in this region. According to Coherent Market Insights, in 2017, spending on augmented and virtual reality in the U.S. is estimated to be pegged at around US$ 3.2 billion.
Asia Pacific virtual reality content creation market is projected to grow with the highest CAGR over the forecast period. India, China, and Japan are the major economies driving the growth of the market in this region. The increasing adoption of consumer electronics applications such as gaming and entertainment have accelerated the growth of market in this region.
Some of the major companies in the global virtual reality content creation market are 360 Labs, Blippar, Koncept VR, Matterport, Panedia Pty Ltd., SubVRsive, Vizor, Voxelus., WeMakeVR, and Wevr
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