Virtual reality (VR) is a virtual environment that is created by computer-generated simulations. VR devices replicates the real-time environment into the virtual environment. For example, the driving simulators in VR headsets provide actual simulations of driving a vehicle by displaying vehicular motion and corresponding visual, motion, and audio indications to the driver.
These simulations are high definition content known as VR content, which are developed with the help of software that creates three-dimensional environment or videos.
Thus, the virtual reality content creation market growth is expected to rise at a significant rate in the coming years owing to proliferation of VR devices in diverse industries.
The VR content is created in two different ways. First, the VR content is produced by taking a 360-degree immersive videos with the help of 360-degree camera, which has high definition such as 4K resolution.
Secondly, the content is produced by making a 3-dimensional (3D) animation with the help of advanced and interactive software applications.
Rise in demand for high quality content such as 4K among individuals coupled with high availability of cost-efficient VR devices are major factors expected to drive the growth of the global virtual reality content creation market during the forecast period.
Ongoing modernization of visual display electronics such as TV, desktops, and others are proliferating the demand for VR content owing to its ability to adapt to surrounding environments displaying systems and provide virtual simulations.
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Moreover, rise in sales of head-mounted display (HMDs) especially in gaming and entertainment sector is another factor anticipated to propel the growth of the global virtual reality content creation market.
However, concerns associated with VR content piracy is a factor that hampers the growth of the global virtual reality content creation market to a certain extent.
Furthermore, rise in diversification applications of VR in various industries is an opportunistic factor for the players operating in the market, which in turn is expected to fuel the growth of the global market.
The virtual reality content creation market is segmented on the basis of content type, component, end-use sector, and region.
Further, the videos segment is sub-categorized into 360 degree and immersive.
Based on content type, the market is categorized into videos, 360 degree photos, and games. On the basis of component, it is divided into software and services.
Depending on end-use sector, it is categorized into real estate, travel & hospitality, media & entertainment, healthcare, retail, gaming, automotive, and others.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the virtual reality content creation market include Blippar, 360 Labs, Matterport, Koncept VR, SubVRsive, Panedia Pty Ltd., WeMakeVR, VIAR (Viar360), Pixvana Inc., and Scapic.