The global market for virtual reality (VR) content creation hosts a number of market players who want to invent innovative technologies in order to earn a greater market. The resources at the disposal of these players vary across a wide spectrum of the market, and there is also a great level of variation in the size of these players. In recent times, forming partnership and alliances with smaller companies has become the catchphrase of well-established market players.
This is done to fetch a wider geographical reach and penetrate local markets without any hassles. The aforementioned factors helped Transparency Market Research (TMR) is estimating that the competition would intensify in the market in the coming years. The key market players include Blippar, Voxelus, and Matterport. Companies within the VR content industry are also expected to resort to acquisition of other companies in order to grow their market share.
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Transparency Market Research (TMR) presents a report that throws light on the market dynamics and forecasts the future success of the global market for VR content. The market is anticipated to inflate at a commendably high CAGR of 89.8% over the period from 2016 to 2024. The market value that was worth US$147.5 mn in 2015 is projected to rise to an astral figure of US$41.01 bn by the end of 2024. These are plush figures that show the bright prospects of the market over the forecast period. Based on the end-user categorization, the gaming segment is anticipated to bring in high revenue into the market.
This segment accounted for a little below 50% of the total market share within the end-use segment. If we analyze the regional markets, North America exhibited positive results in the years 2016 and had a market share of 73.4% in the same year. Despite the prominent position of the North American Market, the market in Asia Pacific is expected to register the highest growth rate over the forecast period.
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The demand for VR content comes from an array of fields, which has created a regular flow of revenue into the market. The media and entertainment industry has been an ardent user of content based on virtual reality. The rise of the 3D market has given a strong push to the global market for VR content. Other industries using VR content include hospitality, travel, real estate, automobile, and retail. Hence, it isn’t surprising that the market has gained stupendous traction and exhibits an unusually high CAGR.
The quest to offer better entertainment experiences to consumers has also necessitated the need for VR content. Although the VR technology is relatively new, almost all of the sectors have realized the worth of this technology. VR content has also become an efficient tool for marketing products and building stories around them. This helps the companies in asserting their iconic brand and reaping the benefits of better marketing. The gaming industry has pervaded across the globe, and there are substantial resources being invested towards providing better gaming experiences. Hence, the market also grows alongside the need to provide virtual reality experiences to gamers.