Press release
Global VR Content Creation Market Witnessed to surge at a notable CAGR of 89.8% by 2024
MRRSE
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VR content creation mainly includes the development of sketch, pre-production activities, shoot and post-production. With the purpose of creating virtual reality content, nowadays enterprises are engaged in VR content creation use advanced software and cameras. Owing to these factors, the global VR content creation market is forecast to exhibit strong growth in the coming few years.
According to the TMR estimations, the global VR content creation market is likely to exhibit an incredible CAGR of 89.8% between the years 2016 and 2024. Also at this pace, the market is expected to reach a whopping US$41.01 bn by the end of 2024 from a valuation of US$147.5 mn in 2015.
North America and Asia-Pacific to Exhibit Highest Growth Rate Until 2024
Geographically, the research study throws light on the world’s main regional market conditions, by focusing on some prime regions and countries including North America, Europe, South America, Asia-Pacific, Middle-East and Africa. For each regional segment, the report also provides details of market attractiveness. In terms of geographical outlook, it has been studied that, North America dominant in the global VR content creation market with a share of 73.4% in 2016. The main reason behind this growth is the prevalent gaming culture in the region, especially in the U.S., and the escalating adoption of novel technologies such as virtual reality (VR).
TMR Analysts has projected that Asia-Pacific region will exhibit an exponential CAGR of 116.1% between 2016 and 2024. This regional market will gain from the rising awareness about virtual reality in the region and the entry of new players.
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Market Overview and Segmentation
At first, the market overview section of the report demonstrates the market dynamics such as the drivers, restraints and opportunities that will influence the current landscape and future status of this market. Furthermore, Porter’s Five Forces analysis explains the factors which are currently affecting the VR content creation market.
The market has been further categorized by content type, solution and its end-use sector. The content type segment includes:
• Videos (360 Degree and immersive videos)
• 360 Degree Photos
• Games
The end use sector considered in the market include real-estate, travel, hospitality and events, media and entertainment, retail, gaming, automotive and others.
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