Press release
Smart Homes Market: Industry Insights, Trends and Forecast upto 2025
According to Transparency Market Research (TMR), the global VR content creation market is likely to exhibit a CAGR of 89.8% between 2016 and 2024. 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.
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Regionally, North America emerged dominant in the global VR content creation market with a share of 73.4% in 2016. The prevalent gaming culture in the region, especially in the U.S., and the rising adoption of novel technologies such as virtual reality have aided the expansion of the VR content creation market in North America.
However, over the course of the forecast period Asia Pacific is forecast to exhibit higher growth. TMR has projected the region to 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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The global VR content creation market can be segmented based on content type, end use, and solution. Among the end users constituting travel, hospitality, and event, real estate, media and entertainment, retail, gaming, and automotive sectors, the gaming industry is exhibiting the most lucrative opportunities. This industry therefore enjoyed lead in the overall market in 2015. In addition, the recent technological advancements are expected to seal the dominance of the gaming sector in the overall market.
During the next few years, the use of VR content creation is also likely to increase across media and entertainment, and travel, hospitality, and event sectors. Moreover, the automotive industry is forecast to showcase attractive opportunities. The market is expected to gain traction as the adoption of immersive and 360 degree videos increase in the retail sector. Big retail brands are expected to use VR content creation to improve the overall consumer experience. Spurred by these factors the global VR content creation market is expected to report strong growth in the coming years.
Some of the companies to benefit from the aforementioned trends are Koncept VR, VOXELUS, SubVRsive, Panedia Pty Ltd., WEMAKEVR, 360 Labs, MATTERVR and Elysian Studio Private Limited (Meraki).
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology.
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