The advent of VR tools has been a major revolution in the recent past as far as cinematic and virtual assets applications are concerned. With VR tools, ideas can now be presented in more illustrative manner via 3D and other designs, which helps in gaining audience attention. The interactivity of VR content makes them strikingly more interesting for the viewers and is now readily used by the entertainment industry for sketching, pre-production procedures, shooting, and post-production activities.
The entertaining business has been touching new peaks in the past decade with urban consumers with disposable income spending substantially on amazing visual experience. Consequently, the demand in global VR content creating is expected to expand rapidly at a CAGR of 89.8% during the forecast period of 2016 to 2024, according to a recent intelligence study by Transparency Market Research (TMR). The TMR study evaluates that the opportunities in VR content market was merely 147.5 mn in 2015, which will surge to US$41.01 bn by the end of 2024. Technological advancements in this field, increasing use of VR headsets across the world, incremented demand from the travel and media sectors, and rising consumer awareness regarding virtual reality are some of the other factors favoring the growth rate of the global VR content creation market.
Which are the most profitable market segments?
By end-use industry, the TMR report divides the global VR content creation market into media and entertainment, automotive, real estate, gaming, retail, and travel, hospitality, and events. Out of these, gaming sector is showing the most robust growth rate, accounting for nearly 50% of the market in 2015. However, although the gaming sector will continue to pose significant demand during the forecast period, media and entertainment segment is showing serious potential too. Geographically, North America serves the maximum demand, gaining primarily from the gaming industry and increasing application of virtual reality for various purposes. Asia Pacific too is projected for a strong growth rate, which will be a reflection of thriving automotive industry.
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What is the nature of competition among the leading vendors of VR content creation?
The global VR content creation market is in nascent stage with ample opportunities for the players. Several companies with varying financial might and resources are participating, but very few have managed to gain reputation among the end users. Voxelus, Matterport, and Blippar are the three leading vendors of VR content creation identified by the TMR report. However, several prominent players from similar sectors are actively investing on research and development of the VR technology, and merging or acquiring with smaller players with potential in order to expand their regional outreach.
The popularity of immersive and 360 degree videos is proving to be a boon for the retail sector, especially ecommerce wherein customers can now extensively explore and analyze their products before purchasing. Players in this market are concentrating on diversifying their offerings in order to meet even these smaller demand in order to expand their business avenues.