DUBLIN, Sept. 14, 2023 /PRNewswire/ — The “Global Virtual Content Creation Market Size, Share & Industry Trends Analysis Report By Solution (Software, and Services), By Content Type (Videos, Games, and 360-degree Photos), By End-use, By Regional Outlook and Forecast, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global virtual content creation market is on track to reach a projected value of $23.7 billion by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 24.6% during the forecast period.
Several key factors are contributing to this robust growth, including the increasing impact of virtual reality (VR) across various industries, such as automotive, entertainment, and marketing.
Virtual Reality Transforms the Automotive Industry
In 2022, the automotive sector generated $323.4 million in revenue in the virtual content creation market, highlighting the growing influence of VR technology. Automotive companies are increasingly leveraging VR for various applications, from sophisticated research and testing scenarios to virtual showrooms.
For instance, Toyota utilized ZeroLight VR to launch its new C-HR vehicle virtually, allowing customers to experience the car’s features even before a physical version was available. Leading automotive firms are embracing technology to enhance customer engagement and streamline processes.
Growing Demand for Head-Mounted Displays (HMDs) in Entertainment and Gaming
Video gaming has emerged as a popular recreational activity worldwide, leading to a surging demand for high-quality virtual reality content. As indoor gaming activities gain more traction, the need for immersive VR experiences continues to grow. The entertainment and gaming sector is a significant driver of virtual content creation, with consumers seeking captivating virtual worlds and experiences.
The Role of VR in Marketing
The marketing industry is undergoing rapid expansion, with technological advancements enhancing user experiences through visual content. Virtual reality experiences align closely with the concept of telepresence, creating a heightened demand for VR content that enables businesses to showcase their brands and products in innovative ways. Virtual content plays a pivotal role in helping companies stand out and establish a strong brand identity, further contributing to market growth.
Challenges in Copyright and Intellectual Property Rights
While creating virtual content, businesses often need to use copyrighted resources, which requires acquiring the necessary licenses or rights. This can involve negotiations with copyright owners, securing royalty-free licensing, or utilizing content covered under Creative Commons licenses. Ensuring compliance with copyright laws can increase costs and administrative complexities for content creators. As a result, the market is expected to experience slower growth during the forecast period.
Key Market Segments:
- Solution: The market is segmented into software and services, offering a range of tools and support for virtual content creation.
- Content Type: Content types encompass videos, games, and 360-degree photos, catering to diverse consumer preferences.
- End-use: The market serves various industries, including media and entertainment, gaming, automotive, travel and hospitality, real estate, retail, healthcare, and others.
Companies Mentioned
- Matterport, Inc.
- WeVR
- WeMakeVR
- Koncept VR LLC
- VIAR Inc.
- 360 Labs
- Blippar Group Limited
- Panedia Pty Ltd.
- Scapic Innovations Private Limited (Flipkart Pvt. Ltd,) (Walmart Inc.)
- Subvrsive, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9y7itq
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