The Global Virtual Content Creation Market size is expected to reach $23.7 billion by 2030, rising at a market growth of 24.6% CAGR during the forecast period.
The automotive sector is starting to see the impact of virtual reality, from elaborate research & testing situations to virtual showrooms. Therefore, the automotive sector generated $323.4 million revenue in the market in 2022. Many top firms in the automotive industry are embracing technology. Toyota, for instance, launched its new C-HR automobile realistically using ZeroLight VR. Everyone can experience what it is going to be like having one, even though there isn't a physical version yet. Some of the factors impacting the market are growth in demand for head mounted display (HMDs) in entertainment & gaming sector, growing adoption of VR marketing, and copyright issues and intellectual property rights.
Since playing video games is one of the most common recreational activities, it has become a common pastime in many parts of the world. The need for high-quality virtual reality material is growing tremendously as more people become attracted to indoor video game activities. This key element will likely fuel the market for creating virtual reality content. The marketing industry is expanding rapidly due to how the technological revolution has enhanced user experience through visuals. Computer-simulated reality experiences and the telepresence philosophy are closely related. Because of this, there is a greater need for virtual reality content to help businesses get their brand in front of customers. This is a significant aspect that would likely fuel the expansion of the market throughout the forecast period. Virtual content enables businesses to stand out and establish a solid brand identity. The development and expansion of the market are being driven by the joint efforts of these players.
However, using copyrighted resources in virtual content development frequently necessitates the acquisition of the necessary licenses or rights. To do so, businesses could bargain with copyright owners, secure royalty-free licensing, or use content covered under a Creative Commons license. To incorporate copyrighted assets in their virtual content, content creators must guarantee they have the required permits and rights, which can increase expenses and administrative hassles. The market is predicted to grow slowly during the projection period.
On the basis of end use, the market is segmented into automotive, media & entertainment, travel & hospitality, real estate, retail, gaming, healthcare, and others. The gaming segment garnered a significant revenue share in the market in 2022. The enormous worldwide popularity of gaming among all age groups is to blame for the segment rise. For instance, 38% of American gamers in May 2023 were between the ages of 18 and 34. In addition, as the entry barrier is being lowered by the creation of affordable VR headsets that do not require advanced hardware, new users are expected to enter the market.
Based on solution, the market is segmented into services and software. The services segment acquired a substantial revenue share in the market in 2022. The expansion of fictitious VR universes like Metaverse, that is expected to draw businesses to create tools for content creation in these virtual worlds, can be credited to the segment growth. Additionally, the high cost and high-end gear needed to create and maintain VR solutions is a key driver in the expansion of businesses that provide VR as a service. Similar to this, the modernization and digitalization trends are anticipated to encourage smaller businesses to use these services, leading to segment expansion.
On the basis of content type, the market is categorized into videos, games and 360-degree photos. In 2022, the videos segment witnessed the largest revenue share in the market. The enormous success of 360-degree VR experiences in videos is responsible for the segment's growth. For instance, 360-degree VR videos are available on YouTube, a well-known video-sharing website, and can be viewed on desktop and mobile devices. In addition, because VR headsets provide viewers with a more immersive experience, the demand for them has surged due to the increasing use of VR in the consumption of video material.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.2 Billion |
| Market size forecast in 2030 | USD 23.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 24.6% from 2023 to 2030 |
| Number of Pages | 245 |
| Number of Table | 390 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Solution, Content Type, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia pacific, and LAMEA. The Asia Pacific region led the market by generating the highest revenue share in 2022. The expanding VR technology breakthroughs in developing nations like China and India are responsible for the expansion of the regional market. Additionally, the presence of nations like China, which are significant manufacturers and suppliers of gear connected to virtual reality, is predicted to assist the expansion of this regional market throughout the forecast period.
Free Valuable Insights: Global Virtual Content Creation Market size to reach USD 23.7 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.), and Subvrsive, Inc.
By Solution
By Content Type
By End-use
By Geography
This Market size is expected to reach $23.7 billion by 2030.
Growth in demand for head mounted display (HMDs) in entertainment & gaming sector are driving the Market in coming years, however, Copyright issues and intellectual property rights restraints the growth of the Market.
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.), and Subvrsive, Inc.
The expected CAGR of this Market is 24.6% from 2023 to 2030.
The Software segment acquired the maximum revenue share in the Global Virtual Content Creation Market by Solution in 2022, thereby achieving a market value of $18.5 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.1 billion by 2030.
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