Virtual Reality Content Creation Services Market Report 2022: Marked Increase in the Market Activity for VR Solutions Driven by Enterprise Use-Cases Which Require Content Creation & Rendering - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "VR Content Creation Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global virtual reality content creation services market is expected to register a CAGR of 40.2% during the forecast period (2022-2027). The worldwide virtual reality content production services market is growing due to the increasing usage of virtual reality technology by the media and entertainment, industrial, healthcare and education sector.

Key Highlights

• The use of VR technology by enterprises is increased for applications such as on-the-job training, virtual offices for remote teams, training such as virtual meetings, and education are fueling the growth of the virtual reality content creation market.
• The introduction of virtual reality (VR) technologies is a breakthrough, allowing individuals to communicate 3D ideas and designs more effectively than ever before. The goal of creating more intriguing and interactive content is to leverage VR content production technologies to immerse target consumers in the world of virtual entertainment. As a result, the growing use of virtual reality content development is expected to boost the market throughout the forecast period.
• The Asian VR market has been rapidly expanding, driven by government funding support. Asian venture capital firms, such as the Japanese business Gumi, support Asian growth while also being interested in global VR talent, especially in Europe. Asia is also active in content creation, although it mainly focuses on the Asian market for cultural and linguistic reasons.
• The vendors are developing advanced VR content creation platforms and services by forming partnerships. For instance, in May 2022, DPVR and FXG Video Science and Technology partnered to create more convenient VR content systems by combining their technology and resources.
• The factors such as content offerings, user experience, consumer reluctance, and financing and lack of supporting infrastructure are restraining the market's growth.
• VR technology has the potential to mitigate many of the challenges brought about by the pandemic, which has spurred increased adoption. However, relatively low adoption overall and limited software still restrict the power of VR to address COVID-19 difficulties effectively.

Growing Adoption of VR in Gaming

• Virtual reality is becoming popular in the gaming sector, which has benefited from this immersive technology. Many large-scale game development companies have jumped on the VR movement to transform the user experience.
• As time passed, a larger number of developers are showing interest in VR games. The addition and modification in the existing VR content has changed the image of the games in recent years.
• The VR gaming industry's market size is expanding at a rapid pace as the concepts and contents used in virtual reality games are exciting. This is the reason that Virtual Reality has become potential to introduce new things in the gaming industry.
• In April 2021, Sony Interactive Entertainment filed a patent, which suggests that the company is working on machine-learning for image upscaling on the PS5 VR games. The patent also creates an opportunity to improve the PS5 VR headset without sacrificing the processing power for running the new and improved VR games.
• Further, in July 2021, Virtex announced that it was planning to launch a virtual reality stadium, "Virtex Stadium", that lets the fans watch the game together with their friends from the center of the field. The launch is in line with the growing popularity of e-sports and the growing affordability and performance of VR consumer devices. Such innovations and development by key vendors in gaming industry using virtual reality is adding the demand for new content creation in the games and related services which is expected to propel the market growth.

Key Topics Covered:

EXECUTIVE SUMMARY

MARKET INSIGHTS

• Market Overview
• Industry Value Chain Analysis
• Industry Attractiveness - Porter's Five Forces Analysis
• Assessment of Impact of COVID -19 on the Industry

MARKET DYNAMICS

• Market Drivers
  • VR-Based Content is Being Increasingly Received by Customers, Mostly Driven by Location-Based VR Experiences
  • Marked Increase in the Market Activity for VR Solutions Driven by Enterprise Use-Cases Which Require Content Creation & Rendering
• Market Challenges
  • Infrastructural Challenges Remain a Concern. Moreover, the Relatively Long Development Cycles Require Considerable Budget Overlay
• Market Opportunities
• Industry Ecosystem Analysis
• Current Entry Barriers to VR Film Production
• Current Activities and Developments in the VR Filmmaking Sector
• Overview of Current VR Landscape - Hardware, Software and Content Services

6 MARKET SEGMENTATION

• By End-user
  • Media & Entertainment
  • Enterprise & Industrial
• By Geography

COMPETITIVE LANDSCAPE

7.1 Company Profiles

• Visualise Creative Limited
• VREI
• Panedia Pty Ltd
• Within
• Fieback Medien
• Evolve Studio
• FirebirdVR
• FXGear

KEY STAKEHOLDERS

INVESTMENT ANALYSIS

For more information about this report visit https://www.researchandmarkets.com/r/cb3yib

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