Virtual reality is a digitally built experience with a three-dimensional environment. Virtual reality content creation is an advanced development in content offering applications due to its growing scope. Such tools offer a user-friendly and real-world experience. The technology offers immersive content with the help of VR devices like bodysuits, gloves, glasses, and handsets.
The latest technology has transformed the gaming and entertainment sector by offering a virtual realm. The growing utilization of this technology in robust training for soldiers in defense, field workers, pilots, engineers, training mechanics, technicians, and others is propelling the growth of the global virtual reality (VR) content market. Moreover, the use of virtual reality for educational purposes is further creating many new lucrative growth opportunities globally. Virtual reality is highly utilized in the healthcare sector for facilitating treatment to the patient suffering from mental health challenges through VR exposure therapy. The outbreak of Covid-19 is likely to positively impact the trajectory of the global virtual reality (VR) content market during the forecast period. Service providers have seen a significant surge in demand owing to the growing requirements of companies to continue operating their businesses virtually in times of crisis. Companies are adopting virtual reality technologies for conducting corporate meet-ups, quarterly conferences, and several other events. Also, they are formulating several policies and innovative strategies to boost their business significantly with virtual technology.
The global virtual reality (VR) content market can be segmented into application, component, technology, device, and region.
By application, the market can be segmented into healthcare, enterprise, commercial, consumer, aerospace, and others. The commercial application segment accounts for the largest share in the global virtual reality (VR) content market due to the increasing demand for virtual reality headsets in commercial sectors like car showrooms, retail stores, and real estate sector.
By component, the market can be segmented into software and hardware. The hardware component segment holds the largest share in the global virtual reality (VR) content market due to the high penetration rate of smartphones and other digitally advanced electronic devices. The hardware segment includes consoles, input devices, and output devices.
By technology, the market can be segmented into non-immersive and semi & fully immersive.
By device, the market can be segmented into projectors & display walls, gesture tracking devices, head-mounted display, and others.
Asia Pacific accounts for the largest share in the global virtual reality (VR) content market due to the ongoing technological advancements in the field of virtual reality technology. Moreover, the growing investments to boost the research activities are likely to further escalate the growth of the regional market in the forthcoming years.
North America is expected to witness significant growth during the forecast period due to the growing adoption of advanced technologies by the people in the region.
Some of the significant players in the global virtual reality (VR) content market are Ultraleap Ltd., Sixense Enterprises, Inc., Sensics, Inc., Samsung Electronics Co., Ltd., Microsoft, HTC Corporation, Facebook Technologies, LLC, CyberGlove Systems, Inc., and Barco. To cite, Apple Inc. acquired NextVR in May 2020 to upgrade Apple’s virtual reality technology for sports and entertainment. This strategic initiative is likely to offer enhanced quality services to the users in content and several other industries.