VR content creation market worth $41bn by 2023
May 16, 2017
The Global VR content creation market is estimated to reach $41.01 billion (€37.2bn) at the end 2023 from $147.5 million in 2015. The market is growing with CAGR 89.8 per cent during forecasted period.
Rising demand for the gaming segment is the key determinant for the growth of VR content creation market across the globe. Advancement in the technologies and introduction of animation in virtual reality is the basis of the increase in demand for gaming sector. According to v3 UK in 2016, it is accounted that around 12.2 million VR headset units were sold across the globe that is expected to reach to 70 million by the end of 2021. According to ibc.org, around 14 million smart phone VR headsets to be sold across the globe in 2017 that is estimated to rise to around 25 million smart phone VR headsets in 2018.
The growing sales of VR devices is boosting the growth in the global VR content creation market. Moreover, the sales of VR headsets is valued at $78.85 million (61.3 million pound) in 2016. Thus, the growing demand for the VR devices across the globe is adding meaningful growth in the global VR content creation market.
According to Ukie (The association for UK interactive entertainment), the adoption of VR devices has increased the sales of PC game hardware that is valued around $331.86 million (258 million pound) in 2016 with an increase of around +64.3 per cent from 2015. Increase in the use of the gaming in the media and entertainment and travel industry makes the market attractive for the consumers. It also makes shopping experience incredible by using virtual gaming in it. Gaming sector depends up on the virtual reality content creation market to enhance gaming experience across the globe.
The increasing adoption of virtual reality in video gaming industry is adding meaningful growth in the global market. In 2016, PC VR video gaming console revenue was around $1.6 billion whereas mobile and console VR video gaming revenue was around $0.7 billion and $1.2 billion in 2016 that is expected to reach to $8.6 billion, $8.4 billion and $6.1 billion for PC VR video gaming, mobile VR video gaming and console VR video gaming. Thus, the growing demand for VR devices in gaming industry is uplifting the market.