PUBLISHER: Grand View Research | PRODUCT CODE: 1301263
PUBLISHER: Grand View Research | PRODUCT CODE: 1301263
The global virtual content creation market size is anticipated to reach USD 25.49 billion by 2030, registering a CAGR of 25.7% from 2023 to 2030, according to a recent report by Grand View Research, Inc. The growing demand for Virtual Reality (VR) content and video games among individuals is attributed to the integration of VRtechnologies into the products as it offers a more immersive experience to end-users. In addition, the easy accessibility of cost-efficient and practical VR devices in the entertainment and gaming sector is expected to drive market growth over the forecast period.Moreover, the rise in cloud-based virtual content creation tools is making it easier and more cost-effective for content creators and businesses to produce virtual content.
This is augmenting the growth of the market by lowering the entry barriers for new content creators. Furthermore, virtual content creators are considering creating content that can be enjoyed and accessed across multiple platforms owing to the availability of numerous devices and platforms, which isanothergrowth-driving factor. Several companies focus on launching new products and offerings to attract a more extensive customer base and strengthen their foothold in the industry. For instance, in December 2022, XR Immersive Tech Inc., a VR and AR entertainment company, launched PortalX, a VR hardware Kiosk that can be used for several sectors, such as healthcare, retail, gaming, and entertainment, among others. This, in turn, is expected to propel market growth during the forecast period.