Market Trends of VR Content Creation Services Industry
Growing Adoption of VR in Gaming
- Virtual reality is becoming popular in gaming, 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, many developers showed interest in VR games. The addition and modification of existing VR content have 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. Thus, virtual reality has the potential to introduce new things to the gaming industry.
- Games are one of the most popular applications of virtual reality. People of all ages can appreciate the immersive, engaging experience that they offer. Games are characterised as digital medium in which participants engage in social interaction and/or virtual environment to accomplish a task. Additionally, the utilisation of VR content creation in this industry can be linked to consumers' rising demand for experiences that are realistic and lifelike. During the projected period, there is expected to be significant growth in the application of VR technology in the gaming industry.
- Microsoft Corp. announced in January 2022 that it intended to acquire Activision Blizzard Inc., a pioneer in game development and a publisher of interactive entertainment content. This purchase is expected to speed up the expansion of Microsoft's gaming company across mobile, PC, console, and cloud platforms and will serve as a foundation for the metaverse. By revenue, Microsoft is anticipated to overtake Tencent and Sony to become the third-largest gaming business in the world after this transaction.
- Further, Virtex announced that it was planning to launch a virtual reality stadium, "Virtex Stadium," that lets fans watch the game 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 developments by key vendors in the gaming industry using virtual reality are adding to the demand for new content creation in games and related services, which is expected to propel market growth.
- Additionally, the gaming industry is fast evolving, and virtual reality and alternate reality games are no longer in the distant future, according to Game Developers Conference. According to a 2023 study, 36% of participating game developers worldwide said they were working on titles for the Meta Quest virtual reality headset at the time. As a result, the market is anticipated to increase as a result of rising consumer demand for immersive media experiences and expanding VR technology adoption by companies in the gaming sector.
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North America is Expected to Hold Major Share
- The United States has a leading position in the virtual reality market. R&D for hardware and software is centered around Silicon Valley, home to IT giants such as Google, Apple, and Facebook. The content production is concentrated around big gaming studios and production studios in Los Angeles.
- The United States offers favorable conditions for virtual reality start-ups, has the most active VR and AR venture capital (VC) funds, and is willing to invest in early technology start-ups; hence, commercial VR and AR companies started in the US earlier than elsewhere. Such investments are expected to continue and are estimated to drive market growth.
- The increased demand for HMDs in the gaming and entertainment industries is expected to push the regional market. Also, the increased deployment of VR technology in aerospace and defense and the architecture and planning sectors may act as a major opportunity that helps in the growth of the market.
- Technological advancements and the development of numerous software tools and hardware suits are expected to create tremendous opportunities for businesses to gain a competitive advantage over other regions. As a result, the North American virtual reality content creation industry is expected to grow in the coming years.
- The most played PlayStation VR game in 2022, according to Playstation, was the virtual reality rhythm game Beat Sabre. The most downloaded PS VR game in the EU, as well as in the US, Canada, and other regions, was the critically acclaimed VR videogame. Job Simulator and SUPERHOT VR came in second and third, respectively, in both stores, after Beat Sabre.
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