The global VR AR Content Creation Market Ecosystem is expected to grow with a CAGR of 18.5% due to the rising demand for AR VR devices among the population across the globe
Fremont, United States – January 29, 2020 /MarketersMedia/ —
AllTheResearch illustrates the competitive market for VR AR Content Creation Ecosystem that includes strategic players such as Next/Now, GameAnax Inc., Intellectsoft, Apptension, Zco Corporation and others. Increasing number of AR VR headset manufacturers such as Google, HTC, Oculus and others, is one of the major factors accentuating the demand for VR AR Content Creation Market Ecosystem in recent years.
Content is used by these device manufacturers to provide users with immersive experience. The global VR AR Content Creation Market Ecosystem is expected to grow with a CAGR of 18.5% due to the rising demand for AR VR devices among the population across the globe.
Moreover, the growing demand for 360 videos is creating opportunities for content creators to provide content for this type of videos. Augmented reality applications mainly run on AR capable mobile phones and users are expected to download the application from the app store. The main challenge is to make users download the content on their smartphones due to the poor quality of internet in locations such as museums and other such places. This, in turn, can hinder the growth of the overall VR AR Content Creation Market Ecosystem.
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VR AR Content Creation Market Ecosystem: Segmentation
By Type Videos, 360-Degree Videos, Games
By Application 3D Modelling, Training, Monitoring, Others
By End User Automotive, Aerospace, Defence, Logistics, Retail, Healthcare, Consumer Industry, Others.
VR AR content is mainly used by employers for training and promotional purpose. The global spending for corporate training in 2018 was approximately US$ 130 Bn, which is expected to create demand for VR AR content creation among employers for training their employees. Companies such as Walmart, Boeing, UPS, and others are using AR VR for training purposes, which has been driving the demand for VR AR Content Creation Market Ecosystem in recent years. Boeing has reduced its operational time by 25% due to the use of augmented reality headsets. This has also enabled the company to eliminate errors during maintenance and thus, enhance productivity.
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Further, Agco, an U.S.-based agriculture equipment company manufacturer, has managed to reduce the time of inspection by 30% due to the use of augmented reality in training programs. As augmented reality is increasingly used for training by companies, the demand for VR AR Content Creation Market Ecosystem is expected to increase in the coming years.
At the same time, as 80% workforce across the world use smartphone or tablets at work, this will create opportunities for AR VR training in the coming years. However, security issues associated with corporate training applications are expected to hinder the growth of the segment to some extent. Capabilities of AR smart glasses to provide real-time data, remote assistance, and others are also driving the growth of the VR AR Content Creation Market Ecosystem.
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