VR content creation market 'to grow by 77% a year'

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by Josh Hall

The virtual reality content creation market is set to boom, reaching $46.54 billion globally by 2026.

This is according to new figures from Allied Market Research, which suggest that the sector will grow by a compound annual growth rate of 77 per cent over the next seven years.

Their study points to increased demand for VR headsets and the use of virtual content in a range of non-entertainment industries as key drivers for the expansion.

For example, they expect to see an explosion in the use of VR in areas such as property and real estate, travel and hospitality, and medicine.

Video will remain the dominant content type, while 360-degree photo applications will also see strong growth.

Allied predict that North America will remain the predominant market for VR content, but Asia Pacific will see the strongest growth over the forecast period at 91 per cent.