Global Virtual Production Market Size to grow by USD 5.2 Bn in 2030.

RELEASE DATE
June-2022

CATEGORY
Information-Technology-Communication-IoT

REGION
Global

Press Release

The Global Virtual Production Market is projected to grow from USD 1.6 billion in 2021 to USD 5.2 billion by 2030 at a CAGR of 17.8% during the forecast period.

Virtual Production Market

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Virtual Production is a technique that flawlessly blends real-life live-action film with computer-generated graphics. Over the last decade, the virtual production sector has come a long way. Thanks to a variety of software tools and rising VFX skills across the film-making processes, the ability to integrate live action video with computer graphics in real-time has shaped the evolution. With developments in technology in the virtual production market, the entire filmmaking ecosystem, which consists mostly of directors, producers, cast members, and stunt coordinators, has experienced a tremendous transformation.

The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The media and entertainment industries have also been harmed. As a result, in the following months, the pandemic will operate as a stifling factor for the expansion of many markets associated to this industry. Production and on-location shooting is one of the most severely impacted vital areas. The sector is battling back, attempting to recoup its losses and develop new business models. Companies are creating shows for streaming devices to monetize. With the increasing proliferation of OTT devices, the crisis has hastened the trend of media streaming. Since the outbreak, streaming firms have seen a large increase in subscriptions and views. As a result, there has been a considerable increase in demand for virtual productions. The COVID-19 epidemic has had a favorable impact on the virtual production market.

Virtual Production Market

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Companies' attention on developing compact and comfortable virtual gaming devices, as well as ongoing technological innovation in virtual production platforms such as audio, has intensified as a result of factors such as functioning in a three-dimensional world. Gaming applications are likely to fuel market expansion thanks to 3D, disconnected VR headsets, and cloud scalability. Furthermore, the addition of an immersive experience allows for 360-degree views of graphical elements as well as a new level of game involvement, allowing players to control and modify the game environment using their senses. As a result, market growth is expected to be fueled by the rising use of virtual production technologies in games.

The growing popularity of virtual production in the media and entertainment business, as well as its ability to create high-definition images and virtual environments in real time, is propelling the market forward. By combining synthetic background landscapes with live action video, filmmakers can lessen the demand for production staff and crew members on site. This allows for a huge cost decrease in video production. Furthermore, developments in virtual production technology enable broadcasters to increase their operational efficiency by reducing the physical presence of technicians in the broadcast room.

The Asia Pacific virtual production market is expected to grow at a highest CAGR during the forecast period. The regional market has one of the highest rates of virtual production technology adoption in film studios. The primary countries pushing demand for virtual production solutions are China, Australia, India, Japan, and South Korea. The market's growth is aided by rising demand for online video streaming and the rising popularity of on-demand video content across the area. Furthermore, the region's filmmaking sectors are among the first to adopt technologically innovative filmmaking solutions.

Virtual Production Market

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KEY INDUSTRY DEVELOPMENTS:

In 2020- AVATOUR used virtual reality technology to transfer customers to a remote place in real time, giving a new and effective mode of transportation. The 360-degree cameras for AVATOUR are built by Insta360.

In 2020- HumanEyes Technologies launched its New Cloud-Based Suite. The HumanEyes Cloud-based Suite makes use of high-performance Edge computing capabilities to make the Capture-Create-Share VR workflow easier and more efficient.

In 2020- HTC Hosted the First Virtual "VIVE Ecosystem Conference" (V2EC). It was the first time a big physical industry event has been completely supplanted by a virtual reality digital doppelganger.

REGIONAL INSIGHTS

The Global Virtual Production Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America dominated the virtual production market in 2021 due to the widespread use of virtual production in the region's major film studios, such as NBC Universal, Warner Media, Walt Disney Studios, and Viacom CBS. Furthermore, significant expenditures in R&D efforts by area enterprises to develop innovative virtual production software solutions help the regional market's growth. The Asia Pacific virtual production market is expected to grow at a highest CAGR during the forecast period. The regional market has one of the highest rates of virtual production technology adoption in film studios.