Virtual Production Market Size, Growth Opportunities, Industry Trends and Analysis
Chicago, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The Virtual Production Market by Offering (Hardware, Software, Services), Type (Pre-Production, Production, Post-Production), End User (Movies, Television Series, Commercial Advertisement, Online Videos), Region - Global Forecast to 2027". Establishment of new virtual production studios and rising demand for visual effects in movies and television industries are among the factors driving the growth of the virtual production industry.
The Virtual production market size is projected to reach USD 5.1 billion by 2027 from USD 3.1 billion by 2023 growing at a CAGR of 14.5% during forecast period.
Top 5 Key Market Players in Virtual Production Companies
- Adobe Inc. (US),
- NVIDIA Corporation (US),
- Sony Group (Japan),
- Autodesk Inc. (US),
- Technicolor (France),
Virtual Production Innovation Shapes Future of Entertainment Industry
The movie and television industries have undergone a transformation through virtual production technology, which has significantly boosted the demand for high-quality visual effects. The virtual production market has experienced remarkable growth due to the availability of advanced tools such as real-time rendering engines and virtual cameras. These innovative technologies enable filmmakers to create stunning visual effects in real-time and within their budget, reducing the need for expensive post-production.
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Virtual Production Market Dynamics
Driver: Increasing implementation in virtual production of LED wall technology
LED walls for virtual production cinematography are a revolution in the audio-visual industry’s film and video productions market.
They are distinguished by their excellent picture resolution which enables taking photographs on a professional film camera from just a few meters away. When LED displays are combined with camera tracking and virtual production technology tools, new and endless experiences are created, with the potential to generate real-time stage changes, manage light and color, create immersive worlds for performers and users, and minimize production times and costs. Digital projection and LED wall screens have been employed in recent years in most productions to build new virtual sets that replace chromas of the virtual production market report.
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Restraint: Lack of skilled professionals
Virtual production (VP) has experienced an unexpected boom during the pandemic. Globally, virtual production was the first port of call for many in film and episodic television. However, among the various issues raised by the sudden boom included scarce hands-on experience for the exceedingly high demand of the virtual production market.
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Opportunity: Rising trend in OTT platforms
The virtual production market for the over-the-top platform, often known as OTT, is expected to grow as access to entertainment becomes simpler. The ability to stream an endless library at any moment has accelerated the rise of OTT spaces. The advent of OTT platforms has led to disruptions in the entertainment industry.
It has made movie watching more easy, accessible, and economical to a larger range of people. Anyone with a mobile phone and an internet connection can watch a movie from anywhere on the globe.As stated by the Sony Group, key OTT players such as Netflix, Inc., Hulu, Amazon Prime Video, and Apple TV+ have been spending significantly to offer original content. For instance, the original content spends by these four companies have significantly increased over the years in technology. In 2017, the original content spend was valued at USD 1.17 billion and rose to USD 11.5 billion in 2021.
Virtual Production Market Categorization
This research report categorizes the virtual production market based on offering, type, end user, and region.
Based on Offering:
- Hardware
- Software
- Services
Based on Type:
- Pre-production
- Production
- Post-production
Based on End User:
- Movies
- TV series
- Commercial ads
- Online videos
- Others (Events, Theatre, And Music Concerts)
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