Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global virtual production market size was valued at USD 2.54 billion in 2021. The market is projected to grow from USD 2.86 billion in 2022 to USD 7.19 billion by 2029, exhibiting a CAGR of 14.1% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Virtual Production Market Forecast, 2023-2029.”
Key Industry Development
The first turnkey virtual production product, VIVE Mars CamTrack, was just released by HTC VIVE. By combining the tracking workflow of an entire camera into a tightly packed, plug-and-play module with professional functionality, this solution makes software accessible, quick, and easy to use.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.1% |
| 2029 Value Projection | USD 7.19 Billion |
| Base Year | 2021 |
| Virtual Production Market Size in 2021 | USD 2.54 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | Type, Application, and Geography |
| Virtual Production Market Growth Drivers | Increasing Adoption of VFX in Movie Production to Propel Virtual Production Market Growth |
Key Takeaways
- Adoption of Virtual Production for Animated Industry to Foster Growth
- Virtual Production Market Size in North America was USD 0.89 Billion in 2021
- The highest rate of production technology adoption in movie studios is in the Asia-Pacific region.
- The software segment is likely to gain traction due to increased demand for immersive technologies.
- Extensive Rise in the Use of Virtual Production Systems in Movies to Fuel the industry Growth
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Driving Factors
Increasing Adoption of VFX in Movie Production to Propel Virtual Production Market Growth
- A growing use of VFX has resulted from the desire for high-quality content. In order to include effects that might not have been caught during live action filming, VFX is used to adapt, produce, and enhance live action media.
- This aids in the creation of special effects such as fire, explosions, the creation of creatures, the destruction of objects, and helps viewers better understand the plot.
- TV shows, movies, advertising, video games, and other media frequently use visual effects.
Segments
Growing Adoption of Virtual Production Technology to Boost the Market
By type, the market is bifurcated into technology/system and services.
In 2021, technology/system segment accounted for the largest virtual production market share and is projected to grow with a high CAGR during the forecast period.
Extensive Rise in Use of Virtual Production System in Movies to Fuel the Market Growth
By application, the market is classified into movies, TV series, commercial ads, E-sports, and others (online video, events, music concerts).
As per the analysis movies segment dominated the market due to significant increases in movie production budgets and increased use of VFX by Hollywood movie studios.
The market is geographically studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
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Regional Insights
North America to Lead Backed by Increase in Adoption of Advanced Technologies
Our research shows that North America will create the largest revenue share during the forecast timeframe. Increased use of new technologies in the media and entertainment industry, such as Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), and others, is driving the market in the region.
The Asia Pacific region has the highest rate of production technology adoption in movie theatres. Major economies surging the demand for these solutions include China, India, Australia, Japan, and South Korea. The expansion of the market is being positively impacted by the increasing popularity of on-demand video content among the region's young and online video streaming in the region.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Covered in the Report
- Adobe Inc. (U.S.)
- Technicolor (France)
- NVIDIA Corporation (US)
- Sony Group (Japan)
- Autodesk (U.S.)
- Pixotope Technologies (Norway)
- Aximmetry (Hungary)
- Mo-Sys Engineering (England)
- Glassbox Technologies (U.S.)
- AV Stumpfl GmbH (Austria)
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Major Table of Contents:
- Global Virtual Production Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Technology/System
- Services
- By Application (USD)
- TV Series
- Commercial Ads
- Movies
- E-sports
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Virtual Production Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Technology/System
- Services
- By Application (USD)
- TV Series
- Commercial Ads
- Movies
- E-sports
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Virtual Production Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Technology/System
- Services
- By Application (USD)
- TV Series
- Commercial Ads
- Movies
- E-sports
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
FAQ’s
How big is the virtual production market?
The Virtual production market size was USD 2.86 billion in 2022 and is projected to reach USD 7.19 billion by 2029
Which region is expected to hold the highest market share?
North America is expected to hold the highest market share.
Related Reports:
Augmented Reality [AR] Market Size, Share, Industry Growth 2029
Virtual Reality Market Size, Share, Analysis and Forecast 2023-2029
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