Pune,India, Sept. 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Virtual Production Market Size was valued at USD 2.63 billion in 2022 and is projected to grow from USD 2.98 billion in 2023 to USD 7.62 billion by 2030, exhibiting a CAGR of 14.4% during the forecast period.
Virtual production techniques are generally used for creative immersive experiences for audiences. These solutions simplify production processes and reduce post-production efforts.
Key Industry Development-
Netflix and DNEG, a technology-advanced VFX company, unveiled a multiyear services agreement. This agreement involves DNEG offering virtual production and visual effects solutions for Netflix’s original content and feature programming.
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Key Takeaways-
- Virtual Production Market is expected to flourish & reach USD 7.62 Billion in 2030
- Unreal Engine 5 (UE5), the most recent version of Unreal, has technological advancements that significantly simplify the production of animation and movies.
- LED wall productions allow for the quick, low-cost, and development of large-scale real-scene productions.
- Production studios have trouble filling positions since the sector lacks personnel with proactive experience because technology is still developing.
- Virtual Production Market Size in North America was USD 0.91 Billion 2022
Discover the Leading Players Featured in the Report-
“Adobe (U.S.), Autodesk, Inc. (U.S.), HTC Corporation (Taiwan), Sony Corporation (Japan), ARRI AG (Germany), Mo-Sys Engineering Ltd. (U.K.), Pixotope (Norway), FuseFX (U.S.), 80six (U.K.), TREE Digital Studio (Japan)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.4% |
| 2030 Value Projection | USD 7.62 Billion |
| Base Year | 2022 |
| Virtual Production Market Size in 2022 | USD 2.63 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 119 |
| Segments covered | Type, Application, Regional |
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Drivers and Restraints-
Increasing Demand for Real-time Game Engines to Boost Market Development
The emergence of real-time game engines is driving market expansion. Real-time game engine, Unreal Engine is creating new opportunities for film creators. By using Unreal, filmmakers are designing virtual characters to display them on big LED screens. Animation and film production have become easier with rapid innovations in Unreal. Game engines can modernize production procedures. The growing implementation of real-time game engines across solutions in different applications is expected to boost market development.
However, a dearth of skilled professionals to work with high-end technologies is restraining market expansion.
Leading Segments Covered in this Report-
By Type
- Technology/System
- Services
By Application
- TV series
- Commercial Ads
- Movies
- E-sports
- Others (Online Video, Events, Music Concerts, etc.)
Regional Insights
North America Dominated Market Share Due to Rapid Expansion of the Entertainment Industry
The market in North America was valued at USD 0.91 billion in 2022. Rising adoption of virtual production technologies in the entertainment industry to offer visually appealing content to improve audience engagement is boosting market development in the region.
Europe holds the second-largest global virtual production market share due to a rise in partnerships among top market participants. The introduction of innovative products by key market players for an excellent visual experience for the audience is driving market progress in Europe.
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Competitive Landscape
Companies Make Agreements with Prominent Players to Make a Mark in the Industry
Major market participants are continuously producing innovative techniques to improve filmmaking and magnificent visual experiences. They are focusing on collaborations and partnerships to increase their product portfolios and streamline production processes.
FAQs
How big is the Virtual Production Market?
Virtual Production Market size was USD 2.63 Billion in 2022. It is expected to reach USD 7.62 Billion by 2030.
How fast is the Virtual Production Market growing?
The Virtual Production Market will exhibit a CAGR of 14.4% during the forecast period, 2023-2030
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LED Video Walls Market Share, Revenue Forecast and Opportunities
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