Published Date: 19-Feb-2021
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According to a new report Global Virtual Production Market, published by KBV research, The Global Virtual Production Market size is expected to reach $3.1 billion by 2026, rising at a market growth of 14.3% CAGR during the forecast period.
The hardware segment is expected to grow at a substantial pace and is likely to hold the second-largest market revenue over the forecast period. This can be accredited to the significant increase in the number of LED video wall screens to create real-time background visuals that are needed for in-house shoots. The service segment is expected to expand at a fastest growth rate over the forecast period. Due to the dearth of trained professionals in virtual production technology and VFX, moviemakers or film studios frequently take help of professional agencies for their services to use VFX in their video productions.
In 2019, the market was dominated by the post-production segment. This can be accredited to its vital role in editing and merging post-shoot videos with visual effects (VFX) and graphics. The segment is likely to present lucrative growth opportunities in the coming years, and credit goes to the consistent increase in new video production projects on numerous video platforms across the globe. An increasing number of video broadcasters on the internet have created lucrative growth avenues for the segment.
The television segment is anticipated to witness the highest CAGR over the forecast period. This can be accredited to the augmented penetration of television sets in emerging countries. Furthermore, the rising uptake of smart television sets having upgraded technological features including integrated internet and interactive web, enables users to access the internet, watch videos, view web pages, and view photo slideshows on these devices.
The Asia Pacific regional market is expected to gain a significant share in the global market and grow at a higher CAGR over the forecast years. The regional market is observing the massive implementation of virtual production technology in film studios; China, India, Australia, Japan, and South Korea are the major countries that fuel the demand for virtual production solutions.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Adobe, Inc., Autodesk, Inc., HTC Corporation, NVIDIA Corporation, 360Rize, Arashi Vision, Inc. (Insta360), Epic Games, Inc., HumanEyes Technologies, Ltd. (Vuze Camera), Mo-Sys Engineering, Ltd., and Boris FX, Inc.
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