Virtual Production Market Technology Developments with 15.9% of CAGR by 2027 - Autodesk, NVIDIA Corporation, HTC, MO-SYS ENGINEERING, Brompton Technology
In terms of revenue, the global virtual production market was valued at US$ 1,463.46 million in 2020 and is projected to reach US$ 4,733.04 million by 2028; it is expected to grow at a CAGR of 15.9% from 2021 to 2028.
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Impact of COVID-19 Pandemic on Virtual Production Market
COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then, it has spread across the globe. The media & entertainment industry has also been impacted negatively. Hence, the pandemic would act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the highly impacted critical areas is on-site shooting and production. The industry is fighting back to recover the loss and come up with new business models. To monetize, the companies are coming up with shows on streaming devices. The crisis has accelerated the trend of media streaming with the increasing penetration of OTT devices. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. This has significantly created a demand for virtual productions. The COVID-19 pandemic has positively impacted the growth of the overall virtual production market.
The initial years of 21st century bolstered the knowledge exchange across the globe as the adoption of internet was gaining traction at individual and residential level; however, the knowledge transfer was majorly through static medium (text). Moreover, with the rising advancements in internet/telecom infrastructure (introduction of 3G and 4G), coupled with affordable prices of media devices such as smartphone, tablets, laptops, computers, and TVs, the knowledge was majorly transferred through dynamic medium (video and moving graphics). Furthermore, owing to the affordable prices of internet coupled with rapid advancements in camera technology, content creation gained significant traction at an individual level. Content creators across the globe are utilizing various editing and graphic tools to enhance the quality of video content to attract more viewers. Thus, with the increasing number of content creators, coupled with the growing adoption of advanced editing tools, the virtual production market is anticipated to witness significant growth during the forecast period.
In addition, trend of VR technology has further accelerated the scope of film making. Virtual production software help in designing and developing digital environments to facilitate filmmakers to grab more growth opportunities from virtual production. For instance, SideFX provides Destruction FX with Houdini’s award-winning particle & dynamics tools. The tool is appropriate for developing blockbuster VFX through particles and more. The virtual production software enables massive simulation through tools to make the visual experience more realistic.
The market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, AVATOUR employed virtual reality technology to transport users to a remote location in real time, providing a new and effective substitute for travel. The Insta360 builds the 360-degree cameras for AVATOUR.
- In 2020, HumanEyes Technologies introduced New Cloud-Based Suite. HumanEyes Cloud-based Suite utilizes high-performance Edge computing resources to ease and streamline the Capture-Create-Share VR workflow.
- In 2020, HTC Conducted First Virtual "VIVE Ecosystem Conference" (V²EC) fully in VR. It marked the first major physical industry event that has been completely replaced fully by an interactive VR digital twin.
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