Virtual Production Market Worth US$ 4,733.04 Million, Globally, by 2028 at 15.9% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "Virtual Production Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services) and End User (Movies, TV Series, Commercial Ads, and Online Videos)" 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% during the forecast period from 2021 to 2028.

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The virtual production market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. The North America region dominated the virtual production market in 2020. The US film & entertainmentindustryincludes TV subscriptions, movietheatres, films, and electronic home videoproduction, as well as distribution & consumption. With rising penetration of digital contents, the scope of virtual production will also rise. Additionally, the region witnesses footprints of 360Rize; Insta 360; Boris FX, INC; and Epic Games, Inc.; among others, in its territory. APAC is anticipated to be the fastest growing region of virtual production market, owing to the factors such as growing urbanization and increasing internet penetration. Furthermore, increasing inclination toward OTT platforms among the individuals in the region is expected to drive the market in the region.

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

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Enhanced Cost and Time Savings for Production Houses and Content Creators
The conventional media production is extremely linear, as the cinematographers and directors plan the scene, casts are filed on the set and editing & VFX development starts and finishes after filming is complete. Such one-way procession through preproduction, production, and postproduction can lead to negative outcome such as "fix-it-inpost" mentality, duplicative or destructive VFX labor, and expensive reshoots. The virtual production enables production houses to start VFX in preproduction which makes digital assets available for planning and shooting, allowing it to continuously refine the final output throughout the course of production. Virtual production is an evolution of conventional filmmaking playbook, allowing studios to pursue higher experimentation while controlling the cost and time of production.
Component Segment Insights

Based on component, the virtual production market is segmented into solution and services. The solution segment is expected to be the leading segment in the global virtual production market during the forecast period. The adoption of virtual production in myriad applications is increasing. To combine team members together and make the best out of a game engine, filmmaking, or TV series, the scope of virtual production is widening. Epic Games, Inc.; Technicolor; Perforce Software, Inc.; and Notch are some of the companies engaged in the business of providing virtual production software/solutions to manage all activities taking place during filmmaking, games, and movies.

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.

Virtual Production Market - by Component
• Solution
• Services

Virtual Production Market - by End User
• Movies
• Commercial Ads
• Online Videos
• TV Series

Virtual Production Market-CompanyProfiles
• 360Rize
• INSTA 360
• Boris FX
• Epic Games, Inc
• Humaneyes Technologies
• Adobe Inc.
• Autodesk, Inc.
• NVIDIA Corporation
• HTC Corporation (VIVE)
• MO-SYS ENGINEERING LTD
• Brompton Technology Ltd
• ROE Visual

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