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Virtual Production Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

12-15-2023 07:49 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

Virtual Production Market Set to Grow at the Fastest Rate- Time

The global virtual production market size is estimated to be USD 2.6 billion in 2022 and is projected to reach 5.1 billion by 2027, at a CAGR of 14.5% during the forecast period. The increasing demand due to the pandemic and the increasing implementation of LED wall technology are expected to drive the market growth for virtual production market.

https://www.marketsandmarkets.com/Market-Reports/virtual-production-market-264844353.html

The virtual production market has promising growth potential due to several factors, including the increasing investments by technology giants in development of innovative virtual production offerings, and growing focus of market players on R&D activities. The increasing deployment of various virtual production studios by in Sony Group, DNEG, TILTLABS, Virsabi, Production Resource Group, LLC, Dimension, Recode XR Studio, Vū Technologies, and 80six Ltd. and their focus on sustainable business growth have resulted in fierce competition in the virtual production market.

In 2021, the post-production segment accounted for the largest share of the global virtual production market. During the post-production phase, all the footage is constructed and the final touches, the elements that enhance the video are added to the final product. Hence this phase requires crucial editing and collaborating with graphics and visual effects (VFX).

In 2021, the movies segment accounted for the largest share of the virtual production market. The rising trend in moving movies from theaters and multiplexes to over-the-top (OTT) platforms enables producers access broader audiences. Companies have also been providing various offerings that enhance movies through the virtual production technology, some of which include Adobe Premiere Pro, an industry-standard pro video and film editing software; VENICE digital still cameras from the Sony Group are used in cinematography; B-Series Crystal LED from the Sony Group act as a virtual set and meet the needs of filmmakers; MPC Films from Technicolor Creative Studios offer creative leadership across all aspects of visual effects through its studios at various locations; Unreal Engine is at the forefront of virtual production. It is widely used for the production of various films and various other forms.

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Among all regions, the market in the Asia Pacific is expected to grow at the highest rate during the forecast period. China, South Korea, Japan, India, and the Rest of Asia Pacific have flourishing film and television industries. As stated by Nash Information Services, LLC, in 2021, the total Asia Pacific box office revenue was valued at USD 8.76 billion. It grew at an approximate CAGR of 48.2% from the previous year. The continual adoption of virtual production in these industries along with the increasing number of virtual production studios are leading to the significant growth of the market in the region.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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