Press Release: Global Market Insights - Volumetric Video Technology Poised for Growth Across Diverse Industries

The global volumetric video market size was USD 2.4 Billion in 2023 and is expected to reach a market valuation of USD 3.03 billion by the end of 2024 registering a CAGR of 26.2% during the forecast period. Volumetric video technology is gaining significant traction across various industries, thanks to its ability to offer immersive and highly interactive 3D experiences. The technology allows real-time capture of objects, people, and environments in three-dimensional data, which can be viewed from multiple angles, offering an unprecedented level of engagement and realism. As industries such as entertainment, healthcare, education, and defense increasingly adopt volumetric video, the market is set for rapid expansion in the coming years.

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Immersive 3D Video Technology - A New Era in Content Creation and Interaction

Volumetric video enables the capture of real-world subjects using multiple cameras and sensors, generating 3D content that can be experienced from various perspectives. This technology differs from traditional 3D movies or 360-degree video by providing six degrees of freedom (6DoF), allowing viewers to interact with content by moving freely within a virtual space.

The technology is revolutionizing sectors such as entertainment, where it is used to create lifelike holograms of actors and musicians. In sports, volumetric video enhances fan engagement by offering unique 360-degree perspectives during live events. Teleconferencing and telepresence applications also benefit from this technology, allowing more realistic remote communication.

Growth Drivers - Realism and Versatility Across Applications

The volumetric video market is being driven by the increasing demand for interactive content and immersive experiences. In sectors like gaming, education, and training, volumetric video provides users with lifelike 3D models that enhance engagement. The technology's versatility allows it to capture not only human representations but also objects, animals, and environments, broadening its application scope. The integration of spatial audio further enhances the experience by creating realistic soundscapes within volumetric content.

Technological advancements, including improved camera and sensor technologies, faster processing capabilities, and the introduction of 5G, are accelerating the development and adoption of volumetric video. As new generations of wireless technology emerge, volumetric video's potential to deliver more immersive and real-time experiences is expected to grow further.

Challenges - High Costs and Lack of Standardization

Despite its potential, the volumetric video market faces certain challenges. High costs associated with hardware, software, and the complex capture process remain significant barriers to wider adoption. Additionally, the fragmented nature of the technology, with different methods for capturing, processing, and rendering data, creates interoperability issues. A lack of standardization further complicates the process, slowing down the technology's broader application.

Nevertheless, as advancements continue, these challenges are likely to be addressed, opening up new opportunities for innovation and growth across sectors.

Segment Insights - Sports, Events, and Entertainment Leading the Way

The entertainment sector, particularly sports, events, and live performances, is at the forefront of volumetric video adoption. In 2023, this segment accounted for the largest share of the market, driven by demand for more engaging and immersive content. Fans are increasingly seeking unique experiences during live broadcasts, and volumetric video provides the opportunity to experience events from entirely new angles. As AR and VR integration in entertainment grows, the demand for volumetric video technology is expected to increase.

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Hardware and Content Delivery - Expanding Opportunities for Growth

Volumetric video hardware, including 360-degree cameras and 3D scanning equipment, remains a critical component of the market. In 2023, hardware accounted for a significant share of market revenue as demand for high-quality volumetric capture systems continued to rise. The increasing use of volumetric video in medical applications, including training and medical imaging, is also driving demand for advanced hardware solutions.

Additionally, AR and VR head-mounted displays (HMDs) have emerged as the primary content delivery method for volumetric video. The growing popularity of these devices in gaming, education, and virtual training programs is contributing to the technology's wider application. Technological advancements, including faster data transmission speeds and lower latency thanks to 5G, are further enhancing the potential for volumetric video in various sectors.

Volumetric Video Top Companies and Competitive Landscape

The landscape in the global volumetric video market is competitive with major companies such as Microsoft, Intel, Google, and Canon, among others contributing to the changing market scenarios and driving up competition. Major companies are enhancing technological capabilities and expertise and engaging in research and development of new solutions and approaches, as well as adopting strategies to maintain respective positions in the market and expand consumer base.

Some approaches include strategic partnerships and collaborations, mergers and acquisitions, and continuous innovation. Companies are more focused on entering into strategic partnerships and collaborations to enhance technological capabilities, such as collaborated with media and entertainment companies to integrate volumetric video into mainstream content, thereby broadening consumer base and strengthening market presence.

Mergers and acquisitions being adopted by major companies are focused on smaller companies with specialized technologies in volumetric video so as to enhance product offerings and enhance R&D capabilities. Companies are also investing to improve quality, efficiency, and scalability of volumetric video technologies, to make volumetric video more accessible and affordable, and to drive wider appeal and adoption across industries such as entertainment, sports, and healthcare, among others.

Some of the key companies in the volumetric video market include:

Microsoft Corporation

4Dviews

Intel Corporation

8i

Unity Technologies

Google LLC

Stereolabs Inc.

IO Industries Inc

Canon Inc.

Verizon Communications

Volumetric Video Latest Industry Updates

On August 6, 2024: Volucap announced launch of Voluverse - XR volumetric video player, which is new app that is designed to allow multi-user and cross-device engagement within immersive 3D spaces and environments. The app features integrated volumetric video playback and control technology, and the technology allows users to create, collaborate, explore, and communicate in the environments. Features also include seamless interaction with high-quality, lifelike volumetric captures, and these 3D digital humans and objects can be manipulated, moved, and resized, offering users an unparalleled level of realism and immersion.

On June 17, 2024: Gracia AI, which is an Artificial Intelligence (AI) and spatial computing technology company, unveiled its AI-powered solution that allows for the creation of photorealistic volumetric videos for spatial computing with 6 degrees of freedom viewing. The platform is designed for professional creators and media companies, and can be used to address 'limited diversity in VR content'. The tools available in this AI-driven solution can be used to create content fairly fast, and also ensure distribution to a wide audience. The technology currently functions on all major VR headsets, has been tested by numerous tech enthusiasts, and is to be accessible on desktop, mobile devices and Apple Vision Pro.

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Volumetric Video Market Segmentation Analysis

The main report offers detailed historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the segments from 2020 to 2033:

Product Type Outlook (Revenue, USD Billion; 2020-2033)

Hardware

Software

Services

Application Outlook (Revenue, USD Billion; 2020-2033)

Sports, Events, & Entertainment

Medical

Education and Training

Signage and Advertisement

Other Applications

Content Delivery Outlook (Revenue, USD Billion; 2020-2033)

Projectors

AR or VR HMDs

Smartphones

Volumetric Displays

Others

Regional Outlook (Revenue, USD Billion; 2020-2033)

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Italy

Spain

Sweden

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Thailand

Australia

Singapore

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

U.A.E.

South Africa

Israel

Rest of MEA

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Volumetric Video Market Size@ https://www.emergenresearch.com/industry-report/volumetric-video-market/market-size

Volumetric Video Market Share@ https://www.emergenresearch.com/industry-report/volumetric-video-market/market-share   

Volumetric Video Market Trends@ https://www.emergenresearch.com/industry-report/volumetric-video-market/market-trends 

Volumetric Video Regional Market Demand @ https://www.emergenresearch.com/industry-report/volumetric-video-market/regional-market-demand

Volumetric Video Market Analysis@ https://www.emergenresearch.com/industry-report/volumetric-video-market/market-analysis

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