The global virtual production market size is expected to reach USD 3.95 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 15.8% from 2020 to 2027. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.
The
technology enables filmmakers to reduce the demand for on-set production teams
and crew members by integrating virtual background environments to live-action
footage. This allows for a significant reduction in video production costs.
Furthermore, technological advancement in virtual production helps broadcasters
improve their operational efficiency with the least physical presence of
technicians in the broadcasting room. For instance, in March 2020, Sky Sports
implemented a virtual production suite, which has enabled its teams to create
content and stream it remotely. The suite connected 48 virtual workstations and
an equal number of direct-to-workstation connections for remote editing,
simultaneous live programming, and the distribution of live clippings directly
on social media platforms. Although virtual production can produce a film with
better visuals and low production costs, it also poses some challenges,
especially arising from the lack of training and experience among industry
professionals.
With
the advent of artificial intelligence, virtual production technology has
witnessed significant improvements in the quality of its computer-generated
graphics. Design and visualization of all complex scenes in a three-dimensional
model have also become convenient, which can be further edited and reviewed in
a real-time environment. The technology is positively impacting the market by
reducing the burden of transportation and logistics costs of crew members and
equipment. It enables filmmakers to capture on-set live-action scenes through
simul-cams or virtual cameras and seamlessly merge computer-generated 3D
graphic elements with the film's live shooting footage to conclude with the
final visual effects.
Furthermore,
artificial intelligence facilitates pre-production support that helps to
accelerate video production work. In the previous decade, pre-production works
heavily relied on unstructured box office data and limited demographic
information related to viewers, leading to the development of less engaging
video content. However, now artificial intelligence can generate insights from
large data sets collected from various platforms to understand the proposed
content's acceptance and interest. For example, Netflix creates video content
based on accurate, personalized recommendations, and observations of its users'
behavior, such as surfing history, interest, and data action like pausing or
rewinding videos. The company has invested USD 15 billion to create a dedicated
database to develop original content based on its platform's collected data.
Artificial intelligence technology can also help understand scripts and
screenplays to recognize the locations described in them and suggest real-world
locations where directors can imagine and create realistic computer graphic
imagery locations.
The
growing implementation of virtual production in the gaming industry is also
working well for the market. Factors such as leveraging a three-dimensional
environment increased the focus of companies on developing compact and
comfortable virtual gaming devices, and constant technological innovation on
virtual production platforms, such as 3D audio, untethered virtual reality
headsets, and cloud scalability, are expected to drive market growth across
gaming application. Furthermore, the introduction of an immersive experience
allows for 360° views of graphic content and a new level of gaming interaction,
enabling players to control and modify the gaming environment through their
senses. Hence the increased application of virtual production technology in
games is expected to propel the growth of the market.
Full Research Report On Virtual Production Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/virtual-production-market
Virtual Production
Market Report Highlights
- The key
players in the market are 360Rize; Adobe; Arashi Vision Inc. (Insta 360);
Autodesk Inc.; BORIS FX, INC; Epic Games, Inc.; HumanEyes Technologies;
Mo-Sys Engineering Ltd.; NVIDIA Corporation.; Panocam3d.com; Pixar (The
Walt Disney Company); Side Effects Software Inc (SideFX); Technicolor; and
Vicon Motion Systems Ltd, among others
- In terms of
end-user, the movie segment is expected to contribute a significant amount
of revenue to the market over the forecast period. The growth can be
attributed to the rising demand for visual effects and a three-dimensional
model in movies.
- In terms of
component, the software segment is expected to grow at a significant rate
owing to the inclusion of artificial intelligence. The inclusion is
expected to improve the performance of animation and graphics quality.
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Virtual Production
Market Segmentation
Grand View Research has
segmented the global virtual production market based on component, type,
end-users, and region:
Virtual
Production Component Outlook (Revenue, USD Million, 2016 - 2027)
- Hardware
- Software
- Services
Virtual Production
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Pre-production
- Production
- Post-production
Virtual
Production End-user Outlook (Revenue, USD Million, 2016 - 2027)
- Movie
- TV Series
- Commercial Ads
- Online Videos
- Others
Virtual Production
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key
Players of Virtual Production Market
- 360Rize
- Adobe
- Arashi Vision Inc. (Insta 360)
- Autodesk Inc.
- BORIS FX, INC
- Epic Games, Inc.
- HTC Corporation (VivePort)
- HumanEyes Technologies
- Mo-Sys Engineering Ltd.
- NVIDIA Corporation.
- Panocam3d.com
- Pixar (The Walt Disney Company)
- Side Effects Software Inc (SideFX)
- Technicolor
- Vicon Motion Systems Ltd
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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