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Global Volumetric Video Market Report 2022: A $9.68 Billion Market by 2027 - High Potential of Volumetric Video in Videoconferencing

[June 16, 2022]

Global Volumetric Video Market Report 2022: A $9.68 Billion Market by 2027 - High Potential of Volumetric Video in Videoconferencing

DUBLIN, June 16, 2022 /PRNewswire/ -- The "Volumetric Video Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Volumetric Capture and Application" report has been added to ResearchAndMarkets.com's offering.

The global volumetric video market is expected to grow from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028; it is estimated to grow at a CAGR of 26.2% from 2021 to 2028.

The aim to introduce a videoconferencing experience in which remote participants can visualize the presence of each other in the same room is made possible through the research and development of immersive teleconferencing. In a real-time situation, an ideal immersive teleconferencing system needs to replicate the light and sound field observed by the user in a face-to-face meeting.

In the past, the Halo system from Hewlett-Packard and the Telepresence system from Cisco provided spatial audio, life-size video, and environment excellence by presenting furniture, lighting, even wall colors to maximize the conference experience. Although these systems provided a significantly improved conference experience compared to traditional video calls, they couldn't provide immersive video experience; as they failed to capture mutual gaze between attendees.

However, in teleconferencing, the volumetric video technology offers an improved quality of human-centered communication with immersive telepresence and natural representation of all participants in a shared virtual meeting space. Thus, this has created an opportunity to use volumetric video technology in teleconferencing.

Impact of COVID-19 Pandemic on Global Volumetric Video Market

The demand for digital marketing solutions was hampered due to various containment measures, such as business shutdowns, lockdowns, and travel limitations, leading to a decline in the adoption of volumetric video. Thus, there was an adverse impact on the volumetric video market in the first half of 2020. However, the business activities have rapidly recovered from the last quarter of 2020. The volumetric video market players are expecting steady growth in the demand from enterprises.

Centers for Disease Control and Prevention instructed several professional and mateur leagues and sports events to suspend or postpone their sports events to avoid huge gatherings and reduce the spread of SARS-CoV-2. The Union of European Football Associations announced to postpone the 'Euro 2020' tournament to 2021.

Postponed or cancelled events, such as the Chinese Super League, the Indian Wells Open (US), the French Open, the Indian Premier League, and Formula 1, led to a decline in revenues for the players operating in the volumetric video market.

However, the importance of volumetric video has risen due to COVID-19 pandemic, which will enhance the volumetric video market growth during the forecast period. The growing focus on virtualization is expected to boost the market growth in 2022. Therefore, the pandemic positively impacted the volumetric video market.

Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services. In 2021, the hardware segment accounted for the largest share in the volumetric video market. Based on application, the volumetric video market can be segmented into sports events and entertainment, medical, signage and advertisement, e-commerce, video games and esports, training, education, video streaming and alternate realities, tourism, and others. In 2021, the sports events and entertainment segment accounted for the largest market share. By geography, the volumetric video market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the global volumetric video market.

The key companies operating in the volumetric video market are 4Dviews; Microsoft Corporation; Sense of Space; Tetavi; DGene Inc; Omnivor; Arcturus Studios Holdings, Inc.; Evercoast; 8i; mantis vision ltd.; Dimension; Canon Inc.; Sony Corporation; StoryFile; Imverse SA; VOLUMETRIC CAMERA SYSTEMS; HoloCap; Volucap; EF EVE; Magic Leap, Inc.; and KDDI Research, Inc.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the volumetric video market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the volumetric video market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Key Market Dynamics

Drivers