TMCnet News

Virtual Production Market to Hit $6.78 Billion by 2030: Grand View Research, Inc.
[March 01, 2023]

Virtual Production Market to Hit $6.78 Billion by 2030: Grand View Research, Inc.


SAN FRANCISCO, March 1, 2023 /PRNewswire/ -- The global virtual production market size is expected to reach USD 6.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.2% from 2023 to 2030. 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.

Grand_View_Research_Logo

Key Industry Insights & Findings from the report:

  • 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 components, 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.
  • The North American region holds the maximum revenue share of 37.0% in 2022. The growth is attributable to the increasing adoption of advanced VFX and virtual production technologies coupled with the high implementation of virtual production by leading regional film studios, such as Viacom CBS, Walt Disney Studios, NBC Universal, and Warner Media.

Read 100 page market research report, "Virtual Production Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Virtual Production Market Growth & Trends

The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments into live-action footage. This allows for a significant reduction in video production costs. For instance, in 2020, after the covid-19 pandemic, filmmakers in the Hollywood industry found the hi-tech solution of shooting without gathering 100s of people on set. The use of techniques such as cloudbusting, stagecraft LED setup, and robotic camera to shoot actors remotely, known as the Solo Cinebot has helped the filmmaker a lot. 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 from the lack of training and experience among industry professionals.

For instance, in May 2022, Mo-Sys Academy, a manufacturer of virtual production solutions in the U.K. announced the launch of a new virtual production course. This course intends to close the skills gap in the virtual production sector, which is experiencing a surge in demand for trained technicians.

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 become convenient, further editing and reviewing in a real-time environment. The technology positively impacts the market by reducing the 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.

The evolution of VFX technologies and the growth of animation are boosting the entertainment industry. For instance, in July 2022, Netflix, a subscription streaming service and production company in he U.S. announced a plan to acquire Animal Logic, an Australian animation, and visual effects digital studio. This initiative will help Netflix accelerate its efforts to develop end-to-end animation production capabilities.



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 less engaging video content development. 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, claims, and data actions like pausing or rewinding videos. Also, in April 2021, the company decided to invest USD 17 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 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 also works well for the market. Factors such as leveraging a three-dimensional environment, increased 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 applications.

Furthermore, introducing 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. This made the interaction with the video games smoother for the player. Hence the increased application of virtual production technology in games is expected to propel the growth of the market.

Virtual Production Market Segmentation

Grand View Research has segmented the global virtual production market based on component, type, end-user, and region:

Virtual Production Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware
  • Software
  • Services

Virtual Production Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Pre-Production
  • Production
  • Post-Production

Virtual Production Market - End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Movie
  • TV Series
  • Commercial Ads
  • Online Videos
  • Others

Virtual Production Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • 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 in the 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

Check out more related studies published by Grand View Research:

  • Digital Content Creation Market - The global digital content creation market size is anticipated to reach USD 69.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.5% from 2023 to 2030. The increasing adoption of various technological advancements, such as AI-based applications, increase in the usage of smartphones and the internet, and cloud computing is expected to create growth opportunities for digital content creation tools and services in the global market. In 2022, according to the IBM Global Adoption AI Index report, 35% of the firms reported using AI in their operations which was a four-point growth from 2021. The key factor for adopting AI was the accessibility that made AI simple to implement throughout the firm, moreover, various firms are also shifting to AI to help them enhance task automation and reduce costs.
  • Smart Advertising Services Market - The global smart advertising services market size is expected to reach USD 1.87 trillion by 2030, expanding at a CAGR of 20.4% during the forecast period, according to a new report by Grand View Research, Inc. Smart advertising services are the services offered by advertising agencies to create ad campaigns for businesses based on consumer preferences and drive traffic to businesses' websites. Advertisers have realized that presenting high-quality digital media on digital displays is particularly helping in capturing consumer attention, encouraging consumer interaction, and increasing brand recognition, which is particularly driving the demand for smart advertising services.
  • Digital Video Advertising Market - The global digital video advertising market size is anticipated to reach USD 292.4 billion by 2027, exhibiting a CAGR of 41.1% over the forecast period, according to a new report by Grand View Research, Inc. The fusion of big data analytics with advertising offers promising growth prospects to the market due to the generation of vast volumes of user data. The vast amount of data has enabled marketers to carefully analyze user data and showcase specially curated advertisements according to the viewing trends of audiences. Additionally, the integration of analytics tools in advertisement platforms enables advertisers to analyze the effectiveness of advertising campaigns and thus make relevant changes as and when required.

Browse through Grand View Research's  Digital Media Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/virtual-production-market-to-hit-6-78-billion-by-2030-grand-view-research-inc-301759261.html

SOURCE Grand View Research, Inc.


[ Back To TMCnet.com's Homepage ]