Pune,India, Sept. 13, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights Global Virtual Production Market size was valued at USD 2.54 billion in 2021 and is projected to reach USD 7.19 billion by 2029, exhibiting a CAGR of 14.1% during the forecast period. Fortune Business Insights™ shares this information in its report titled Virtual Reality Market Forecast, 2022-2029.
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Key Industry Development
The first turnkey virtual production product, VIVE Mars CamTrack, was just released by HTC VIVE. By combining the tracking workflow of an entire camera into a tightly packed, plug-and-play module with professional functionality, this solution makes software accessible, quick, and easy to use.
Key Takeaways
- Adoption of Virtual Production for Animated Industry to Foster Growth
- Virtual Production Market Size in North America was USD 0.89 Billion in 2021
- The highest rate of production technology adoption in movie studios is in the Asia-Pacific region.
- The software segment is likely to gain traction due to increased demand for immersive technologies.
- Extensive Rise in the Use of Virtual Production Systems in Movies to Fuel the industry Growth
Discover the Leading Players Featured in the Report-
“Adobe Inc. (U.S.), Technicolor (France), NVIDIA Corporation (US), Sony Group (Japan), Autodesk (U.S.),Pixotope Technologies (Norway), Aximmetry (Hungary), Mo-Sys Engineering (England), Glassbox, Technologies (U.S.), AV Stumpfl GmbH (Austria)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.1% |
| 2029 Value Projection | USD 7.19 Billion |
| Base Year | 2021 |
| Virtual Production Market Size in 2021 | USD 2.54 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | Type, Application, Regional |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/virtual-production-market-107105
Driving Factors-
Increasing Adoption of VFX in Movie Production to Propel Virtual Production Market Growth
A growing use of VFX has resulted from the desire for high-quality content. In order to include effects that might not have been caught during live action filming, VFX is used to adapt, produce, and enhance live action media.This aids in the creation of special effects such as fire, explosions, the creation of creatures, the destruction of objects, and helps viewers better understand the plot.
TV shows, movies, advertising, video games, and other media frequently use visual effects.
Leading Segments Covered in this Report-
By Type
- Technology/System
- Services
By Application
- TV Series
- Commercial Ads
- Movies
- E-sports
- Others (Online Video, Events, Music Concerts)
Regional Insights
North America to Lead Backed by Increase in Adoption of Advanced Technologies
Our research shows that North America will create the largest revenue share during the forecast timeframe. Increased use of new technologies in the media and entertainment industry, such as Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), and others, is driving the market in the region.
The Asia Pacific region has the highest rate of production technology adoption in movie theatres. Major economies surging the demand for these solutions include China, India, Australia, Japan, and South Korea. The expansion of the market is being positively impacted by the increasing popularity of on-demand video content among the region's young and online video streaming in the region.
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Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
FAQs
How big is the Virtual Production Market?
Virtual Production Market size was USD 2.54 Billion in 2021. It is expected to reach USD 7.19 Billion by 2029.
How fast is the Virtual Production Market growing?
The Virtual Production Market will exhibit a CAGR of 14.1% during the forecast period, 2022-2029
Related Reports:
Augmented Reality [AR] Market Size, Share, Industry Growth 2030
Virtual Reality Market Size, Share, Analysis and Forecast 2023-2030
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