Global virtual production industry expected to reach $5.1 billion by 2027 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Virtual Production Market by Offer (Hardware, Software, Services), Type (Pre-Production, Production, Post-Production), End-User (Movies, TV Series, Commercial Advertising, Online Videos), Region – Global Forecast up to ‘in 2027’ report has been added to ResearchAndMarkets.com’s offer.

The global virtual production market size is estimated to be USD 2.6 billion in 2022 and is projected to reach USD 5.1 billion by 2027, growing at a CAGR of 14.5% during the forecast period.

The market has promising growth potential owing to several factors, increasing adoption of OTT, growing implementation of LED Wall technology, and growing demand due to pandemics.

Virtual production is the process of creating the digital world, starting with the creation of the film and ending with the final VFX, centered on real-time interaction on set. Virtual production has the ability to mix live footage and computer graphics at the same time, allow real-time feedback, and make on-set decisions regarding visual effects and animation.

Software: The fastest growing segment of the virtual production market, offering

In 2021, the software segment accounted for the largest share of the virtual production market. The advent of technology and the amalgamation of various other next-generation technologies such as machine learning (ML), artificial intelligence (AI), augmented reality (AR), virtual reality (VR), reality extended (XR), deep learning, production supported growth. Continuous organic and inorganic growth strategies adopted by virtual production ecosystem players have enhanced the market growth. For example, in February 2022, Mo-Sys Engineering Ltd. announced that its precision camera tracking system, StarTracker, is fully supported by Assimilate’s Live FX software.

Post-production: the largest end-user segment of the virtual production market

In 2021, the post-production segment accounted for the largest share of the global virtual production market. Currently, virtual production is in its infancy and very few films are produced entirely through virtual production. In hybrid production models, a few shots are shot via virtual production, and in some that are completely dependent on visual effects, post-production plays a crucial role.

North America: the largest region in the virtual production market

North America dominated the virtual production market in 2021. Key factors driving the growth of the North American virtual production market include growing demand for visual effects in film production and increasing adoption of studio production due to restrictions caused by the pandemic. . Additionally, most of the ecosystem players account for large market shares in the North American region compared to those in other regions.

Market dynamics

Drivers

  • Growing demand for visual effects in the film and television industries

  • Increase the implementation of LED wall technology

  • Increase in demand due to the pandemic

Constraints

  • Lack of qualified professionals

  • High capital expenditure for initial setup

Opportunities

  • Rising trend of OTT platforms

  • Creation of new virtual production studios

Challenges

  • Problems encountered in virtual production LED screens

Companies cited

  • Adobe Inc.

  • Autodesk, Inc.

  • Boris FX, Inc.

  • Dimension

  • DNEG

  • epic games

  • HTC Company

  • instagram

  • Mo-Sys Engineering Ltd.

  • Nvidia Corporation

  • Perforce Software, Inc.

  • Planar Systems, Inc.

  • Production Resource Group, LLC

  • Recode Xr Studio

  • rice

  • Visual Roe

  • sidefx

  • Six Ltd.

  • Sony Group

  • Technicolor

  • The Walt Disney Company

  • Tiltlabs

  • Vicon Motion Systems Ltd.

  • Virsabi

  • Saw Technologies

  • Wētā Fx

For more information on this report, visit https://www.researchandmarkets.com/r/8yjfci

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