Selbyville, Delaware, May 24, 2023 (GLOBE NEWSWIRE) -- Virtual Production Market is expected to cross USD 8 billion by 2032, as per a recent study by Global Market Insights Inc.
The increasing adoption of LED video wall technology, mainly in the media and entertainment industries will drive the demand for virtual production. LED video walls are used for displaying computer-generated graphics in the background as they assist filmmakers in capturing real-time visual effects. The growing replacement of green screens by LED video wall technology to make film production more accessible post the COVID-19 outbreak is another impact rendering trend for the market growth. However, the dearth of skilled workers with creative potential of virtual production for completing big projects will pose as a restraint of the industry expansion.
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Growing prominence of virtual production services
With respect to component, the virtual production market size from the services segment will record more than 18% CAGR from 2023-2032 driven by the increasing number of new videos on several broadcasting platforms. The dearth of trained professionals in VFX and virtual production technology has compelled filmmakers and film studios to frequently hire professional agencies for implementing VFX in their video productions. The growing need for services during the production as well as post-production stages of any video content will also add to the segment growth.
Rising adoption in movies
Based on end-use, the virtual production market share from the movies end-use segment will reach over USD 2.5 billion by 2032. The increasing trend of moving the movie broadcasts from theatres and multiplexes to over-the-top (OTT) platforms is allowing filmmakers to reach a larger audience. The significantly increasing movie production budgets along with the higher use of VFX in Hollywood as well as other regional movie studios will further contribute to the market expansion.
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Asia Pacific to hold a prominent share of the VP industry
Asia Pacific virtual production market size surpassed USD 400 million in 2022 driven by the increasing popularity of TV series, mainly in countries such as India and China. In recent years, the Asia Pacific is witnessing higher demand for online video streaming as well as on-demand video content. According to RBSA Advisors, the OTT streaming industry in India, inclusive of video and audio, is expected to touch $15 billion through 2030. The growing adoption of virtual production technology in film studios will further drive the market growth rate.
Virtual Production Market key players
Some of the key players profiled in the virtual production industry report include Epic Games, Inc., Adobe, HumanEyes Technologies, Autodesk Inc., HTC Corporation, BORIS FX, INC, Mo-Sys Engineering Ltd., Insta 360, and NVIDIA Corporation. These companies are investing in R&D programs and engaging in a series of strategic acquisitions and partnerships to stay ahead in the industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
