Virtual Production Market Size Worth $4.73 Billion, Globally, by 2028 with 15+% CAGR – Growth Study by The Insight Partners

The global virtual production market growth is influenced by rising trends of OTT platforms, increasing in usage of virtual production solution and rising number of production houses globally.

New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Virtual Production Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services) and End User (Movies, TV Series, Commercial Ads, and Online Videos)”; the global virtual production market size was valued at USD 1.46 billion in 2020 and is projected to reach USD 4.73 billion by 2028; it is expected to grow at a CAGR of 15.9% during the forecast period from 2021 to 2028.

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Global Virtual Production Market – Report Scope:

Market Size Value in USD 1.46 Billion in 2020
Market Size Value by USD 4.73 Billion by 2028
Growth rate CAGR of 15.9% from 2021-2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 140
No. of Tables 55
No. of Charts & Figures 59
Historical data available Yes
Segments covered Component and End User
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Virtual Production Market: Competitive Landscape and Key Developments

Adobe, NVIDIA Corporation, Autodesk, Inc., Epic Games, Inc., and Unity Technologies are the five key players operating in the market. The above listing of key players is derived by considering multiple factors such as overall revenue, current virtual production solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global virtual production market ecosystem, such as 360Rize, Insta 360, Boris FX, Inc., HumanEyes Technologies, HTC Corporation (Vive), and Mo-Sys Engineering Ltd. A few of the important market initiatives and product developments from the industry are mentioned below:

2021: Boris FX Silhouette announced that its a part of Netflix Post Technology Alliance in the VFX category

2020: AVATOUR employed virtual reality technology to transport users to a remote location in real time, providing a new and effective substitute for travel. The Insta360 builds the 360-degree cameras for AVATOUR.

2020: HumanEyes Technologies introduced New Cloud-Based Suite. HumanEyes Cloud-based Suite utilizes high-performance Edge computing resources to ease and streamline the Capture-Create-Share VR workflow

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Virtual production is an emerging technology that utilizes a set of software tools to integrate computer graphics and live-action footage in real-time. Filmmakers and contributors across various locations can deliver feedback across digital or in physical environments where film casts are physically working on set. Such solutions further enable filmmakers to plan and communicate their creative ideas in new and more intuitive, and enhanced ways. The outbreak of COVID-19 has significantly propelled the adoption of virtual production. The virtual production market is experiencing significant growth opportunities due to the growing number of production houses globally. However, lack of aware of virtual production solution in developing countries is hampering the growth of the market. Meanwhile, the increasing use of virtual production solution due to the outbreak of COVID-19 and the rising tread of the OTT platform is expected to garner the growth virtual production market during the forecast period.

Geographically, North America held the largest share of the virtual production market in 2020, followed by Asia Pacific and Europe. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The virtual production market is segmented into component, end user, and geography. Based on component, the market is further categorized into solutions and services. The solutions segment represented the largest share of the overall market in 2020. In terms of end user, the market is segmented into movies, TV series, commercial ads, and online videos. In 2020, the movies segment accounted for a substantial share of the global virtual production market.

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Impact of COVID-19 Pandemic on Global Virtual Production Market Growth:

COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then, it has spread across the globe. The media & entertainment industry has also been impacted negatively. Hence, the pandemic would act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the highly impacted critical areas is on-site shooting and production. The industry is fighting back to recover the loss and come up with new business models. To monetize, the companies are coming up with shows on streaming devices. The crisis has accelerated the trend of media streaming with the increasing penetration of OTT devices. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. This has significantly created a demand for virtual productions. The COVID-19 pandemic has positively impacted the growth of the overall virtual production market.

Film making is one of the biggest applications of virtual production. Companies such as Perforce and Epic Games provide virtual production for movies. Virtual production helps in creating films with extraordinary features and better VFX. For instance, Avatar and The Lion King are among the prominent films, which have used virtual production feature. Virtual production is an emerging technique, which uses array of software tools to unite computer graphics and live action footage in real-time. Avengers: Endgame, 1917, The Irishman, and Star Wars: The Rise of Skywalker are among other movies that have used virtual production. Furthermore, upcoming marvel shows, including Loki, Hawkeye, and The Falcon and the Winter Soldier, are pegged to cost around $25 million/episode. This aspect will boost the adoption of virtual production.

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In addition, trend of VR technology has further accelerated the scope of film making. Virtual production software help in designing and developing digital environments to facilitate filmmakers to grab more growth opportunities from virtual production. For instance, SideFX provides Destruction FX with Houdini’s award-winning particle & dynamics tools. The tool is appropriate for developing blockbuster VFX through particles and more. The virtual production software enables massive simulation through tools to make the visual experience more realistic.

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