Pune, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Market size & Growth Analysis:
As per the SNS Insider Report,“The Virtual Production Market was valued at USD 2.73 Billion in 2023 and is expected to reach USD 10.35 Billion by 2032, growing at a CAGR of 15.99% over the forecast period 2024-2032.
The virtual production market is an innovative and fast-growing direction of the entertainment industry that alters the way of making movies, TV series, or live shows. The development of virtual reality and augmented reality technologies, as well as MR, has escalated the usage of virtual production as a revolutionary solution in this regard, fostering the creativity and content-making process. The field of content creation for VR, AR, and MR in the United States has been growing sizably – about 70.8 million people in the United States used VR technology in any given month of 2023, which is 6% higher than in previous years. This figure is expected to increase to 75.4 million by 2025. Content creation serves as the major factor for this growth since VR and AR technologies are applied in a wide range of industries, including gaming, healthcare, and education. Specifically, AR and VR have become essential tools in the realm of immersive storytelling, especially in content creation in the field of advertising and marketing. As such, AR is used by companies for making interactive advertisements and enhancing the user experience on their websites, while content creators in the field of gaming and entertainment apply VR to make big-budget immersive productions, which is projected to be a considerable driving force for the market in future. Examples of this approach include the recent AR advertisement for Burger King as well as various immersion-based training programs in healthcare and education.
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Top Market Players Listed in this Research Report are:
- Adobe (Adobe After Effects, Adobe Premiere Pro)
- Epic Games (Unreal Engine, Twinmotion)
- HumanEyes Technologies (Vuze XR, HumanEyes VR Studio)
- NVIDIA Corporation (NVIDIA Omniverse, NVIDIA RTX)
- Technicolor (Technicolor Post Services, Technicolor Virtual Production)
- Autodesk (Maya, 3ds Max)
- HTC Corporation (HTC Vive, Vive XR Suite)
- Mo-Sys Engineering (Mo-Sys StarTracker, Mo-Sys VP Pro)
- Pixar (RenderMan, Presto)
- Vicon Motion Systems (Vicon Vantage, Vicon Cara)
- Foundry (Nuke, Katana)
- Blackmagic Design (DaVinci Resolve, Fusion)
- Weta Digital (Weta Digital's VFX Tools, Weta's Animation Software)
- Unity Technologies (Unity 3D, Unity Reflect)
- Samsung (Samsung Odyssey, Samsung VR)
- Blender Foundation (Blender, Grease Pencil)
- Blaize (Blaize Graph Streaming Processor, Blaize AI Software)
- Microsoft (Microsoft Mesh, Azure Digital Twins)
- Intel Corporation (Intel RealSense, Intel Graphics Command Center)
- Rohde & Schwarz (Rohde & Schwarz VCS, R&S CLIPSTER).
Segment Analysis
BY TYPE
- Production
- Pre-production
- Post-production
The post-production segment dominated the market in 2023, accounting for a 45% market share since post-production was crucial in enhancing visual storytelling. Post-production involved several activities such as editing, special effects, color correction, and sound design, where filmmakers were able to fine-tune and enhance the already shot footage into a final polished product. The growth of state-of-the-art streaming platforms and the need for a visually appealing product solidified the need for effective post-production services.
BY OFFERINGS
- Hardware
- Software
- Services
The software segment had a significant market share of 42% since software solutions were indispensable in developing immersive and hands-on experiences. Various software solutions enabled filmmakers to manipulate digital assets, fine-tune visual effects, and optimize production processes. Software End Users were quite essential in meeting their audience needs appropriately by employing effective tools such as real-time rendering, motion capture, and virtual reality integration.
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BY END USER
- Movies
- TV series
- Online videos
- Commercial ads
- Others
Regional Analysis
In 2023, North America was the leader in the virtual production market, holding a 38% market share. The area enjoys advanced technology infrastructure, substantial investments in film and media production, and a cluster of top companies such as Netflix, Amazon Studios, and Disney. These companies utilize virtual production methods to develop engaging experiences and optimize production workflows. The use of LED walls and real-time rendering has revolutionized traditional filmmaking, enabling more creative freedom and cost savings.
Asia-Pacific region is anticipated to be the fastest-growing region during 2024-2032. Nations such as China, Japan, and South Korea lead the way, driven by increasing interest in top-notch content from platforms like Tencent Video and iQIYI. The area's emphasis on technological advancements and increasing interest in virtual reality (VR) and augmented reality (AR) among filmmakers are helping drive its expansion.
Recent Developments
- September 2023: Unreal Engine launched Epic Games, which also included various state-of-the-art features that would enhance the overall production in a virtual environment. The present version is also comprised of enhanced features associated with real-time rendering and AI integration.
- August 2023: NVIDIA has launched a new set of Graphic Processing Units for virtual production, which will enhance the overall visual appeal of the virtual environment and make it smoother.
- July 2023: Warner Bros has opened of the new state-of-the-art virtual production stage with LED walls, which would enhance the efficiency yield and creativity in film production.
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Future Trends in the Virtual Production Market
The future of the Virtual Production Market looks promising, with advancements in technology driving creativity and efficiency in content creation. As the demand for immersive experiences continues to grow, virtual production will play a pivotal role in shaping the future of filmmaking and beyond.
| Trend | Description |
| Integration of AI and Machine Learning | Leveraging AI for real-time visual effects and scene adjustments. |
| Increased Use of AR in Filmmaking | Enhanced storytelling through augmented reality experiences. |
| Expansion in the Gaming Industry | Adoption of virtual production in game development for immersive gameplay. |
| Rise of Remote Filmmaking | Virtual production enables collaboration among global teams. |
| Demand for Sustainable Production | Focus on eco-friendly practices in virtual production setups. |
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Virtual Production Adoption Rate by Industry, 2023
5.2 Virtual Production Performance Benchmarks, 2023
5.3 Virtual Production Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. Virtual Production Market Segmentation, by Type
8. Virtual Production Market Segmentation, by Offerings
9. Virtual Production Market Segmentation, by End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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