Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Volumetric Video Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Volumetric Capture and Application" report has been added to ResearchAndMarkets.com's offering.
The global volumetric video market is expected to grow from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028; it is estimated to grow at a CAGR of 26.2% during 2021-2028.
The research and development on immersive teleconferencing are being carried out to produce a videoconferencing experience in which the visualization has been created, in such a way that the remote participants can experience the presence of each other in the same room.
In a real-time situation, an ideal immersive teleconferencing system is needed to replicate the light and sound field observed by an user in a face-to-face meeting. In the past, the Halo system from Hewlett-Packard and the Telepresence system from Cisco provided spatial audio, life-size video, and environment excellence by providing furniture, lighting, even wall colors to maximize the conference experience.
Even though these systems provided significantly improved conference experience in comparison with traditional video calls, they couldn't provide immersive video experience, as the mutual gaze between attendees was not captured.
However, in teleconferencing, the volumetric video technology offers an improved quality of human-centered communication by providing immersive telepresence and the natural representation of all participants in a shared virtual meeting space. Thus, this has created an opportunity for the use of volumetric video technology in teleconferencing.
Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services.
- In 2020, the hardware segment led the market, accounting for the largest share in the market.
- Similarly, based on application, the volumetric video market is segmented into sports events and entertainment, medical, signage and advertisement, e-commerce, video games and esports, training, education, video streaming and alternate realities, and others.
- In 2020, the sports events and entertainment segment accounted for the largest market share.
Key Market Dynamics
Drivers
- Growing Demand for 360 Video Content Technology in Entertainment Sector
- Growing Demand for Enhanced Sports Viewing Experience
Market Restraints
- High Cost Related to Volumetric Video Production
Market Opportunities
- High Potential of Volumetric Video in Videoconferencing
Future Trends
- Increasing Usage of Volumetric Video Technology in Different Applications
Company Profiles
- 4Dviews
- Microsoft Corporation
- Sense of Space
- Tetavi
- DGene Inc
- Omnivor
- Arcturus Studios Holdings, Inc.
- Evercoast
- 8i
- mantis vision ltd.
- Dimension
- Canon Inc.
- Sony Corporation
- StoryFile
- Imverse SA
- HoloCap
- Volucap
- EF EVE
- Magic Leap, Inc.
- KDDI Research, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cs32v0
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