Chicago, March 20, 2024 (GLOBE NEWSWIRE) -- The virtual production market size is projected to grow from USD 2.6 billion in 2022 to USD 5.1 billion by 2027, at a CAGR of 14.5% from 2022 to 2027. Establishment of new virtual production studios expected to create lucrative opportunities for the growth of virtual production market in near future.
- Adobe Inc. (US),
- NVIDIA Corporation (US),
- Sony Group (Japan),
- Autodesk Inc. (US),
- Technicolor (France),
- HTC Corporation (Taiwan),
- Vicon Motion Systems Ltd (UK),
- SideFX (Canada), Epic Games (US),
- Mo-Sys Engineering Ltd. (UK),
To retain their presence in the virtual production market, these players have adopted various growth strategies, such as product launches, acquisitions, expansions, partnerships, collaborations, mergers, and contracts. Product launches has been the most dominating strategy adopted by the key players from 2018 to 2022 to help them strengthen their product portfolio and broaden their customer base.
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Adobe Inc.
Adobe Inc. is one of the world's largest and most diverse software companies. It provides a suite of tools and services for photographers, video editors, graphic and experience designers, and game developers; communicators, such as content creators, students, marketers, and knowledge workers; businesses of all sizes; and consumers for creating, managing, delivering, measuring, optimizing, engaging, and transacting with compelling content and experiences across personal computers, smartphones, and other electronic devices. It provides various products that pertain to the virtual production market through the Digital Media segment. It provides products, services, and solutions that enable individuals, teams, and enterprises to create, publish and promote their content anywhere and accelerate their productivity by modernizing how they view, share, engage with, and collaborate on documents and creative content. The segment is centered around Adobe Creative Cloud and Adobe Document Cloud.
Virtual Production Market Analysis Report Segment Overview
By offering, Virtual production software to capture larger share of virtual production industry
In 2021, the virtual production software solutions segment accounted for the larger share of market. It is projected to grow at the highest CAGR during the forecast period.
The dominance of the segment is attributed to the increasing demand for VFX and computer-generated imagery (CGI) in movies. Due to the advent of technology, the amalgamation of various other next-gen technologies such as ML, AI, augmented reality (AR), virtual reality (VR), extended reality (XR), deep learning, along with virtual production technology has bolstered growth.
Production phase in the virtual production market is projected to grow at the highest CAGR
The production phase in the virtual production market is projected to grow at the highest CAGR. The increasing usage of technology helps in focusing on front-loading projects; early evaluation and editing and decrease in the need for guesswork while filming. It also helps in a smoother phase and helps limit strained post-production expenses. This can majorly be attributed to the growth in the number of movies or shows that are made completely via the virtual production technology.
Television series is projected grow with the highest CAGR in the forecast period
The television series segment is projected to grow at the highest CAGR during the forecast period of the virtual production market.
The increasing dominance of OTT platforms and their ability to reach a significant number of audiences are some of the factors for the fastest growth of the television series segment. As stated in the Theme Report 2021 published by the Motion Picture Association on online TV views in the US in 2021 were projected to be approximately ten times higher than online movie views of the virtual production industry.
NVIDIA Corporation
NVIDIA Corporation is a pioneer in GPU-accelerated computing. It specializes in products and platforms for the large, growing markets of gaming, professional visualization, data center, and automotive. It provides virtual production solutions through one of its markets named professional visualization. It collaborates with third-party software providers to improve their solutions for NVIDIA GPUs. These GPU computing solutions boost productivity and provide new capabilities to crucial workflows in a variety of industries including design and manufacturing, as well as digital content creation. Professional video editing and post-production, special effects for films, and broadcast-television graphics are all examples of digital content creation.
Sony Group
Sony Group actively participates in the virtual production market through its subsidiary, Sony Pictures Entertainment (SPE). SPE’s global operations include motion picture and television production and distribution, digital content creation and distribution, global channel investments, home entertainment, acquisition and distribution, studio facility operation, development of new entertainment products, services, and technologies, and distribution of filmed entertainment in more than 130 countries.
Sony Innovation Studios (SIS), a part of SPE, seamlessly merges the real and virtual worlds. It enables storytellers to create compelling content within its LED volume by digitally capturing real location/film sets to the highest precision and detail; visualizing, editing, color correcting, and rendering high-quality volumetric data through the SIS software, Atom View, utilizing its in-camera virtual production solutions to fulfil the creative vision.
Technicolor
Technicolor is a pioneer in media & entertainment services, specializing in the development, creation, and delivery of immersive augmented digital life experiences. Through its Technicolor Creative Studios segment, Technicolor delivers high-end services to content makers, including visual effects and animation for feature films, episodic series, advertising, video games, and other audio-visual entertainment. Technicolor Creative Services is further segmented into four primary service lines? MPC, The Mill, Mikros Animation, and Technicolor Games. The company provides various offerings for virtual production from this segment.
HTC Corporation
HTC VIVE is the leading virtual reality (VR) platform and ecosystem for businesses and consumers to create realistic VR experiences. The VIVE ecosystem is centered on the high-end virtual reality technology, software, and content. VIVE ARTS is a cultural endeavor which includes best-in-class XR gear, the VIVEPORT platform and app store, VIVE Enterprise Solutions for commercial clients, VIVE X, a VR business accelerator, and VIVE X, a VR business accelerator.
