The global Virtual Production Market size is expected to reach USD 4.71 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 16.7% from 2021 to 2028. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.
The technology enables filmmakers to reduce the demand
for on-set production teams and crew members by integrating virtual background
environments with live-action footage. This allows for a significant reduction
in video production costs. Furthermore, technological advancements in virtual
production help broadcasters improve their operational efficiency with the
least physical presence of technicians in the broadcasting room. For instance,
in March 2020, Sky Sports implemented a virtual production suite, which has
enabled its teams to create content and stream it remotely. The suite connected
48 virtual workstations and an equal number of direct-to-workstation
connections for remote editing, simultaneous live programming, and the
distribution of live clippings directly on social media platforms. Although
virtual production can produce a film with better visuals and low production
costs, it also poses some challenges, especially arising from the lack of
training and experience among industry professionals.
With the advent of artificial intelligence, virtual
production technology has witnessed significant improvements in the quality of
its computer-generated graphics. Design and visualization of all complex scenes
in a three-dimensional model have also become convenient, which can be further
edited and reviewed in a real-time environment. The technology is positively
impacting the market by reducing the burden of transportation and logistics
costs of crew members and equipment. It enables filmmakers to capture on-set
live-action scenes through simul-cams or virtual cameras and seamlessly merge
computer-generated 3D graphic elements with the film's live shooting footage to
conclude with the final visual effects.
Artificial intelligence facilitates
pre-production support that helps to accelerate video production work. In the
previous decade, pre-production works heavily relied on unstructured box office
data and limited demographic information related to viewers, leading to the
development of less engaging video content. However, now artificial
intelligence can generate insights from large data sets collected from various
platforms to understand the proposed content's acceptance and interest. For
example, Netflix creates video content based on accurate, personalized
recommendations, and observations of its users' behavior, such as surfing
history, interest, and data action like pausing or rewinding videos. The
company has invested USD 15 billion to create a dedicated database to develop
original content based on its platform's collected data. Artificial
intelligence technology can also help understand scripts and screenplays to
recognize the locations described in them and suggest real-world locations
where directors can imagine and create realistic computer graphic imagery
locations.
The growing implementation of virtual production in
the gaming industry is also working well for the market. Factors such as
leveraging a three-dimensional environment increased the focus of companies on
developing compact and comfortable virtual gaming devices, and constant
technological innovation on virtual production platforms, such as 3D audio,
untethered virtual reality headsets, and cloud scalability, are expected
to drive market growth across gaming application. Furthermore, the introduction
of immersive experience allows for 360° views of graphic content and a new
level of gaming interaction, enabling players to control and modify the gaming
environment through their senses. Hence the increased application of virtual
production technology in games is expected to propel the growth of the market.
Related Press Release@ Virtual Production Market Report
Virtual Production Market Report
Highlights
- In terms of end-user, the movie segment is expected to contribute a
significant amount of revenue to the market over the forecast period. The
growth can be attributed to the rising demand for visual effects and a
three-dimensional model in movies
- In terms of component, the software segment is expected to grow at
a significant CAGR owing to the inclusion of artificial intelligence. The
inclusion is expected to improve the performance of animation and graphics
quality
- The key players in the market are 360Rize; Adobe; Arashi Vision
Inc. (Insta 360); Autodesk Inc.; BORIS FX, INC; Epic Games, Inc.;
HumanEyes Technologies; Mo-Sys Engineering Ltd.; NVIDIA Corporation.;
Panocam3d.com; Pixar (The Walt Disney Company); Side Effects Software Inc
(SideFX); Technicolor; and Vicon Motion Systems Ltd
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment