The global Virtual Production Market size is expected to reach USD 6.79 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2022 to 2030. 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 into live-action footage. This allows for a significant reduction
in video production costs. For instance, in 2020, after the Covid-19 pandemic,
filmmakers in the Hollywood industry found the hi-tech solution of shooting
without gathering 100s of people on set. The use of techniques such as
cloudbusting, stagecraft LED setup, and robotic camera to shoot actors
remotely, known as the Solo Cinebot has helped the filmmaker a lot.
Furthermore, technological advancement in virtual
production helps 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 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 become convenient, further editing
and reviewing in a real-time environment. The technology positively impacts the
market by reducing the 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.
Furthermore, 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 less
engaging video content development. 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, claim, and data action like pausing or rewinding
videos. In addition, in April 2021, the company decided to invest USD 17
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 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 also works well for the market. Factors such as leveraging
a three-dimensional environment, increased 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 fuel the
market growth across gaming applications. Furthermore, introducing an immersive
experience allows for 360° views of graphic content and a new level of gaming
interaction, thus enabling players to control and modify the gaming environment
through their senses. This made the interaction with the video games smoother
for the player. 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 movies segment held the largest revenue
share in 2021. The growth can be attributed to the rising demand for
visual effects and a three-dimensional model in movies
- Based on component, the software segment is expected to grow at a
significant rate over the forecast period owing to the inclusion of
artificial intelligence. The inclusion is expected to improve the
performance of animation and graphics quality
- By type, the post-production segment held the largest revenue share
of over 50.0% in 2021. This can be attributed to its crucial role in editing
and collaborating post-shoot videos with graphics and visual effects (VFX)
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.
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Grand View Research, Inc
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