In terms of revenue, the global virtual production market was valued at US$ 1,463. 46 million in 2020 and is projected to reach US$ 4,733. 04 million by 2028; it is expected to grow at a CAGR of 15. 9% from 2021 to 2028.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Virtual Production Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component and End User" - https://www.reportlinker.com/p06063425/?utm_source=GNW
Virtual production is an emerging technology that utilizes a set of software tools to integrate computer graphics and live-action footage in real-time.Filmmakers and contributors across various locations can deliver feedback across digital or in physical environments where film casts are physically working on set.
Such solutions further enable filmmakers to plan and communicate their creative ideas in new and more intuitive, and enhanced ways. All these aspects would help in accelerating the growth of virtual production market globally.
The initial years of 21st century bolstered the knowledge exchange across the globe as the adoption of internet was gaining traction at individual and residential level; however, the knowledge transfer was majorly through static medium (text).Moreover, with the rising advancements in internet/telecom infrastructure (introduction of 3G and 4G), coupled with affordable prices of media devices such as smartphone, tablets, laptops, computers, and TVs, the knowledge was majorly transferred through dynamic medium (video and moving graphics).
Furthermore, owing to the affordable prices of internet coupled with rapid advancements in camera technology, content creation gained significant traction at an individual level.Content creators across the globe are utilizing various editing and graphic tools to enhance the quality of video content to attract more viewers.
Thus, with the increasing number of content creators, coupled with the growing adoption of advanced editing tools, the virtual production market is anticipated to witness significant growth during the forecast period.
COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then, it has spread across the globe.The media & entertainment industry has also been impacted negatively.
Hence, the pandemic would act as a restraining factor for the growth of various markets related to this industry in the coming months.One of the highly impacted critical areas is on-site shooting and production.
The industry is fighting back to recover the loss and come up with new business models.To monetize, the companies are coming up with shows on streaming devices.
The crisis has accelerated the trend of media streaming with the increasing penetration of OTT devices. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. This has significantly created a demand for virtual productions. The COVID-19 pandemic has positively impacted the growth of the overall virtual production market.
Overall size of the virtual production market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the virtual production market with respect to all the segments pertaining to the regions.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the virtual production market. 360Rize; INSTA 360; Boris FX; Epic Games, Inc; Humaneyes Technologies; Adobe Inc.; Autodesk, Inc.; NVIDIA Corporation; HTC Corporation; and MO-SYS Engineering Ltd are among the key market players profiled during this market study.
Read the full report: https://www.reportlinker.com/p06063425/?utm_source=GNW
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