Northbrook, IL 60062 -- (SBWire) -- 12/14/2022 --The Virtual production market size is projected to reach USD 5.1 billion by 2027 growing at a CAGR of 14.5% during forecast period.

Establishment of new virtual production studios and rising demand for visual effects in movies and television industries are among the factors driving the growth of the virtual production industry.

Top 5 Key Market Players Companies in Virtual Production Market
Adobe Inc. (US),
NVIDIA Corporation (US),
Sony Group (Japan),
Autodesk Inc. (US),
Technicolor (France).

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By offering, Virtual production software to capture larger share of virtual production industry in 2021
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.

By 2027, Asia Pacific is projected to grow with the fastest CAGR in the forecast period
Virtual Production Market by Region

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Among all regions, the market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. China, South Korea, Japan, India, and the Rest of Asia Pacific have flourishing film and television industries.

The continual adoption of virtual production technology in these industries along with the increasing number of virtual production studios play a significant role in the growth of the application of virtual production in the region.

Driver: Increasing implementation in virtual production of LED wall technology

LED walls for virtual production cinematography are a revolution in the audio-visual industry's film and video productions market.

They are distinguished by their excellent picture resolution which enables taking photographs on a professional film camera from just a few meters away. When LED displays are combined with camera tracking and virtual production technology tools, new and endless experiences are created, with the potential to generate real-time stage changes, manage light and color, create immersive worlds for performers and users, and minimize production times and costs. Digital projection and LED wall screens have been employed in recent years in most productions to build new virtual sets that replace chromas of the virtual production market report.

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Opportunity: Rising trend in OTT platforms

The virtual production market for the over-the-top platform, often known as OTT, is expected to grow as access to entertainment becomes simpler. The ability to stream an endless library at any moment has accelerated the rise of OTT spaces. The advent of OTT platforms has led to disruptions in the entertainment industry.

It has made movie watching more easy, accessible, and economical to a larger range of people. Anyone with a mobile phone and an internet connection can watch a movie from anywhere on the globe.As stated by the Sony Group, key OTT players such as Netflix, Inc., Hulu, Amazon Prime Video, and Apple TV+ have been spending significantly to offer original content. For instance, the original content spends by these four companies have significantly increased over the years in technology. In 2017, the original content spend was valued at USD 1.17 billion and rose to USD 11.5 billion in 2021.