Northbrook, IL 60062 -- (SBWIRE) -- 07/19/2022 -- The global virtual production market size is estimated to be USD 2.6 billion in 2022 and is projected to reach 5.1 billion by 2027, at a CAGR of 14.5% during the forecast period.
The increasing demand due to the pandemic and the increasing implementation of LED wall technology are expected to drive the market growth for virtual production market.
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The virtual production market has promising growth potential due to several factors, including the increasing investments by technology giants in development of innovative virtual production offerings, and growing focus of market players on R&D activities. The increasing deployment of various virtual production studios by in Sony Group, DNEG, TILTLABS, Virsabi, Production Resource Group, LLC, Dimension, Recode XR Studio, V? Technologies, and 80six Ltd. and their focus on sustainable business growth have resulted in fierce competition in the virtual production market.
In 2021, the post-production segment accounted for the largest share of the global virtual production market. During the post-production phase, all the footage is constructed and the final touches, the elements that enhance the video are added to the final product. Hence this phase requires crucial editing and collaborating with graphics and visual effects (VFX).
In 2021, the movies segment accounted for the largest share of the virtual production market. The rising trend in moving movies from theaters and multiplexes to over-the-top (OTT) platforms enables producers access broader audiences. Companies have also been providing various offerings that enhance movies through the virtual production technology, some of which include Adobe Premiere Pro, an industry-standard pro video and film editing software; VENICE digital still cameras from the Sony Group are used in cinematography; B-Series Crystal LED from the Sony Group act as a virtual set and meet the needs of filmmakers; MPC Films from Technicolor Creative Studios offer creative leadership across all aspects of visual effects through its studios at various locations; Unreal Engine is at the forefront of virtual production. It is widely used for the production of various films and various other forms.
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Among all regions, the market in the Asia Pacific is expected to grow at the highest rate during the forecast period. China, South Korea, Japan, India, and the Rest of Asia Pacific have flourishing film and television industries. As stated by Nash Information Services, LLC, in 2021, the total Asia Pacific box office revenue was valued at USD 8.76 billion. It grew at an approximate CAGR of 48.2% from the previous year. The continual adoption of virtual production in these industries along with the increasing number of virtual production studios are leading to the significant growth of the market in the region.