The virtual production market has witnessed substantial growth, expected to rise from $2.51 billion in 2023 to $2.92 billion in 2024, achieving a CAGR of 16.6%. This growth is credited to the increasing use of virtual production in film and gaming sectors. Looking ahead, the market is projected to reach $5.6 billion by 2028, with a CAGR of 17.7%. Growth drivers include rising demand for visual effects and applications in live events. Major trends include technological advancements, new virtual production technologies, AI and machine learning integration, and potential blockchain applications in content creation.
Major Driver In The Virtual Production Market
The virtual production market is expected to experience growth fueled by the rising demand for visual effects in global movie production. Visual effects (VFX) play a crucial role in modifying or augmenting imagery in films, contributing to approximately 10-15% of the budget for an Indian movie, projected to rise to 30-35% in the future. In 2019, the B.C. film, television, visual effects, and animation industry spent over $4.1 billion, with more than $3.1 billion allocated to physical production. The increasing demand for visual effects in movie production is expected to drive the virtual production market, with market sizes of $D billion in 2023, $E billion in 2024, and an anticipated $F billion in 2028.
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Virtual Production Market Competitive Landscape
Sony Group Corporation, NVIDIA Corporation, Adobe Inc., Epic Games Inc., Autodesk Inc., Technicolor SA, Arashi Vision Inc., Unity Software Inc., Pixar Animation Studios, ARRI Aktiengesellschaft, Double Negative Visual Effects, Perforce Software Inc., HTC Corporation, Mo-Sys Engineering Ltd., The Third Floor Inc., FuseFX Inc., Vicon Motion Systems Ltd., SideFX, Pixotope Technologies AG, SolidAnim Ltd., TILTLABS Inc., Fabric Engine Inc., HumanEyes Technologies Ltd., Lightcraft Technology Ltd., 360Rize Inc., 80six Ltd., Zero Density Ltd., Boris FX Inc., TREE Digital Studio Inc., VIVE Mars CamTrack, Panocam3d.com, Wcta Fx Ltd., Golaem, MocapX Inc.
Key Virtual Production Market Trend
Technological advancements are a key trend gaining popularity in the virtual production market. Major companies operating in the virtual production market are focused on developing new technological solutions to strengthen their position. For instance, in September 2023, Samsung Electronics Co., Ltd., a South Korea-based consumer electronics company, launched Wall for Virtual Production. The wall is designed to enhance the virtual production experience by offering a large and immersive workspace for creators and producers to collaborate in a virtual environment.
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Virtual Production Market Segmentation
The virtual production market covered in this report is segmented –
1) By Type: Pre-Production, Production, Post-Production
2) By Offering: Hardware, Software, Services
3) By End User: Movies, TV Series, Commercial Ads, Online Videos, Other End Users
By Geography:The regions covered in the virtual production market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the virtual production market share in 2023.
The Virtual Production Global Market Report 2024 furnishes information about the global virtual production market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
