Recent Developments in Virtual Production Market
#1 May 2022, Mo-Sys Engineering Ltd. announced the launch of new Virtual Manufacturing courses to meet the rising need for educated technicians in the virtual production industry. This enhanced and comprehensive program has been meticulously crafted and is expected to be taught by the Mo-Sys' Academy.
#2 April 2022, HTC VIVE launched its first turnkey virtual production product, VIVE Mars CamTrack. It makes virtual production fast, easy, and affordable by consolidating the entire camera tracking workflow into a compact, plug-and-play module with professional-grade features. VIVE Mars CamTrack lets actors jump into any number of virtual backdrops in real-time during production, in many cases eliminating the need to shoot onsite and empowering filmmakers to unleash their full creative potential.
Projected Surge in Revenue Generation:
The virtual production market is projected to grow from USD 2.6 billion in 2022 to USD 5.1 billion by 2027, at a CAGR of 14.5% from 2022 to 2027. Establishment of new virtual production studios expected to create lucrative opportunities for the growth of virtual production market in near future.
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Adobe Inc. (US), NVIDIA Corporation (US), Sony Group (Japan), Autodesk Inc. (US), Technicolor (France), HTC Corporation (Taiwan), Vicon Motion Systems Ltd (UK), SideFX (Canada), Epic Games (US), Mo-Sys Engineering Ltd. (UK), are some key players in the virtual production market. To retain their presence in the virtual production market, these players have adopted various growth strategies, such as product launches, acquisitions, expansions, partnerships, collaborations, mergers, and contracts. Product launches have been the most dominating strategy adopted by the key players from 2018 to 2022 to help them strengthen their product portfolio and broaden their customer base.
Increasing demand for VFX and CGI in movies stimulates market growth
In 2021, the software segment accounted for the largest share of the virtual production market. The dominance of the segment is attributed to the increasing demand for VFX and CGI in movies. Continuous organic and inorganic growth strategies adopted by virtual production ecosystem players have enhanced the growth of the market. For instance, in May 2022, Mo-Sys Engineering Ltd. formed a partnership with GMS International to make augmented reality and virtual production solutions available to South Korean cinematographers and broadcasters.
Movies segment to capture the lion’s share in the virtual production market
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 to access broader audiences. The substantial budgets of movies and increasing demand for VFX-based movies have led to the growth of the movies segment. As stated in the Theme Report 2021 published by the Motion Picture Association, the production of new movies continued to skyrocket post the pandemic. In 2021, approximately 940 films were initiated for production in the US. However, in 2018, 2019, and 2020 only 808, 814, and 443 films were produced during the respective years.
Adobe Inc.
Adobe Inc. is one of the world's largest and most diverse software companies. It provides a suite of tools and services for photographers, video editors, graphic and experience designers, and game developers; communicators, such as content creators, students, marketers, and knowledge workers; businesses of all sizes; and consumers for creating, managing, delivering, measuring, optimizing, engaging, and transacting with compelling content and experiences across personal computers, smartphones, and other electronic devices. It provides various products that pertain to the virtual production market through the Digital Media segment. Furthermore, it provides products, services, and solutions that enable individuals, teams, and enterprises to create, publish and promote their content anywhere and accelerate their productivity by modernizing how they view, share, engage with, and collaborate on documents and creative content. The segment is centered around Adobe Creative Cloud and Adobe Document Cloud.
NVIDIA Corporation
NVIDIA
Corporation is a pioneer in GPU-accelerated computing. It specializes
in products and platforms for the large, growing markets of gaming,
professional visualization, data center, and automotive. It provides
virtual production solutions through one of its markets named
professional visualization. It collaborates with third-party software
providers to improve their solutions for NVIDIA GPUs. These GPU
computing solutions boost productivity and provide new capabilities to
crucial workflows in a variety of industries, including design and
manufacturing, as well as digital content creation. Professional video
editing and post-production, special effects for films, and
broadcast-television graphics are all examples of digital content
creation.
Related Reports:
Virtual Production Market by Offering (Hardware, Software, Services), Type (Pre-Production, Production, Post-Production), End User (Movies, Television Series, Commercial Advertisement, Online Videos), Region - Global Forecast to 2027
Contact :
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
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