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Virtual Production Market Market Value $ 5.1 million (2027) CAGR 14.5% (2022-27)
Published On Jul, 2022
Virtual Production Market worth $5.1 billion by 2027 According to a research report "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" published by MarketsandMarkets, 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. Rising demand for visual effects in movie and television industries, and increasing implementation of LED wall technology play a key role in driving the growth of virtual production market in near future.
Get Best Informational PDF Brochure Browse 191 market data Tables and 56 Figures spread through 223 Pages and in-depth TOC on "Virtual Production Market - Global Forecast to 2027" View detailed Table of Content here - https://www.marketsandmarkets.com/MarketReports/virtual-production-market-264844353.html 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 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. North America leads the virtual production market with the highest share North America accounted for the largest share of the virtual production market in 2021. Growth can be attributed to the presence of the largest movie industry, increasing budgets for movies, and the use of advanced technology in the media and entertainment industry. As stated in the Theme Report 2021 published by the Motion Picture Association, the
expected number of US movies that started filming in 2021 was 943, an increase of 111% from those in 2020 when production was halted due to the COVID-19 pandemic. 226 of these movies had a projected budget higher than USD 15 million, which is a 124% increase from that in 2020 and a 40% rise from that in 2017. 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 of the key players in the virtual production market. Don’t miss out on business opportunities in Virtual Production Market. Speak to our analyst and gain crucial industry insights that will help your business grow. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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