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 the virtual production market in near future.
Virtual Production Market worth $5.1 billion by 2027
The 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" was 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.
By 2027, Asia Pacific is projected to grow with the fastest CAGR in the forecast period
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 virtual production market in the region.
MAJOR Key Players
• Adobe Inc. (US),
• NVIDIA Corporation (US),
• Sony Group (Japan),
• Autodesk Inc. (US),
• Technicolor (France),
many more...
In 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.
In 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.