Trend of VR technology has further accelerated the scope of film making. Virtual production software help in designing and developing digital environments to facilitate filmmakers to grab more growth opportunities from virtual production. For instance, SideFX provides Destruction FX with Houdini’s award-winning particle & dynamics tools. The tool is appropriate for developing blockbuster VFX through particles and more. The virtual production software enables massive simulation through tools to make the visual experience more realistic.
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Geographically, North America held the largest share of the virtual production market in 2020, followed by Asia Pacific and Europe. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The virtual production market is segmented into component, end user, and geography. Based on component, the market is further categorized into solutions and services. The solutions segment represented the largest share of the overall market in 2020. In terms of end user, the market is segmented into movies, TV series, commercial ads, and online videos. In 2020, the movies segment accounted for a substantial share of the global virtual production market.
Film making is one of the biggest applications of virtual production. Companies such as Perforce and Epic Games provide virtual production for movies. Virtual production helps in creating films with extraordinary features and better VFX. For instance, Avatar and The Lion King are among the prominent films, which have used virtual production feature. Virtual production is an emerging technique, which uses array of software tools to unite computer graphics and live action footage in real-time. Avengers: Endgame, 1917, The Irishman, and Star Wars: The Rise of Skywalker are among other movies that have used virtual production. Furthermore, upcoming marvel shows, including Loki, Hawkeye, and The Falcon and the Winter Soldier, are pegged to cost around $25 million/episode. This aspect will boost the adoption of virtual production.
The market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
• In 2020, AVATOUR employed virtual reality technology to transport users to a remote location in real time, providing a new and effective substitute for travel. The Insta360 builds the 360-degree cameras for AVATOUR.
• In 2020, HumanEyes Technologies introduced New Cloud-Based Suite. HumanEyes Cloud-based Suite utilizes high-performance Edge computing resources to ease and streamline the Capture-Create-Share VR workflow.
• In 2020, HTC Conducted First Virtual “VIVE Ecosystem Conference” (V²EC) fully in VR. It marked the first major physical industry event that has been completely replaced fully by an interactive VR digital twin.
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