The global virtual production market size is expected to reach USD 3.95 billion by 2027, according to a report by Grand View Research, Inc. The market is anticipated to register a CAGR of 15.8% from 2020 to 2027. Virtual production is a rapidly emerging technology that combines computer graphics and live-action footage in real-time, by utilizing a suite of software tools. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high-definition visuals and real-time virtual environments, is the key factor propelling industry growth. The technology enables filmmakers to reduce demand for on-set production teams and crew members, thus allowing for a significant reduction in video production costs. Furthermore, frequent innovations in virtual production helps broadcasters improve their operational efficiency with minimized physical presence of technicians in the broadcasting room. The booming gaming industry also presents a significant avenue for market growth, as companies move towards providing consumers with a more immersive gaming experience.
The introduction of AI has led to virtual production technology witnessing significant improvements in the quality of its computer-generated graphics. Design and visualization of all complex scenes in a 3D model have also become convenient, which can be further edited and reviewed in a real-time environment. The technology enables filmmakers to capture on-set live-action scenes through simul-cams or virtual cameras and seamlessly merge computer-generated 3D graphic elements with the film’s live shooting footage to conclude with the final visual effects. Furthermore, artificial intelligence facilitates pre-production support by understanding consumer preferences through large datasets, which helps to accelerate video production work. For example, Netflix creates video content based on accurate, personalized recommendations, and observations of its users’ behavior, such as surfing history, interest, and data action like pausing or rewinding videos. Artificial intelligence technology can also help understand scripts and screenplays to recognize the locations described in them and suggest real-world locations where directors can imagine and create realistic computer graphic imagery locations.
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Virtual Production Market Report Highlights
• The 2019 remake of the classic movie ‘The Lion King’ has brought more focus on the area of virtual production, and the technology is expected to witness healthy growth in the coming years, as production houses try to outdo one another on the technical and innovation front
• In terms of end-user, the movie segment is expected to contribute a significant amount of revenue to the virtual production market over the forecast period. The growth can be attributed to the rising demand for visual effects and a three-dimensional model in movies
• The post-production segment accounted for the highest share of 52.9% in the virtual production market in 2020, owing to the crucial role of the technology in editing and collaborating post-shoot videos with graphics and visual effects (VFX)
• In March 2020, Sky Sports implemented a virtual production suite, which has enabled its teams to create content and stream it remotely. The suite connected 48 virtual workstations and an equal number of direct-to-workstation connections for remote editing, simultaneous live programming, and the distribution of live clippings directly on social media platforms.
• The coronavirus pandemic has challenged the VFX industry to innovate and further modernize their production, as content delivery becomes of paramount importance for companies, artists, and studios. Cloud-based visual effects workflow has witnessed accelerated adoption, brought about by the pandemic
• The key players in the market are 360Rize, Adobe, Arashi Vision, Autodesk, BORIS FX, Epic Games, HumanEyes Technologies, Mo-Sys Engineering, NVIDIA, Panocam3d.com, Pixar, Side Effects Software, Technicolor, and Vicon Motion Systems, among others
• In April 2021, Epic Games released the second volume of its Virtual Production Field Guide, which is a free in-depth resource for creators involved with virtual production in film and television that is available in the PDF format. The first volume of the guide was released in July 2019
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Virtual Production Market Segmentation
Grand View Research has segmented the global virtual production market based on component, type, end-users, and region:
Virtual Production Component Outlook (Revenue, USD Million, 2016 – 2027)
Virtual Production Type Outlook (Revenue, USD Million, 2016 – 2027)
Virtual Production End-user Outlook (Revenue, USD Million, 2016 – 2027)
• TV Series
• Commercial Ads
• Online Videos
Virtual Production Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.
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