The virtual production market size is projected to reach US$ 8.53 billion by 2031 from US$ 2.61 billion in 2023. The market is expected to register a CAGR of 15.9% during 2023–2031. The increasing number of production houses globally and enhanced cost and time savings for production houses and content creators are likely to remain key trends and drivers in the market.
Virtual Production Market Analysis
The virtual production market is experiencing significant growth globally. The growth is attributed to the rising number of production houses globally and enhanced cost and time savings for production houses and content creators. Moreover, the increasing usage of virtual production solutions and the surging trend of OTT platforms are anticipated to hold several opportunities for the virtual production market.
Virtual Production Market Overview
Virtual production is a media production technology in which a virtual set is displayed on large LED walls behind a physical set. Teams use real-time 3D engines (game engines) to create a virtual set, display it on the LED wall, and then sync the engines with cameras on set for enhanced realism and depth of perspective.
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Virtual Production Market: Strategic Insights
Market Size Value in US$ 1,463.46 Million in 2020 Market Size Value by US$ 4,733.04 Million by 2028 Growth rate CAGR of 15.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Virtual Production Market: Strategic Insights
| Market Size Value in | US$ 1,463.46 Million in 2020 |
| Market Size Value by | US$ 4,733.04 Million by 2028 |
| Growth rate | CAGR of 15.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Virtual Production Market Drivers and Opportunities
Increasing Number of Production Houses Globally to Favor Market
The increasing number of production houses can drive virtual production in various ways. As more production houses get built, more demand for efficient and cost-effective production methods increases. Virtual production enables production houses to build bigger, innovate more, and deliver high-quality results earlier in the production process. Moreover, virtual production also saves time and costs for many production houses. Virtual scouting originating virtual versions of proposed sets can reduce travel time and additional expenses. Making innovative decisions earlier in the process ensures that the right decisions can be made. Thus, considering the above parameters, the increasing number of production houses globally is driving the virtual production market growth.
Increasing in usage of virtual production solutions.
The increasing usage of virtual production solutions is anticipated to hold several opportunities for the virtual production market. Various industries are implementing virtual production which increases the demand for virtual production solutions. This can invite new players and investments, surging innovations and expansion. Moreover, virtual production is being used not only in media and entertainment but also in advertising, live events, gaming, and others. This variety of virtual production can open new revenue and customer bases.
Virtual Production Market Report Segmentation Analysis
Key segments that contributed to the derivation of the virtual production market analysis are component and end-users.
- Based on component, the virtual production market is divided into solution and services. The solution segment is anticipated to hold a significant market share in the forecast period.
- Based on the end user, the virtual production market is divided into movies, TV series, commercial ads, and online videos. The movie is anticipated to hold a significant market share in the forecast period.
Virtual Production Market Share Analysis by Geography
The geographic scope of the virtual production market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the virtual production market. The North America virtual production market is segmented into US, Canada, and Mexico. Also, the market is experiencing significant growth, This growth is attributed to the rising number of production houses globally and enhanced cost and time savings for production houses and content creators in the region. Moreover, the increasing usage of virtual production solutions and the surging trend of OTT platforms are anticipated to hold several opportunities for the North America virtual production market. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of virtual production market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the virtual production market.
Virtual Production Market Report Scope
Virtual Production Market News and Recent Developments
The virtual production market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the virtual production market are listed below:
- Dimension announced the launch of DNEG 360 - combining Dimension’s expertise in realtime production with DNEG’s world-leading visual entertainment services. Alongside the launch of DNEG 360, the company has released an exclusive behind-the-scenes feature: ‘The Evolution of Virtual Production,’ to showcase its advanced virtual production techniques and advancements. (Source: Dimension Company Website, April 2024)
- Vancouver Film School partnered with Pixomondo (PXO) to provide a new offering to VFS students. Virtual Art Department Content Creation is a 12-week certificate program developed by Pixomondo to teach creatives the fundamentals of content creation for virtual production in VFX. (Source: Pixomondo (PXO) Company Website, April 2024)
Virtual Production Market Report Coverage and Deliverables
The “Virtual Production Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Virtual production market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Virtual production market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Virtual production market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the virtual production market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America is anticipated to dominate the virtual production market in 2023.
The increasing number of production houses globally and enhanced cost and time savings for production houses and content creators are some of the factors driving the virtual production market.
The increasing trend of OTT platforms is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global virtual production market are 360Rize, INSTA 360, Boris FX, Epic Games Inc, Brompton Technology Ltd, Adobe Inc., Autodesk, Inc, WIDIA Corporation, HTC Corporation (VIVE), MO-SYS ENGINEERING LTD.
The global virtual production market is expected to reach US$ 8.53 billion by 2031.
The expected CAGR of the virtual production market is 15.9%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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