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Virtual Production Market Size

Report ID: GMI5660
Published Date: May 2023
Report Format: PDF

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Virtual Production Market Size

Virtual Production Market size was valued at over USD 2 billion in 2022 and is anticipated to grow at a CAGR of over 15% between 2023 and 2032. The growing popularity of virtual production in the media & entertainment sector and its ability to produce high-definition images & real-time virtual settings are the primary industry drivers.

Virtual Production Market

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Filmmakers can reduce the need for on-set production teams and crew employees by incorporating virtual background settings into a live-action video. This reduces the cost of excess production. The growing acceptance of LED video wall technology is driving virtual production in the media & entertainment industry. Computer-generated graphics are displayed on LED video walls in the background, allowing filmmakers to record visual effects in real time.

Virtual production allows filmmakers to interactively visualize and explore digital scenes within the studio such as realistic virtual characters, three-dimensional graphics & a real-time virtual interactive background environment. Over the years, significant advancements in the field of virtual production have resulted in the introduction of solutions that allow filmmakers to transfer an actor's motion-captured movement to virtual characters, which are then previewed in real-time in conjunction with live-action footage and virtual set extension elements.

Virtual Production Market Report Attributes
Report Attribute	Details
Base Year:	2022
Virtual Production Market Size in 2022:	USD 2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 8 Billion
Historical Data for:	2018 – 2022
No. of Pages:	250
Tables, Charts & Figures:	247
Segments covered:	Component, Type, End-use, and Region
Growth Drivers:	Increasing demand for visual effects (VFX) in movie production studios Rising application of virtual production in commercial ads Growing Implementation of LED wall technology Growing implementation of AI in virtual production Growing demand for virtual production in gaming sector
Pitfalls & Challenges:	Lack of skilled professionals High capital expenditure for initial set-up

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Virtual production can be costly, particularly for large-scale projects. VFXs and other virtual productions can be expensive depending on the type & product requirements. The cost of maintenance & repair can make virtual production a significant investment for businesses and organizations. However, the high cost of virtual production is a significant impediment to market growth as businesses and organizations may hesitate to invest in these systems due to financial constraints. Furthermore, the cost of virtual production may be prohibitively expensive for small businesses and organizations lacking the financial resources to invest in these solutions.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size foe virtual production was over USD 2 billion in 2022 and will observe over 15% CAGR from 2023-2032 owing to the growing adoption in the media & entertainment sector.

Software type segment held more than 45% of the virtual production industry share in 2022 on account of the increasing preference for visual effects and computer-generated graphics in movies and commercial advertisements.

North America held more than 35% of the virtual production industry share in 2022 and will foresee expansion through 2032 driven by the rising consumer preference for online video streaming and on-demand video content in the region.

Adobe, Insta 360, Autodesk Inc., BORIS FX, INC, Epic Games, Inc., HTC Corporation, HumanEyes Technologies, Mo-Sys Engineering Ltd., and NVIDIA Corporation are some of the key virtual production business players.