Virtual Production Industry Is Estimated To Move Ahead At A Cagr Of 18.60% From 2024 to 2030Posted by rahul nikade on August 16th, 2024 Virtual Production Industry Overview The global virtual production market size was estimated at USD 2.11 billion in 2023 and is expected to grow at a CAGR of 18.6% from 2024 to 2030. Virtual production enables filmmakers to interactively visualize and explore digital scenes, such as realistic virtual characters, three-dimensional graphics, and a real-time virtual interactive background environment within the studio. Vast developments in the field of virtual production over the years have led to the introduction of solutions that allow filmmakers to transfer the motion-captured movement of an actor to virtual characters, which are then previewed in real-time, in combination with live-action footage and virtual set extension elements. Such solutions help filmmakers plan and communicate their creative ideas in new and more intuitive ways. The increasing demand for visual effects (VFX) in movie production studios worldwide and rising application scope of virtual production in commercial ads are likely to drive market growth. Gather more insights about the market drivers, restrains and growth of the Virtual Production Market During the pandemic in 2020, prominent Hollywood filmmakers, including NBC, MTV, and ABC, began adopting Virtual Production using cloudbusting, which involved using a robotic camera like the Solo Cinebot, to shoot the actors remotely. The increased adoption of LED video wall technology is augmenting the implementation of virtual production across the media and entertainment sectors. LED video walls display computer-generated graphics in the background and enable filmmakers to capture visual effects in real time. The LED video wall technology has substituted a green screen, making film production more accessible after the break of COVID-19. For instance, in April 2020, ABC's show SkyLine filmed all their real-life scenes in a 360-degree camera and displayed them on the LED screen instead of the green screen. LED video wall screens create a realistic background visual that replaces an actual shoot location while saving the entire crew time and money. For instance, The Mandalorian TV series has extensively used semicircular LED video walls for the in-house shoot and virtual production technology for overall production, eliminating the need for on-location shoots. Disney used LED walls of dimensions 20 feet high, 75 feet wide, and 270 degrees, which made it possible to present the movement of the 3D image concerning the camera's movement. The rising popularity of web series containing visual effects and three-dimensional graphic environments encourages video-makers to implement virtual production technology in their video content. Popular web and television series, such as Games of Thrones, The Last Kingdom, Black Mirror, and Outlander, have extensively implemented visual graphics to create epic and historical scenes. VFX helps produce high-quality video content with realistic graphic characters and artificial scenes that enrich the viewing experience. Moreover, virtual production technology helps reduce video production costs by eliminating the need to shoot at expensive sites and bringing pre-visualization (a part of the pre-production process) on set. Pre-visualization creates a first three-dimensional representation of the final visual effects action sequence to help movie-makers plan out camera placement and other creative/technical requirements. For instance, in April 2022, HTC VIVE, a computer and electronics manufacturing company, released a virtual production technology named VIVE Mars CamTrack. It accelerates, simplifies, and lowers the cost of virtual production software by combining the complete camera tracking workflow into a small plug-and-play module with professional-grade functionality. Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
Virtual Production Market Segmentation Grand View Research has segmented the global virtual production market on the basis of on component, type, end-user, and region: Virtual Production Component Outlook (Revenue, USD Million, 2017 - 2030)
Virtual Production Type Outlook (Revenue, USD Million, 2017 - 2030)
Virtual Production End-user Outlook (Revenue, USD Million, 2017 - 2030)
Virtual Production Regional Outlook (Revenue, USD Million, 2017 - 2030)
Key Companies profiled:
Key Virtual Production Company Insights Key virtual production companies include Adobe; Autodesk Inc.; Epic Games, Inc.; HTC Corporation (VivePort); Mo-Sys Engineering Ltd.; NVIDIA Corporation.; Pixar (The Walt Disney Company); and Technicolor. The market's competitive landscape is fragmented and features the presence of several players. In recent years, the market has witnessed several mergers, acquisitions, and strategic partnerships. For instance, in March 2020, Epic Games Inc. acquired Cubic Motion, a highly detailed digital facial animation provider for both films and video games. The acquisition would further enrich visuals and three-dimensional graphic environments for the users of Epic Games Inc. solutions. Also, in December 2022, the most significant LED wall virtual production stage in the U.S. was unveiled by Amazon Studios. Recent Developments
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