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North America to hold hidden growth opportunity on Virtual Production Market at a CAGR of 14.5%

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North America to hold hidden growth opportunity on Virtual Production Market at a CAGR of 14.5%

October 26
19:18 2022
North America to hold hidden growth opportunity on Virtual Production Market at a CAGR of 14.5%
Virtual Production Market
[223 Pages Report] Virtual production market size, analysis, trends, companies, growth & forecasts. The global VP market is categorized by offering, type, organization size, vertical & region.

Attractive Opportunity: Supercharge your Visualizations Rising demand for visual effects in movie and television industries, and increasing implementation of LED wall technology play a key role in driving the growth of virtual production market in near future.

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Key Findings of the Global Digital Pathology Market:

1. New Virtual Manufacturing courses to meet the rising need for educated technicians in the virtual production industry. This enhanced and comprehensive program has been meticulously crafted and is expected to be taught by the Mo-Sys’ Academy.

2. VIVE Mars CamTrack lets actors jump into any number of virtual backdrops in real-time during production, in many cases eliminating the need to shoot onsite and empowering filmmakers to unleash their full creative potential.

3. Technicolor partnered with Paramount Pictures and director Jeff Fowler to bring a fully computer-generated imagery (CGI) Sonic to life in Sonic the Hedgehog 2 in collaboration with Technicolor Creative Studios’ MPC.

What are the Driving Factors of Evolution of technologies and consolidation of Virtual Production Market?

The amalgamation of various other next-gen technologies such as ML, AI, augmented reality (AR), virtual reality (VR), extended reality (XR), deep learning, along with virtual production technology has bolstered growth.

Production phase in the virtual production market is projected to grow at the highest CAGR

The production phase in the virtual production market is projected to grow at the highest CAGR. The increasing usage of virtual production technology helps in focusing on front-loading projects; early evaluation and editing and decrease in the need for guesswork while filming. It also helps in a smoother phase and helps limit strained post-production expenses. This can majorly be attributed to the growth in the number of movies or shows that are made completely via the virtual production technology.

Television series is projected to grow with the highest CAGR in the forecast period

The television series segment is projected to grow at the highest CAGR during the forecast period of the virtual production market.

The increasing dominance of OTT platforms and their ability to reach a significant number of audiences are some of the factors for the fastest growth of the television series segment. As stated in the Theme Report 2021 published by the Motion Picture Association on online TV views in the US in 2021 were projected to be approximately ten times higher than online movie views of the virtual production market.

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Virtual Production Market by Top Companies Profiles:
Increasing demand for VFX and CGI in movies stimulates market growth

Continuous organic and inorganic growth strategies adopted by virtual production ecosystem players have enhanced the growth of the market. For instance, in May 2022, Mo-Sys Engineering Ltd. formed a partnership with GMS International to make augmented reality and virtual production solutions available to South Korean cinematographers and broadcasters.The key players operating in the IT Asset Disposition market are Dell Technologies (US), Hewlett Packard Enterprise (US), IBM (US), Sims Limited (Australia), Iron Mountain (US), 3Step IT(Finland), TES (Singapore), and Apto Solutions (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

Regional Insight by MarketsandmarketsTM Research:
North America leads the virtual production market with the highest share

North America accounted for the largest share of the virtual production market in 2021. Growth can be attributed to the presence of the largest movie industry, increasing budgets for movies, and the use of advanced technology in the media and entertainment industry. As stated in the Theme Report 2021 published by the Motion Picture Association, the expected number of US movies that started filming in 2021 was 943, an increase of 111% from those in 2020 when production was halted due to the COVID-19 pandemic.

Regions & Countries Covered:

North America – (U.S., Canada, Mexico)
Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America – (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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