NEWARK, N.J., Aug. 23, 2022 /PRNewswire/ -- The report published by The Brainy Insights shows that the global volumetric video market is expected to grow from USD 2.1 billion in 2021 to USD 21.2 billion by 2030, at a CAGR of 29.3% during the forecast period 2022-2030.
Volumetric video is a video created by capturing video of a person, place, and location in 3D or 2D. The image is captured using multiple cameras simultaneously, creating naturally dynamic 3D models. The images are captured from different viewpoints around an object or person and transformed into realistic, consistent, and dynamic 3D representations. The volumetric video uses the motion sensing technique for analyzing the 3D and 2D objects in-depth, which can be scanned directly through 360-degree cameras. Telehumans 2 recently developed a 3D-based video system capable of projecting a 360- degree view of any object without using smart lenses and mirrors. These features help improve the volumetric video coverage.
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Furthermore, Volumetric Video Workflow (VVOW) was launched by Reallifefilm International GmbH, focusing on improving 3D modeling and reconstruction methods for entertainment, film productions, and infotainment services. Hence, the increased demand for augmented and virtual reality (AR/VR) applications and the high adoption rate by technological giants such as Microsoft, Facebook, Intel, and Google drive the volumetric video market growth. The increasing demand for 360-degree content in the entertainment sector is driving the market's growth.
To enhance their market position in the global volumetric video market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In October 2021, 8th Wall and 8i introduced their integrated hologram solution, which was featured at the first-ever live-streamed hologram interview in WebAR. The 8i and 8th Wall collaboration combined the two companies' technologies and provided an integrated end-to-end solution to capture, transform, and Livestream volumetric video in WebAR.
Market growth and trends:
The increasing demand for volumetric video technology for developing medical holograms drives the market's growth and rising use of augmented reality and virtual reality applications. However, the high capital investment required to set up the studio to use the volumetric video technology is restraining the market's growth. Furthermore, the lack of standardization in creating 3D content is a major restraint hampering the global market's growth. The rising demand for improved and advanced medical image guide surgery provides an opportunity for the market's growth. Additionally, the increasing use of volumetric video technology for creating creative advertisements for filmmaking and gaming provides a lucrative growth opportunity for the market to flourish during the forecast period.
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- In 2021, the hardware segment dominated the market with the largest market share of 43% and market revenue of 0.9 billion.
The volumetric capture segment is divided into software, hardware, and services. In 2021, the hardware segment dominated the market with the largest market share of 43% and market revenue of 0.9 billion. The increasing number of studios constructed for filmmaking, sports, medical, gaming, and advertisement drives the segment's growth.
- In 2021, the advertisement segment accounted for the largest market share, with 26% and a market revenue of 0.5 Billion.
The application segment is divided into events & entertainment, advertisement, sports, medical, and education. In 2021, the advertisement segment accounted for the largest share of the market, with 26% and a market revenue of 0.5 billion. The growth in digital advertisement increases the need for better advertising content, propelling the segment's growth as it helps develop unique content for the brands.
Regional Segment Analysis of the Volumetric Video Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global volumetric video market, with a market share of around 43% and 0.9 billion of the market revenue in 2021. The presence of prominent market players in the region, such as Fujifilm, Sony, Canon, and Nikon, drives the market's growth in the region. Furthermore, the increasing adoption of augmented reality technology in the region also propels the market's growth. The region also has some of the best studios, such as Jump Studio in South Korea, Korea Immersive Studio in South Korea, Docomo XR Studio in Japan, and Volumetric Video Studio in Kawasaki, Japan which adds impetus to the market's growth in the region.
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Key players operating in the global volumetric video market are:
- Microsoft Corporation
- Intel Corporation
- Unity Technologies
- Google LLC
- Stereolabs Inc.
- IO Industries Inc
- Canon Inc.
- Verizon Communications
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global volumetric video market based on the below-mentioned segments:
Global Volumetric Video Market by Volumetric Capture:
Global Volumetric Video Market by Application:
- Events and Entertainment
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About the report:
The global volumetric video market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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