Volumetric Video Market Worth 2,780.0 Million USD by 2023
PUNE, India, May 10, 2018 /PRNewswire/ --
According to the new market research report "Volumetric Video Market by Volumetric Capture & Content Creation (Hardware (Camera & Processing Unit), Software, and Services), Application (Sports & Entertainment, Medical, Signage, Education & Training), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 578.3 Million in 2018 to USD 2,780.0 Million by 2023, at a CAGR of 36.9% between 2018 and 2023. The report covers professional/non-consumer applications of volumetric video. Growing demand for 3D/360-degree content in entertainment and AR/VR applications; growing applications of volumetric technology in several end-user industries such as healthcare, architecture, real estate, and media and advertising are major factors driving the growth of the volumetric video market.
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Hardware to hold the largest size of the volumetric video market during the forecast period
The volumetric video technology captures images of real persons with multiple cameras at the same time and creates naturally moving dynamic 3D models, which can be observed from arbitrary viewpoints in a virtual scene. These systems generally consists of cameras (or array of cameras; vary from manufacturer to manufacturer) that capture images in volumetric detail. The 3D information captured from different viewpoints around a person is fused and transformed to a consistent, natural, and dynamic 3D representation. Hardware for volumetric capture includes professional level depth sensing 360-degree cameras and processing unit. The volumetric video hardware market is driven by the presence of various vendors that offer volumetric hardware and the presence of various AR and VR vendors who demand volumetric video content in filmmaking and gaming.
Medical application is expected to grow rapidly, while sports, events, & entertainment application is likely to hold the largest size of the volumetric video market during the forecast period
Volumetric video technology is expected to be deployed for a growing number of applications as demand from end users is increasing for personal and interactive experiences. Many industry experts believe that volumetric video technology will revolutionize sports and entertainment, and medical industries owing to the change in user interaction. Several companies have started investing heavily in developing volumetric content. Medical application is expected to drive the volumetric video market in the near future. This can be attributed to the increasing use of holograms in medical imaging by surgeons to view a specific diseased part or an organ of a body in 360 degrees. The entertainment industry is among the major markets for volumetric video technology. Volumetric video with virtual or augmented reality devices, allows 3D images to be viewed in a 360-degree environment.
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North America is expected to hold the largest share of the volumetric video market between 2018 and 2023
North America led the volumetric video market in 2017 in terms of size and revenue generated from various applications. The volumetric video market is estimated to grow considerably in subsequent years in this region. The use of volumetric video, especially in sports, events, & entertainment, is helping the growth of the volumetric video market. Applications such as medical, signage, & advertisement, and education & training mainly utilize volumetric video technology in this region. The US is home to many global players that offer volumetric solutions. This helps North America to represent as the major region in the global volumetric video market.
The volumetric video market is dominated by Microsoft (US); Intel (US); Facebook (US); Google (US); and LightSpace Technologies (Latvia). The Coretec Group (US); 8i (New Zealand); Realview Imaging (Israel); Holoxica (UK); Voxon Photonics (Australia); Unity (US); Lytro (US); Raytrix (Germany); OTOY (US); and Stereolabs (US) are other major players in the market. Key innovators include Uncorporeal (US); Hype VR (US); Scatter (US); VividQ (UK); and Hammerhead VR (UK). Fraunhofer HHI (Germany) is a leading research institute involved in the research of volumetric video technology.
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