Latest News- Virtual Production Market: Software is expected to lead the Component segment during 2024-2028

The Virtual Production Market is being driven by Growing implementation of virtual production in gaming industry

The Virtual Production Market is expected to grow at a CAGR of 21.48% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3912.5 million. In the dynamic virtual production market, vendors are implementing strategic initiatives to bolster their competitive edge and expand market share. Notable examples include Autodesk Inc.'s February 2024 acquisition of PIX of X2X, an entertainment technology firm, to foster broader collaboration and communication, and drive operational efficiencies, ultimately saving customers time and resources. Another significant development came in the same month with The Walt Disney Company's collaboration with Epic Games Inc., where the latter will contribute to creating a new games and entertainment universe, extending the reach of Disney's cherished stories and experiences. These strategic moves underscore the industry's ongoing evolution and competitive intensity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Services
  • Hardware
• Type
  • Post-production
  • Production
  • Pre-production
• Geography
  • North America
  • APAC
  • Europe
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing implementation of virtual production in gaming industry
• Success of movies and TV shows due to high use of animation
• Rising adoption of LED video wall technology

However, the market also witnesses some limitations, which are as follows:

• Issues associated with virtual production LED screens
• Limitation in availability of content
• Lack of appropriate licensing and legal regulations

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Market Scope in Virtual Production Market Research Report

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Research Analysis Overview

The Virtual Production Market encompasses the use of Virtual Production Studios and advanced technology, including real-time rendering engines, virtual cameras, and Virtual Production Software, in the Movies and Television industries. Filmmakers leverage this technology for Visual Effects (VFX), Computer-Generated Imagery (CGI), and immersive experiences. Companies like ADX Lab, Epic Games, Quantum Media Systems, DCI, Bel Air Circuit, and EBU are at the forefront of this innovation. LED screens, Motion capture, and consumer preferences for interactive experiences are driving industry applications. Real-time rendering, Virtual Production, and the Entertainment Industry are redefining Film with innovative solutions from leaders like Unreal Engine and Unity.

Market Research Overview

The virtual production market is a segment of the larger global IT services industry, encompassing companies specializing in virtual production technology for movies and television. This sector includes providers of virtual production studios, visual effects, real-time rendering engines, virtual cameras, and virtual production software. The growth of this market is driven by several factors, most notably the increasing demand for advanced visual effects in media production and the rising government investments in modernizing IT infrastructure for improved efficiency and expertise in the industry. The global IT consulting and other services market, which includes this virtual production segment, is projected to experience significant expansion due to these factors, as well as the ongoing trend towards digitalization and automation in media production.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/