Volumetric Video Market is Set for Exponential Growth, projected to Reach US$ 35.7 Billion by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Rising Demand for Enhanced Live Cricket Match Experience is Driving the Need for 360-degree Dimensions, Further Advancing the Market for Volumetric Video.
NEWARK, Del, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global market for volumetric video was valued at US$ 2.1 billion in 2022 and is expected to grow to US$ 2.7 billion by 2023. The market is projected to grow at a rate of 29.3% from 2023 to 2033 and is expected to reach a valuation of US$ 35.7 billion by 2033.
The increasing demand for a better viewing experience for sporting events such as cricket and football is driving the market's growth. Furthermore, the entertainment industry's need for 3D or 360-degree content is divined to contribute to the market's growth during the forecast period.
Volumetric videos have gained significant traction in recent years, particularly in sports, media, and entertainment applications. Leading technology companies have invested in volumetric VR studios to elevate the viewer experience. The market growth is mainly driven by the increasing demand for an immersive viewing experience that can be achieved through volumetric VR studios. Key market players are actively engaged in innovating and developing products that cater to the specific requirements of the audience using volumetric video technology, thereby driving the growth of the market.
The growing demand for teleconferencing technology with augmented realism presents a promising opportunity for market growth during the forecast period. Teleconferencing is a communication system that enables users to make video calls with a lifelike 3D experience. Several companies have begun adopting this technology to provide a more realistic touch for users' video calls, allowing them to feel closer to their loved ones. The technology is set to advance rapidly in the coming years, creating significant prospects for market growth.
The acquisition of a volumetric capture solution requires a significant initial capital investment. Additionally, video length and footage quality are contributing factors that add to the cost of video production. Moreover, high-quality volumetric videos are captured in professional studios, which entail cameras strategically positioned at various angles around the subject to capture the performance from every possible perspective. The shots captured are then converted into holograms, further increasing the production cost. These factors have resulted in the market being restrained and limited in growth.
Throughout the projection period, there is potential for market growth due to the growing demand for teleconferencing's latent potential. Due to the increasing desire for a better viewing experience, the worldwide volumetric video market is predicted to be inundated with 3D and 360-degree material from the entertainment sector.
"The demand for immersive experiences in entertainment, education, and healthcare drives market growth. Standardization in content creation is needed for the growth of the volumetric video market, which may benefit market players in the coming years." – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Key Takeaways from the Volumetric Video Market
The United Kingdom is leading the volumetric video industry with a 31.0% global market share in 2033.
In 2033, Japan's volumetric video industry tracks the United Kingdom, holding a 30.7% global market share.
China emerged as a prominent player in the global volumetric video industry, capturing a 30.4% global market share in 2033.
In 2033, South Korea possesses a healthy 30.1% portion of the global volumetric video industry.
The United States volumetric video industry secures a market share of 29.5% in 2033.
Key Strategies
The leading players in the volumetric video industry are currently focusing on implementing various strategies such as adopting new applications, product innovations, mergers & acquisitions, joint ventures, alliances, and partnerships to improve their market position in the global market. The global volumetric video market is expected to grow significantly between 2023 and 2033. The market is predicted to experience steady growth in 2023, and with the increasing adoption of these strategies by key players, it is projected to continue to rise over the forecast period.
Recent Developments in the Volumetric Video Market
In October 2023, Verizon and Omaha Productions announced an exclusive 5G innovation partnership and launched a new AR experience platform. The platform has been built to bring an immersive football experience to fans at home.
Unity partnered with Microsoft in July 2023 to integrate volumetric video into its gaming engine. Additionally, in 2022, Unity MARS was launched as a platform for creating AR experiences with volumetric video.
Restraints:
Despite the promising growth, the Volumetric Video Market faces certain challenges, including technological complexities, high initial costs, and regulatory considerations. Navigating these hurdles requires a nuanced approach from industry stakeholders, fostering collaboration and innovation to overcome barriers hindering market expansion.
The key players in the global volumetric video market are focusing on implementing various strategies, such as developing new applications, introducing innovative products, engaging in mergers & acquisitions, and forming joint ventures, alliances, and partnerships to enhance their market position.
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
