LONDON, April 17,
2024 /PRNewswire/ -- Total revenue (including
hardware, software and cloud processing) associated with the
Virtual Production (VP) market is forecast to reach over
$1.1bn in 2028, up from $138.7m in 2023, thanks to widespread use in
filmmaking and new use cases in corporate and education settings,
according to Omdia's new ProAV Vertical Solutions – Virtual
Production 2024 Analysis.
"The prominence of virtual production has grown significantly as
more powerful technology has evolved, rapidly improving its
effectiveness," said Matthew Rubin,
Principal Analyst at Omdia. "Global events such as the COVID-19
pandemic also accelerated adoption, as workflows were forcefully
impacted."
Virtual production is a cutting-edge filmmaking technique that
seamlessly merges physical and digital elements in real-time,
enabling filmmakers to create immersive and dynamic environments on
set.
While the benefits of VP for filmmaking are relatively well
understood, with obvious and comparable benefits versus green
screens, corporate and educational use cases are still evolving. In
corporate settings, companies such as SmartStage and Vū are
spearheading the use of the technology, with simplified turnkey
solutions and subscription to support more effective training,
marketing, and collaboration.
Though currently representing a small slice of the wider LED
display market, the long-term opportunity for LED vendors is
significant, as demand grows from not only major film or TV
production studios, but also higher education institutions and the
corporate sector, which are set for a CAGR of 130% and 111% for
2023-28 respectively. This is set to boost the value of LED
hardware for virtual production from $73.5m in 2023 to $513.2m in 2028.
Early frontrunners in the VP space include LED vendors such as
ROE Visual and AOTO (which combined have over half of the market
share in 2023 in terms of volume), but with aggressive growth
strategies from the likes of InfiLED, Sony, and SiliconCore, among
others, the competition is catching up quickly.
Though still at an early stage, AI is likely to be another
factor in the coming years, transforming complex VP workflows. This
will primarily be achieved through algorithms to optimize
rendering, animation, and post-production tasks, improving both
efficiency and reducing timelines. In addition, machine learning is
aiding predictive analytics for better decision-making during
production planning.
The combination of AI, state-of-the-art ProAV technology,
managed by the creative industry will drive further opportunity for
virtual production from traditional filmmaking into new verticals,
effectively creating new markets.
"Vendors not currently involved should look to partnerships in
adjacent technology to best position themselves for the coming
growth. Developing an understanding of the multitude of
technologies and processes in this complex and rapidly evolving
market is a vital first step in the virtual production landscape,"
concludes Rubin.
ABOUT OMDIA:
Omdia, part of Informa Tech, is a technology research and
advisory group. Our deep knowledge of tech markets combined with
our actionable insights empower organizations to make smart growth
decisions.
Fasiha Khan
Fasiha.khan@informa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/omdia-virtual-production-opportunity-to-reach-1-1bn-in-2028--302119462.html
SOURCE Omdia