PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250783
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250783
According to Stratistics MRC, the Global Volumetric Video Market is accounted for $1.9 billion in 2022 and is expected to reach $8.8 billion by 2028 growing at a CAGR of 28.9% during the forecast period. Volumetric videos are utilised to make interesting and original commercials. They are suitable for more than simply advertisements; they can be displayed during events like conferences, exhibits, and sporting events.
Latent potential in teleconferencing
A growth potential for the market is presented by the rising demand for teleconferencing's latent potential. Users of the teleconferencing system can make video calls to other people and see them in incredibly lifelike 3D. This effect is being used by several businesses to give the audience a realistic feel of their loved ones during video conversations. Over the forecast period, this technology is anticipated to advance quickly, creating a chance for the market to expand.
Lack of standardization
To create material, volumetric videos are created using a variety of software and technology. In order to accomplish this, businesses with multiple lines of business must collaborate. Nevertheless, there is a discrepancy throughout the entire volumetric video content development process. The development of the volumetric video market is also hampered by the lack of cooperation among businesses and the lack of experience in content creation.
Growing popularity of Virtual Reality & Augmented reality
Volumetric video recording and streaming have advanced as essential technologies as a result of the increase in the use of Augmented Reality (AR) or Virtual Reality (VR) technologies. Volumetric video is therefore quickly developing and gaining popularity in the era of digital society. Due to the sharp rise in video usage, there is a higher need for videos. Due to the proliferation of AR, VR, and XR throughout multiple businesses and advertising areas, there has been a rush of organisations implementing WebAR engines to engage with potential customers. Developers who employ volumetric video avoid the added cost and time of building 3D models from scratch because the targets are automatically scanned in during the recording.
High costs coupled with technical barriers
Despite the enormous promise of volumetric video, the technology that underlies it continues to be an area of research that only a select few businesses can access. Volumetric research is supposedly just for giants with huge teams and enormous budgets that can combine the capital cost due to high costs and technological obstacles. Companies charge thousands of dollars per minute of production for the actual implementation of volumetrics. In the end, it becomes challenging for startups and small-scale operations to study and play with volumetric video recording to realise the full potential of this cutting-edge technology. Volumetric video remains in its experimental stages on a creative and technological level. Many creators or producers still can't afford to produce volumetric video recordings in a studio environment, but more affordable alternatives are emerging quickly. Once it becomes simpler and more widely available to record volumetric movies, there will be an increase in productions and intriguing content being employed in the technology.
Due to numerous containment measures, including business closures, lockdowns, and travel restrictions, the need for digital advertising solutions was restricted, which resulted in a fall in the use of volumetric video. The market for volumetric video suffered as a result. The business activity has, however, quickly rebounded. The market participants for volumetric video anticipate sustained growth in corporate demand.
The software segment is expected to be the largest during the forecast period
The software segment is estimated to have a lucrative growth. The recording, modelling, compositing, editing, compression, and playing of volumetric video all require software. The studiocap-vc software from IO industries allows operators to handle a whole set of volucam cameras simultaneously while taking volumetric video, removing as many duties per camera as feasible and delivering understandable information just on camera arrays status. The creator programme, a set of volumetric video editing tools, is offered by EF EVE. When capturing volumetric video, bitmap image noise, visual artefacts, and depth mistakes are all present in the volumetric raw data.
The Sports, events, and entertainment segment is expected to have the highest CAGR during the forecast period
The Sports, events, and entertainment segment is anticipated to witness the fastest CAGR growth during the forecast period, due to pushing volumetric video technology solutions to innovate and develop goods in line with consumers' desires are the rising popularity of sporting events and the growing need for an immersive match viewing experience. Volumetric video technology is being quickly embraced by the entertainment sector because it makes it possible to capture and distribute live HD and 3D VR content via the Internet, creating an immersive and lifelike experience.
Asia Pacific is projected to hold the largest market share during the forecast period owing to more professional creative studios in the area and more applications for volumetric video for concerts, sports, entertainment, and advertising, there is an increasing demand for this type of media. The region's expanding use of augmented reality technology also contributes to the market's expansion. Important market players like Fujifilm, Sony, Canon, and Nikon are also present in the area, which supports the market's expansion.
North America is projected to have the highest CAGR over the forecast period, owing to region's many businesses' growing need for volumetric video solutions. It is anticipated that the US market would grow as a result of the extremely high requirement for volumetric video systems.
Some of the key players profiled in the Volumetric Video Market include Microsoft, Voxon Photonics, Facebook, LightSpace Technologies, Raytrix, Google, 8I, Unity Technologies, Intel, Canon Inc., Sony Group Corp., Nikon and Fujifilm.
In April 2022, Nikon has formed a wholly-owned subsidiary, Nikon Creates Corporation, to be an authorized partner of Microsoft's Mixed Reality Capture Studios, providing the ability to plan, capture and produce 3D, virtual reality (VR) and volumetric content.
In May 2021, Google LLC (US) announced the Project Starline at the Google I/O 2021. Project Starline uses high-resolution cameras and custom depth sensors to capture a user's form and look from multiple views, that is coalesced by software system to form an especially elaborated, period of time 3D model, similar to an individual sitting across. Google additionally developed a light-weight field show that shows the realistic illustration of somebody sitting right ahead of a user in 3D. Google has already spent thousands of hours testing Project Starline in its own offices.
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