The global volumetric video market accounted for US$ 1.42 Bn in 2019 and is expected to grow at a CAGR of 25.2% over the forecast period 2020–2027, to account for US$ 8.47 Bn by 2027. The rising applications of volumetric videos in diverse end-user industries is the offering lucrative opportunities to the market growth. Moreover, the increasing AR/VR applications paired with the propagation of content delivery devices as well as use of 3D or 360 content in the entertainment industry is preopening the demand for volumetric videos. Moreover, the growing attractiveness of sports events and rising demand for improved match viewing experience are the crucial factors bolstering players to innovate and develop products in line with viewers’ preferences.
Volumetric Video Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Volumetric Capture (Hardware, Software, and Services) and Application (Sports Events and Entertainment, Medical, Signage and Advertisement, E-commerce, Video Games and Esports, Training, Education, Video Streaming and Alternate Realities, Tourism, and Others)
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Key findings of the study:
Moreover, the increasing AR/VR applications paired with the propagation of content delivery devices as well as use of 3D or 360 content in the entertainment industry is preopening the demand for volumetric videos. Moreover, the growing attractiveness of sports events and rising demand for improved match viewing experience are the crucial factors bolstering players to innovate and develop products in line with viewers’ preferences. For example, in 2019, Intel and Manchester City revealed the immersive highlights of the match to improve spectator engagement utilizing the Intel true view volumetric video technology. Owing to the increased viewer’s convenience of watching the video from different possible angles, the demand for 360° video is expected increase during the forecast period. Further, it facilitates to move the display according to viewers requirement, at any time while watching a sequence, was popularized in computer games and has gained wider popularity with the invention of Virtual Reality headsets such as Google Cardboard and Oculus Rift. Also, this radical new form of immersive cinematography or picturization has become popular among the entertainment community, as this provides them the opportunity to create engaging content. Thus, the demand to create 360° content is increasing in the entertainment sector, which, in turn, is driving the growth of global volumetric video market.
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Globally, volumetric video market is experiencing an intense growth Driving factor such as growing demand for 360° content in entertainment sector and growing demand for enhanced sports viewing experience. However, high cost related to producing volumetric video is anticipated to hinder the market for same in the coming years. In addition, growing high potential of volumetric video in videoconferencing as well as increasing usage of volumetric video technology in different applications is forecasted to impact the growth of the volumetric video market. North America held the largest share of the volumetric video market in 2019 and is expected to continue its dominance during the forecast period of 2020–2027. Europe and APAC held the second and third position in the global volumetric video market in 2019 respectively.
The overall volumetric video market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the volumetric video market. It also provides the overview and forecast for the global volumetric video market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the volumetric video market.
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