The Global Volumetric Video Market size is expected to reach $11.5 billion by 2030, rising at a market growth of 26.8% CAGR during the forecast period
Sports, Events, & Entertainment sector is playing a major role in today’s world as both younger and older generations are playing games, and the gender split is getting close to parity. Consequently, Sports, Events, & Entertainment would generate approximately 2/5th share of the market by 2030.
New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Volumetric Video Market Size, Share & Industry Trends Analysis Report By Application, By Volumetric Capture, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481534/?utm_source=GNW
For example, in 2020, there were approximately 2.7 billion gamers globally, with the video game industry having a $159.3 billion market value. In the US, this expenditure increased by a record 31%. 2020 saw a 13.3% gain in mobile gaming revenue, bringing it to $77.2 billion. For the gaming and virtual reality sectors, volumetric video has enormous ramifications. This improves the gaming experience by allowing for dynamic and realistic representations of characters and objects. Some of the factors impacting the market are rising use of volumetric video in the entertainment industry, expanding uses of volumetric video in advanced image-guided surgery and medical imaging, and high cost of software and equipment maintenance.
Advanced volumetric video records people or things in three dimensions, creating an immersive and engaging watching experience. Since it is used in movies, video games, and live events, its adoption in entertainment has been rapid. The use of volumetric video in cinematography and filmmaking is strongly supported by well-known filmmakers such as Diego Prilusky, previously head of Intel Studios. Modern technology is used in advanced medical imaging to provide more detailed and accurate human body images than earlier imaging methods. Similarly, image-guided surgery uses real-time imaging to direct surgical processes better. By producing manipulable, 360-degree 3D representations of patients’ body parts or organs, volumetric video offers the potential to transform each of these disciplines. As a result, the market gains numerous growth prospects.
However, modern technologies like volumetric video are applied in the education, entertainment, and healthcare industries. However, its limitations include expensive equipment, software, and upkeep. Software upkeep for volumetric video may amount to up to two-thirds of the software process cycle or more than half of the software development life cycle (SDLC) procedures. Hence, the high cost associated with the technology is hampering the market’s growth as it limits the use of technology by financially restricted businesses.
Volumetric Capture Outlook
Based on volumetric capture, the market is characterized into hardware, software, and service. The hardware segment garnered the highest revenue share in the market in 2022. Hardware such as high-resolution cameras, depth sensors (such as LiDAR), motion capture systems, and specialized rigs are necessary for capturing volumetric video content. These devices capture the geometry, appearance, and motion data required for the 3D reconstruction. This hardware is necessary for tasks such as depth map generation, 3D reconstruction, compression, and data optimization.
Application Outlook
By application, the market is divided into sports, events, & entertainment, medical, education & training, signage & advertisement, and others. The signage and advertisement segment garnered a remarkable growth rate in the market in 2022. Advertisers may easily add attractive, interactive images to a variety of signage and advertising channels with the help of volumetric video technology. Brands can now exhibit their goods and services in a more dynamic and engaging way with volumetric video, successfully capturing the interest of potential customers. Due to businesses realizing the huge opportunity of this technology to increase brand identification, customer engagement, and ultimately revenue, the demand for signs and advertising is seeing substantial growth.
Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the highest revenue share in the market in 2022. The market is accelerating due to the sports TV broadcasters’ increasing demand for fresh strategies for changing up live coverage in the region. A digital environment from that footage can be formed from any perspective and is created using volumetric video, which uses digitalized 3D spatial information produced by computer systems. Technology is gaining popularity in the entertainment sector and has created a lot of fascination in the region’s athletic community. The demand in this region is increasing due to these variables, which are predicted to dominate the market during the anticipated year.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Intel Corporation, Sony Corporation, Google LLC (Alphabet Inc.), Unity Software, Inc., Metastage, 4D VIEW SOLUTIONS SAS, Stereolabs, Inc., and IO Industries Inc.
Strategies Deployed in Volumetric Video Market
Mar-2022: Metastage partnered with Departure Lounge, a provider of advanced tools and technologies that facilitate an individual’s access to the Metaverse. Under this partnership, both companies set up the latest volumetric capture studio to bring humans into the metaverse.
May-2022: Google took over Raxium, a Bay Area startup. This acquisition aimed to work on microLED display technologies for wearables and augmented & virtual reality (AR and VR) headsets.
Jan-2022: Microsoft joined hands with Qualcomm Technologies, an American multinational corporation. This collaboration aimed to expand and boost the adoption of augmented reality (AR) in the consumer and enterprise sector. Under this collaboration, Qualcomm Technologies would work with Microsoft across various initiatives to support the ecosystem, comprising the development of custom AR chips to allow a new wave of power-efficient, lightweight AR glasses to offer rich and immersive experiences, and plans to combine software such as Microsoft Mesh and Snapdragon Spaces XR Developer Platform.
Mar-2021: Microsoft unveiled Mesh, a service to build apps for people to collaborate in augmented reality. This product would allow developers to create applications wherein people can share holograms, speak with one another, create doodles, and appear as virtual avatars.
Jun-2020: Facebook took over Ready at Dawn, an American video game developer. The acquired company developed the Lone Echo games for the Oculus series of Facebook and afterward joined the Oculus series Facebook.
Aug-2022: Unity came into partnership with Mercedes-Benz, a Germany-based manufacturer of automobiles. Under this partnership, the Unity engine would support the infotainment area of the MB.OS operating system. Additionally, Mercedes would utilize the Unity Industrial collection to build the UI for the in-car cockpit.
Oct-2021: Unity introduced the Metacast platform, an innovative volumetric capture solution that scans athletes in real time during live sports broadcasts. The launched 3D Content Creation Platform’s Solution would aim to improve Sports Broadcasts for Audiences.
Scope of the Study
Market Segments covered in the Report:
By Application
• Sports, Events, & Entertainment
• Medical
• Signage & Advertisement
• Education & Training
• Others
By Volumetric Capture
• Hardware
• Software
• Services
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Microsoft Corporation
• Intel Corporation
• Sony Corporation
• Google LLC (Alphabet Inc.)
• Unity Software, Inc.
• Metastage
• 4D VIEW SOLUTIONS SAS
• Stereolabs, Inc.
• IO Industries Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06481534/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001