Virtual Production Market Overview
The size of the global virtual production market was approximately USD 2.11 billion in 2023.
The market of virtual production market is revolutionizing the world of television and filmmaking, bestowing significant benefits, including greater creative control, efficiency in costs, and environmental friendliness.
However, there are challenges and limitations to consider, along with the implications on employment within the industry. Virtual production is a revolutionary and innovative phenomenon in television production and filmmaking, despite the common risks it presents.
The virtual production sector has soon developed over the last years, innovating the cinema and television world in a lot of different aspects. Virtual production changed the conservative means of filmmaking since day one, bringing cost-effective repercussions, adaptability, competence, and novelty to it.
Decoding Virtual Production
Virtual production combines motion capture technology, real-time visual effects, and computer graphics to create a hybridized version of filmmaking. The process helps provides a smooth and enhanced interactive experience on set.
Compared to motion capture technology, it involves recording the movements of actors and converting them into the virtual world. The process also allows natural and naturalistic movements of characters to be converted into more believable and meaningful to the audience.
Emerging Technologies in the Virtual Production Industry
The technological advancements had led to the quick evolution of virtual production. Green screens dominated the first age of virtual production, with post-production playing a crucial role in incorporating visual effects into movies and TV shows.
However, the arrival of real-time rendering technology has brought the process up to date by allowing directors to see the final result of a shot without being off the set. This renders the entire production process more capable and efficient.
Future of Filmmaking Involving Virtual Production
Virtual production will only keep on revolutionizing filmmaking, giving film producers more creative liberty, flexibility, and control in their productions. Virtual production will become even more settled in the industry, leading to a new and groundbreaking age of filmmaking, as technology evolves further.
Component Insights
Software segment held the highest revenue share of 41.8% in 2023 and is anticipated to dominating the market between 2024 and 2030.
The increasing use of visual effects and computer-generated graphics in films and commercial advertising is expected to boost market growth. The growing use of virtual production and the expansion of different products within the gaming sector will also contribute to market growth.
In addition, continuous technology developments in virtual production software solutions enable the creation of compelling content through the integration of sophisticated VFX features.
Moreover, the increasing adoption of machine learning and deep learning in virtual production solutions is likely to propel the creation of software with higher value-added features, driving the segment growth.
The hardware segment is also expected to grow at a high rate and could be second, based on market revenue, from 2024 to 2030.
This is due to the significant increase in the adoption of virtual production LED video wall screens for real-time background images needed for in-house shoots.
Sony Innovation Studios transformed environments for film and television productions with its latest technology that creates 3D volumetric point cloud data in Japan.
