Volumetric Video Market to Grow at a CAGR of 26.2% to reach US$ 9,685.7 Million from 2021 to 2028


Posted February 9, 2022 by alandavis1105

The Volumetric Video Market is expected to grow from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028; it is estimated to grow at a CAGR of 26.2% during 2021–2028.

 
The Volumetric Video Market is expected to grow from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028; it is estimated to grow at a CAGR of 26.2% during 2021–2028.

360° video is an immersive and engaging type of video content technology. The technology permits the viewers to move the display according to which the viewer can view the video from any desired angle. Although the evolution of immersive media is progressing since last 50 years, it has picked up the pace during the recent years considering the growth and development of platform and technology as well as the evolution of hardware devices. Moreover, the support of high bandwidth has enabled the use of new 3D media, including 360° VR video applications and 3D immersion.

Owing to the increased viewer’s convenience of watching 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 viewer’s requirement, at any time while watching a sequence. The 360° video is popularized in computer games and has gained wider popularity with the invention of Virtual Reality headsets, such as Google Cardboard and Oculus Rift. Also, various players in the Volumetric Video market are introducing volumetric video software tool for the user convenience. For instance, in September 2018, Simile Inc launched Depthkit solution, a creative software tool for capturing volumetric video.

Various major video streaming platforms across the world are launching their 360° video platforms to enhance the viewing experience of the viewers. For instance, the 360° video camera technology implemented by Google Street View is being used in Google maps and also in the security sector. In March 2015, YouTube launched its 360-video platform named YouTube 360 video. In September 2015, Facebook introduced Facebook 360 video to upgrade their service quality. With the launch of these technologies, the market players are focused on increasing potential and enhancing the viewing experience of the viewers. Also, this radical new form of immersive cinematography or picturization has become popular among the entertainment community, as this provides them an 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 the global volumetric video market.

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Company Profiles

4Dviews
Microsoft Corporation
Sense of Space
Tetavi
DGene Inc
Omnivor
Arcturus Studios Holdings, Inc.
Evercoast
8i
mantis vision ltd.
Dimension
Canon Inc.
Sony Corporation
StoryFile
Imverse SA
VOLUMETRIC CAMERA SYSTEMS
HoloCap
Volucap
EF EVE
Magic Leap, Inc.
KDDI Research, Inc.

Impact of COVID-19 Pandemic on Volumetric Video Market

The COVID-19 outbreak has affected the world negatively, and its adverse effects continue to shatter several countries. Considering various containment measures such as business shutdowns, lockdowns, and travel limitations, the demand for digital marketing solutions is affected negatively, leading to the decline in the adoption of volumetric video. However, post lockdown, the business activities have begun to pick up pace from the last quarter of 2020. The market players are expecting steady growth in the demand from enterprises. Major industries that are affected by the COVID-19 pandemic are manufacturing, commercial, sport, education, entertainment, electronics, energy, aviation, and transportation.

To prevent the spread of the novel coronavirus, several professionals and amateur leagues across all regions and sports took the extraordinary steps to suspend or postpone their sports events to follow the instructions by the Centers for Disease Control and Prevention to avoid gatherings. For instance, Union of European Football Associations announced to postpone the ‘Euro 2020’ tournament to 2021. Other events such as Chinese football’s Super League, Indian Wells tournament (US), French Open, Indian Premier League, and Formula 1 were either postponed or cancelled. Postponed or cancelled events resulted in a decline in revenues for the players operating in the volumetric video market. However, the importance of volumetric video has enhanced due to the COVID-19 pandemic, which would drive the market growth during the forecast period. The growing focus on virtualization is expected to boost the market growth in the coming years.

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The global volumetric video market has been segmented as mentioned below:

By Volumetric Capture

Hardware

Camera Units
Processing Units
Networking Units

Solution
Services

By Application

Sports Events and Entertainment
Medical
Signage and Advertisement
E-commerce
Video games and eSports
Training
Education
Video streaming and Alternate realities
Others

By Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
South Korea
Japan
Australia
Rest of APAC
Middle East & Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM

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Last Updated February 9, 2022