Copyright © 2024 Research Nester. All Rights Reserved
Volumetric Video Market size was valued at USD 2.24 billion in 2023 and is expected to reach USD 52.71 billion by 2036, expanding at around 27.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of volumetric video is assessed at USD 2.73 billion.
The growth rate is expected to be rapid as technology is evolving continuously. Moreover, as a result of increasing use of technology and equipment to capture events, the demand will further rise. Further, the entire event can be covered with the help of 360 degree camera which makes it much more useful.
Volumetric videos are used to create engaging and creative advertisements. Not just advertisements, they can be used in exhibitions, conferences, promotions, to cover sports events and more.
Growth Drivers
Increasing Demand for Better Viewing Experience
The viewing experience of sports, events, advertisements gets enhanced with the use of volumetric video technology. Moreover, the demand for better viewing experience is increasing as people are coming across various innovations in this field and are becoming more concerned about their health. This is projected to widen the scope for market growth in the coming years.
Innovation and Technology Upgradation
The AR and VR are evolving with technology upgradation. This is anticipated to influence the market as well. Technology upgradation in this market is bringing forward new ways in which graphics and images can be viewed and captured.
Opportunities
Volumetric video technology is used in events, conferences, and other programs to capture each and every detail. This helps in creating an in- depth map to provide better viewing experience to the viewers. This results in enhancing the viewers' engagement as well. This has expanded the scope of the market globally. The future is the innovations in technology and volumetric video is another step towards it.
Challenges
The current pandemic is a hindrance to the market growth of volumetric video as several conferences and events are canceled due to the prevailing lockdowns globally. This has resulted in reduced usage of volumetric video technology. Further, the market has to keep on evolving and innovating as technological advancements are taking place rapidly, which is estimated to be another challenge for the market growth.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
27.5% |
|
Base Year Market Size (2023) |
USD 2.24 billion |
|
Forecast Year Market Size (2036) |
USD 52.71 billion |
|
Regional Scope |
|
The volumetric video market is segmented by capture type, by application, by content delivery, and by region. On the basis of capture type, the market is further segmented into hardware, software and services. The hardware sub- segment is further divided into the processing unit and camera unit. The hardware segment is anticipated to hold the largest share in the market which can be attributed to the rising needs for equipment to create videos and capturing images. The hardware segment is of great importance as the major work is done by the processing and camera units. Software is required only when the modification is to be done.
Our in-depth analysis of the global market includes the following segments:
|
By Capture Type |
|
|
By Application |
|
|
By Content Delivery |
|
On the basis of region-wise analysis, the volumetric video market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The North America industry is expected to hold largest revenue share by 2036, as technological advancements and usage in the region are increasing rapidly. market is anticipated to grow in this region as well. Moreover, major market players are located in this region which provides a technologically advanced viewing experience to the users. Further, the market in Europe is anticipated to expand as the result of increase in use of technology to provide better experience to the viewers. In Asia Pacific region, the market is anticipated to show a significant growth rate. The increasing developments in media and entertainment sector may help in boosting the market in this region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?