Home > Media & Technology > Media and Entertainment > Audio Video > Virtual Production Market
Based on components, the market is categorized into hardware, software, and services. The software segment dominates the market and is expected to reach over USD 4 billion by 2032.
Based on end-use, the virtual production market is categorized into Movies, TV Series, Commercial Ads, Online Videos, and Others. The TV series segment is the fastest-growing segment with a CAGR of over 19% between 2024 and 2032.
North America dominated the global virtual production market with a share of over 35% in 2023. U.S. is home to many of the leading technology companies and innovation hubs in the world. This environment fosters the development and early adoption of cutting-edge technologies, including those central to virtual production, such as real-time rendering engines, motion capture systems, and LED wall technologies.
Hollywood has been an early adopter of virtual production techniques with high-profile productions showcasing the potential of these technologies to the world. Success stories from the film industry serve as powerful endorsements, encouraging wider adoption across various media production sectors.
Virtual production-focused educational programs and training efforts are gaining traction throughout the UK. This contributes to the development of a workforce with the necessary skills to use virtual manufacturing tools efficiently, in turn, fueling virtual production market expansion. For instance, in May 2022, Mo-Sys Academy, a manufacturer of virtual production solutions in the UK, launched a new virtual production course. This course intends to close the skills gap in the virtual production sector, which is experiencing a surge in demand for trained technicians.
Virtual production technologies are being used in filmmaking owing to the growth of China's film industry and the rise in both domestic & international alliances. Virtual production techniques are becoming popular among filmmakers as they allow for visually appealing and immersive worlds that improve the overall quality of movies.
Japan is renowned for its technological breakthroughs and has a track record of implementing cutting-edge innovations across a range of sectors. Virtual manufacturing is in line with Japan's tech-forward strategy as it makes use of cutting-edge technologies, such as Augmented Reality and Virtual Reality (VR).
South Korean entertainment companies regularly work with companies throughout the world, implementing the latest VR and AR production technologies. For instance, in May 2022, Mo-Sys Engineering partnered with South Korean dealer, GMS International, expanding access to cutting-edge AR and virtual production solutions for cinematographers & broadcasters in Korea.