DUBLIN, Sept. 8, 2022 /PRNewswire/ — The “Virtual Production Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Type (Pre-Production, Production, Post-production), by End-user, by Region, and Segment Forecasts, 2022-2030 “ report has been added to ResearchAndMarkets.com’s offering.
The global virtual production market size is expected to reach USD 6.79 billion by 2030. The market is expected to expand at a CAGR of 17.8% from 2022 to 2030. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.
The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments into live-action footage. This allows for a significant reduction in video production costs.
For instance, in 2020, after the Covid-19 pandemic, filmmakers in the Hollywood industry found the hi-tech solution of shooting without gathering 100s of people on set. The use of techniques such as cloudbusting, stagecraft LED setup, and robotic camera to shoot actors remotely, known as the Solo Cinebot has helped the filmmaker a lot.
Furthermore, technological advancement in virtual production helps broadcasters improve their operational efficiency with the least physical presence of technicians in the broadcasting room.
For instance, in March 2020Sky Sports implemented a virtual production suite, which has enabled its teams to create content and stream it remotely. The suite connected …