New York City, NY -- (SBWire) -- 02/22/2023 --PROLIFERATION OF AR/VR TECHNOLOGY CONTRIBUTES SIGNIFICANTLY TO MARKET GROWTH
Fast paced technological advancements have led to a proliferation of augmented and virtual reality applications. According to the International Data Corporation (IDC), nearly 9.7 million AR/VR headsets were sold in 2022 and are forecasted to increase to nearly 35 million units by 2026. Furthermore, according to an IDC analysis, the global virtual and augmented reality markets are expected to reach a combined valuation of USD 72.8 billion by 2024. The increasing demand for augmented and virtual reality applications is a key driver for the growth of the global volumetric video market.
THE HIGH COST OF VIDEO PRODUCTION PRESENTS CHALLENGES TO MARKET GROWTH
One of the major challenges for the global market has been the high cost of video production. Highend professional hardware and software are required to produce and playback volumetric videos. Additionally, the limited availability of skilled professionals with expertise in capturing, processing, and rendering volumetric videos can also restrain the growth of the market. The high data storage and processing requirements of volumetric videos can also challenge their widespread adoption, particularly in regions with limited technological infrastructure. Furthermore, the lack of standardization and interoperability among different volumetric video production and playback technologies can also act as a restraint to market growth.
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ENTERTAINMENT AND ESPORTS APPLICATIONS TO PROPEL MARKET GROWTH
The entertainment and esports industries are likely to be transformed in the upcoming years with the application of AR/VR technologies. Many video games and devices are being developed for VR technology. In January 2023, it was announced that Sony would launch PlayStation VR2 in the coming months. In December 2022, Holoride, an AR/VR technology company, announced plans to launch invehicle VR entertainment devices.
U.S. AND CHINA ARE KEY COUNTRIES IN SHAPING THE GLOBAL MARKET DEMAND
The global market finds opportunities for growth in emerging countries such as China. Many domestic Chinese tech companies are foraying into virtual and augmented reality. In October 2022, the tech company ByteDance launched its Pico 4 VR headset. U.S. is expected to be the mainstay of growth for the global market. Many U.S.based companies are expanding the applications for AR/VR technologies. In January 2023, Meta announced a partnership with NBA for live VR match broadcasts.
SONY AND AVATAR DIMENSION TAKE THE LEAD WITH NEW LAUNCHES
The major players in the global market are launching new products and technologies to augment market growth. In April 2022, Avatar Dimension launched a mobile portable version of its volumetric video Capture Studio. Furthermore, in January 2023, Sony launched its portable volumetric capture device at the Consumer Electronics Show.
GLOBAL VOLUMETRIC VIDEO MARKET REPORT SCOPE
1. By Volumetric Capture
a. Hardware
b. Software
2. By Workflow
a. Meshbased
b. Pointbased
3. By Application
a. Training
b. Sports
c. Video Games and Esports
d. Education
e. Virtual Tours
f. Entertainment
g. Advertising
h. Others
4. By Region
a. North America
i. Canada
ii. Mexico
b. Europe
i. Germany
ii. UK
iii. France
iv. Italy
v. Russia
vi. Rest of Europe
c. South America
i. Brazil
ii. Argentina
iii. Rest of South America
d. AsiaPacific
i. China
ii. India
iii. Japan
iv. Australia
v. Rest of AsiaPacific
e. Middle East and Africa
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Global Volumetric Video Market Report 2023-2030 - Market Shares, Trends, Size and Industry Competitiveness : DataM Intelligence
Volumetric Video Market Report by DataM Intelligence is Segmented By Volumetric Capture (Hardware, Software), By Workflow (Mesh-Based, Point-Based), By Application (Training, Sports, Video Games, Esports, Education, Virtual Tours, Entertainment, Advertising, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa). The report includes current Market Share, Size, Outlook, And Investment Opportunity Analysis till 2030.