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With 26.9% CAGR, Volumetric Video Market Growth to Surpass USD 4.9 billion
Volumetric Video Market by Volumetric Capture (Hardware, Software, Services), Application (Sports, Events, and Entertainment, Medical, Advertisement, and Education)
USD 4.9 billion by 2026; it is expected to grow at a CAGR of 26.9% from 2021 to 2026. A few key factors driving the growth of this market are surging demand for enhanced match viewing experience, increasing demand for 3D/360° content in entertainment sector, proliferation of content delivery devices driving demand for 3D content, growing demand for AR in retail and e-commerce sectors due to COVID-19, and rising investments in AR/VR ecosystem.
The volumetric video market for services is expected to grow at the highest CAGR during the forecast period. Companies such as Vologram provide cutting-edge volumetric video processing solutions on their cloud platform, which guarantees a fast, cost-effective, and scalable solution with pay-per-reconstruction options. Evercoast offers a comprehensive, end-to-end solution for volumetric capture, post-processing, and streaming to the web, Unity, and Unreal Engine.
The volumetric video market for signage and advertisement application is expected to grow at the highest CAGR during the forecast period. Creative advertising is driving the demand for volumetric video as it is a spectacular technology that can be deployed at corporate events, product launches, and promotional events. The growth of digital signage would drive the demand for better advertising content and, subsequently, propel the demand for volumetric video in the coming years. With the growing competition, consumer engagement is becoming critical. Volumetric videos could be a boon for businesses by helping in developing new and unique content, gaining more consumer attraction, and increasing profits.
The volumetric video market in APAC is projected to grow at the highest CAGR during the forecast period, driven by the growing number of professional creative studios and the increasing adoption of volumetric video in sports, events, and entertainment and signage & advertisement applications in the region. The increasing adoption of augmented reality technology in Japan, China, and South Korea also propels market growth in the region. APAC houses some of the major players in the ecosystem of the volumetric video market, such as Canon, Sony, Fujifilm, and Nikon, and multiple studios such as Jump Studio (South Korea), Docomo XR Studio (Japan), Korea Immersive Studio (South Korea), and Volumetric Video Studio – Kawasaki (Japan), among others.
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