Market value for volumetric video to reach $2,780 million by 2023.
According to a new market research report delivered by MarketsandMarkets titled ‘Volumetric Video Market by Volumetric Capture & Content Creation (Hardware (Camera & Processing Unit), Software, and Services), Application (Sports & Entertainment, Medical, Signage, Education & Training), and Geography – Global Forecast to 2023’, the market for volumetric video is growing considerably, driven by demand from virtual reality (VR), augmented reality (AR) and 360-degree video.
Volumetric video technology allows for the capturing of images of real people using multiple cameras simultaneously to create realistic 3D models that can move in a natural way. These systems usually requires an array of cameras that are capable of depth-sensing 360-degree capture and a processing unit to stitch the images together.
The volumetric video market is largely being driven by various vendors who are offering volumetric hardware and VR and AR content creators who are increasingly making use of volumetric video for filmmaking and videogames. The market as a whole is expected to grow from $578.3 million (USD) in 2018 to $2,780 million by 2023.
The report signals that volumetric video is expected to become more widespread into various new areas and the technology becomes more practical to use and less expensive and bulky. The report says that an increasing number of experts are predicting that volumetric video will become prevalent in sports and entertainment as well as medical technology. The latter can be attributed to the rise in mixed reality for surgical and diagnostic procedures.
As indicated y the report, the market for volumetric video is largely led by North America, and the market in this area is expected to continue to grow during the forecast period. The US is hope to many key players in this area, such as Microsoft, Intel, Google and Facebook, who will ensure that North America remains a significant player in this industry.