Volumetric Video Market is expected to reach US$ 9,685.7 Million by 2028

Rising Investment in AR and VR Technologies to Create Lucrative Opportunities for Volumetric Video Market during 2021–2028

According to our latest market study on “Volumetric Video Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Volumetric Capture and Application,” the market is expected to grow from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028; it is estimated to grow at a CAGR of 26.2% from 2021 to 2028.

According to the article published by Education Technology in July 2021, despite the economic uncertainty created by the COVID-19 pandemic, ~ 64% of 50 UK-based investors think that investment in virtual reality (VR) and augmented reality (AR) will increase in the coming years. Mixed reality technologies, such as AR and VR, provided tremendous benefits to several global end users, including sports & entertainment, medical, advertisement, retail & e-commerce, video games, education, and tourism sectors. AR has become popular due to developments in mobile technology by allowing customers to visualize and test things before purchasing them. Thus, several investments in AR and VR technologies are as follows:

• According to an article published by Crunchbase Inc. in January 2022, ~US$ 3.9 billion of venture capital rolled into startups in the virtual and augmented reality software and hardware space in 2021.
• In October 2021, Magic Leap (Florida-based AR headset maker) had raised US$ 500 million as funding.
• In November 2021, Niantic (a San Francisco-based AR platform) raised US$ 300 million from Coatue to build the real-world metaverse, valuing Niantic, Inc at US$ 9 billion.
• In November 2021, NAVER Z (a South Korea-based 3D avatar application developer) had launched a US$ 100 million fund to promote its newly launched plugin powered by Unity (a platform which enables creators to develop 2D and 3D content for mobile phones, PCs, or virtual reality devices).
• In 2019, Lululemon invested in Mirror (a fitness tech firm), which uses smart mirrors to deliver exercise sessions at clients' homes. Mirror completed a US$ 34 million Series B funding round, led by hedge fund Point72, counting Lululemon and Karlie Kloss as contributors.
• In June 2017, Yahoo Japan had invested in the venture reality fund, focused on making investments in virtual reality, augmented reality, and mixed reality.

Thus, the rise in investment in AR and VR technologies is expected to fuel the growth of the global volumetric video market during the forecast period, further creating multiple opportunities for market players.

Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services. In 2021, the hardware segment accounted for the largest share in the volumetric video market. Based on application, the volumetric video market can be segmented into sports events and entertainment, medical, signage and advertisement, e-commerce, video games and esports, training, education, video streaming and alternate realities, tourism, and others. In 2021, the sports events and entertainment segment accounted for the largest market share. By geography, the volumetric video market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the global volumetric video market.

Impact of COVID-19 Pandemic on Volumetric Video Market

The demand for digital marketing solutions was hampered due to various containment measures, such as business shutdowns, lockdowns, and travel limitations, leading to a decline in the adoption of volumetric video. Thus, there was an adverse impact on the volumetric video market in the first half of 2020. However, the business activities have rapidly recovered from the last quarter of 2020. The volumetric video market players are expecting steady growth in the demand from enterprises.

Centers for Disease Control and Prevention instructed several professional and amateur leagues and sports events to suspend or postpone their sports events to avoid huge gatherings and reduce the spread of SARS-CoV-2. The Union of European Football Associations announced to postpone the ‘Euro 2020’ tournament to 2021. Postponed or canceled events, such as the Chinese Super League, the Indian Wells Open (US), the French Open, the Indian Premier League, and Formula 1, led to a decline in revenues for the players operating in the volumetric video market. However, the importance of volumetric video has risen due to COVID-19 pandemic, which will enhance the volumetric video market growth during the forecast period. The growing focus on virtualization is expected to boost the market growth in 2022. Therefore, the pandemic positively impacted the volumetric video market.

4Dviews; Microsoft Corporation; Sense of Space; Tetavi; DGene Inc; Omnivor; Arcturus Studios Holdings, Inc.; Evercoast; 8i; mantis vision ltd.; Dimension; Canon Inc.; Sony Corporation; StoryFile; Imverse SA; VOLUMETRIC CAMERA SYSTEMS; HoloCap; Volucap; EF EVE; Magic Leap, Inc.; and KDDI Research, Inc. are the few key players operating in the global volumetric video market. Several other market players have been analyzed to understand the market.

Volumetric Video Market - by Region, during 2021-2028 (%)

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Volumetric Video Market Share and Size Analysis 2021-2028

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Volumetric Video Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Volumetric Capture (Hardware, Software, and Services) and Application (Sports Events and Entertainment, Medical, Signage and Advertisement, E-commerce, Video Games and Esports, Training, Education, Video Streaming and Alternate Realities, Tourism, and Others)