$4550
The volumetric video market is expected to grow from US$ 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.
Integration of augmented reality (AR) in marketing aims at building better consumer relationships, boosting sales, and adding value to customer experience. AR is an innovative tool that allows marketing brands to interact with buyers on their mobile devices. It creates a new digital experience, which improves the relationship between consumers and marketing brands (online and offline). In 2021, Wikitude estimated that 32% of customers are regular users of AR, and 73% of smartphone AR users are highly content with the interactive visual experiences. These AR retail statistics prove that the global market has accepted the advanced AR technology.
E-commerce has always been a vast and fast-growing sector, even before the emergence of the COVID-19 pandemic. According to an article published by the Arsenal, in 2019, the e-commerce sector generated US$ 365 billion in revenue in the US; it grew by 15% in 2020. Arsenal’s May 2021 article states that the implementation of lockdowns across the globe due to the pandemic increased the online purchases of essential goods by 108%. In the e-commerce industry, several e-commerce businesses are introducing new AR technology. For instance, Apple’s ARKit 4 makes AR and 3D models available to every iPhone user through its native internet browser. As a result, Apple users can explore any website which offers AR and experience their products projected onto their physical environment without downloading any additional applications. Therefore, the use of AR technology is growing in the e-commerce industry.
With the rise in AR technology in retail and e-commerce, the demand for volumetric video has increased due to the use of 3D holograms for purchasing a product online. Video content is proven to increase traffic on e-commerce or online retail websites and help customers buy the right products. In April 2021, Arcturus and ANAYI (Japanese clothing brand) highlighted its new spring and summer collection 2021 by releasing 19 original volumetric videos. Through this, customers can select a video from their desktop using any browser and view a model in motion from any angle, including a close-up to see how the fabric would drape and move with the wearer. Potential customers can also tap the 3D hologram button or scan a QR code on their mobile device to place a 3D hologram of the model in their room using web-based AR. Therefore, the increasing demand for AR technology in retail and e-commerce is driving the global volumetric video market
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Volumetric Video Market: Strategic Insights
Market Size Value in US$ 1,898.7 Million in 2021 Market Size Value by US$ 9,685.7 Million by 2028 Growth rate CAGR of 26.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Volumetric Video Market: Strategic Insights
| Market Size Value in | US$ 1,898.7 Million in 2021 |
| Market Size Value by | US$ 9,685.7 Million by 2028 |
| Growth rate | CAGR of 26.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Global Volumetric Video Market
Impact of COVID-19 Pandemic on Global 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.
Lucrative Regions for Volumetric Video Providers
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Volumetric Video Market Insights
Growing Demand for 360° Video Content Technology in Entertainment Sector
360° video is an immersive and engaging video content technology that allows the viewers to move the video display at any desired angle. Due to the increased viewer’s convenience of watching the video from different potential angles, the demand for 360° video is expected to increase during the forecast period. Also, various players in the volumetric video market are focused on introducing volumetric video software tool for the user convenience. In September 2018, Simile Inc launched Depthkit solution, a creative software tool for capturing volumetric video.
Various major video streaming platforms across the globe are launching their 360° video platform to enhance the viewing experience of the viewers. For instance, 4DREPLAY (a 4D unique video solution technology provider) released its new media drama series (Dangerous Couples) made using 4DReplay, a 360-degree video technology. This technology was used for the first time in the history of Korean new media platform dramas, as per the article published by the PR Newswire Association LLC in November 2021. Thus, the demand to create 360° video content is increasing in the entertainment sector, which, in turn, is driving the growth of the global volumetric video market.
Volumetric Capture - Based Market Insights
Volumetric Capture - Based Market Insights
Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services. In 2021, the hardware segment led the volumetric video market, accounting for the largest share in the volumetric video market.
Volumetric Video Market, by Volumetric Capture, during 2020–2028 (%)
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Application-Based Market Insights
Based on application, the volumetric video market is 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.
The players operating in the volumetric video market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the volumetric video market. A few developments by key players are listed below:
- In August 2019, Tino Kamal, a London-based rapper, launched a music video for his single "V.I.P." that featured volumetric video filmed with Microsoft Mixed Reality Capture technology at Dimension Studios. It is one of the three studios utilizing the technology, along with Metastage in Los Angeles and the Mixed Reality Academies in San Francisco and Redmond, Washington.
- In August 2018, Microsoft Mixed Reality Capture Studios in Redmond, Washington, San Francisco, and London. The new studio is a partnership with Metastage, a new Los Angeles-based mixed reality production company headed by VR producer Christina Heller. Mixed Reality Capture Studio, a collaboration with local production studio Dimension, partnered with Metastage to become Microsoft's first US partnership to launch such a studio.
Company Profiles
- 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.
- KDDI Research, Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Volumetric Capture, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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, others. In 2020, the sports events and entertainment segment accounted for the largest market share.
In 2020, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. North America is a prospective market for volumetric video manufacturers.
The major companies in volumetric video includes Canon Inc.; Microsoft Corporation; Sony Corporation; DGene Inc; and 8i.
Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services. In 2020, the hardware segment led the volumetric video market, accounting for the largest share in the market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including volumetric video market. Thus, the increasing number of sports events and entertainment industry are presenting significant potential for the future growth of the volumetric video market players.
Growing demand for 360° video content technology in entertainment sector and growing demand for enhanced sports viewing experience are driving the growth of the volumetric video market. These factors are propelling the adoption of volumetric video in various industries.
The List of Companies - 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.
- KDDI Research, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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