The global 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.
The aim to introduce a videoconferencing experience in which remote participants can visualize the presence of each other in the same room is made possible through the research and development of immersive teleconferencing.In a real-time situation, an ideal immersive teleconferencing system needs to replicate the light and sound field observed by the user in a face-to-face meeting.
In the past, the Halo system from Hewlett-Packard and the Telepresence system from Cisco provided spatial audio, life-size video, and environment excellence by presenting furniture, lighting, even wall colors to maximize the conference experience.Although these systems provided a significantly improved conference experience compared to traditional video calls, they couldn’t provide immersive video experience; as they failed to capture mutual gaze between attendees.
However, in teleconferencing, the volumetric video technology offers an improved quality of human-centered communication with immersive telepresence and natural representation of all participants in a shared virtual meeting space. Thus, this has created an opportunity to use volumetric video technology in teleconferencing.
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 cancelled 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.
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.
The overall volumetric video market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the volumetric video market with respect to all the market segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the volumetric video market.
The key companies operating in the volumetric video market are 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.