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% during 2021-2028. The research and development on immersive teleconferencing are being carried out to produce a videoconferencing experience in which the visualization has been created, in such a way that the remote participants can experience the presence of each other in the same room.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Volumetric Video Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Volumetric Capture and Application" - https://www.reportlinker.com/p06176813/?utm_source=GNW
In a real-time situation, an ideal immersive teleconferencing system is needed to replicate the light and sound field observed by an 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 providing furniture, lighting, even wall colors to maximize the conference experience.Even though these systems provided significantly improved conference experience in comparison with traditional video calls, they couldn’t provide immersive video experience, as the mutual gaze between attendees was not captured.
However, in teleconferencing, the volumetric video technology offers an improved quality of human-centered communication by providing immersive telepresence and the natural representation of all participants in a shared virtual meeting space. Thus, this has created an opportunity for the use of volumetric video technology in teleconferencing.
Based on volumetric capture, the volumetric video market is segmented into hardware, software, and services.In 2020, the hardware segment led the market, accounting for the largest share in the market.
Similarly, 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, and others. In 2020, the sports events and entertainment segment accounted for the largest market share.
Impact of COVID-19 Pandemic on Volumetric Video Market
The COVID-19 outbreak has affected the world negatively, and its adverse effects continue to shatter several countries.Considering various containment measures such as business shutdowns, lockdowns, and travel limitations, the demand for digital marketing solutions is affected negatively, leading to the decline in the adoption of volumetric video.
However, post lockdown, the business activities have begun to pick up pace from the last quarter of 2020.The market players are expecting steady growth in the demand from enterprises.
Major industries that are affected by the COVID-19 pandemic are manufacturing, commercial, sport, education, entertainment, electronics, energy, aviation, and transportation.
To prevent the spread of the novel coronavirus, several professionals and amateur leagues across all regions and sports took the extraordinary steps to suspend or postpone their sports events to follow the instructions by the Centers for Disease Control and Prevention to avoid gatherings.For instance, Union of European Football Associations announced to postpone the ‘Euro 2020’ tournament to 2021.
Other events such as Chinese football’s Super League, Indian Wells tournament (US), French Open, Indian Premier League, and Formula 1 were either postponed or cancelled.Postponed or cancelled events resulted in a decline in revenues for the players operating in the volumetric video market.
However, the importance of volumetric video has enhanced due to the COVID-19 pandemic, which would drive the market growth during the forecast period. The growing focus on virtualization is expected to boost the market growth in the coming years.
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 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, 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.
A few 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.
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