Volumetric Video Market Size, Share and Growth Analysis

Updated on : October 22, 2024

Volumetric Video Market Size & Growth

The global volumetric video market size is expected to be valued at USD 2.2 billion in 2023 and is projected to reach USD 7.6 billion by 2028; growing at a CAGR of 28.6% from 2023 to 2028.

The volumetric video market holds immense untapped potential, particularly in teleconferencing and the commercialization of 5G technology. The advent of 5G brings forth the advantages of low latency and high bandwidth speed, facilitating the seamless delivery of volumetric video content.

Furthermore, the expanding range of applications for volumetric videos, such as advanced medical imaging and image-guided surgery, presents promising growth opportunities for the market. However, the volumetric video market also needs help, including complex software solutions for image processing and the absence of standardization in 3D content creation. To navigate these challenges, partnerships, product developments, technological advancements, and prototyping have emerged as widely adopted strategies within the market. Both startups and established industry leaders are actively engaged in research and development efforts related to volumetric video technology, contributing to the market's growth prospects in the forecast period. Additionally, expansions and acquisitions are prominent strategies market players employ to enhance their market presence and offerings further.

Volumetric Video Market Forecast to 2028

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Volumetric Video Market Trends and Dynamics:

Driver: Increasing use of volumetric video in the entertainment industry

Volumetric video is an advanced technology that captures objects or individuals in three dimensions, resulting in an immersive and interactive viewing experience. Its adoption has been swift within the entertainment industry, as it finds applications in films, gaming, and live events. The growing demand for 3D/360° content in the entertainment sector and the desire for enhanced viewing experiences drive the expansion of the volumetric video market.

Diego Prilusky, the former head of Intel Studios, is a prominent advocate for incorporating volumetric video in filmmaking. Prilusky believes this technology can expedite production schedules and redefine various entertainment forms. Notably, volumetric video has already been utilized in notable projects, including HBO's "Watchmen" and "Westworld," as well as in the creation of digital doubles for "Star Wars: The Rise of Skywalker." Companies operating in the volumetric video domain, such as Avatar Dimension and Holo-Light, continually push the boundaries of what can be achieved with this technology. For instance, volumetric video enables the creation of immersive experiences for live events like concerts and sports games, enabling viewers to feel fully engaged in the heart of the action.

Restraint: High maintenance cost of equipment and software

Volumetric video technology is a cutting-edge technology used in various fields, including entertainment, education, and healthcare. However, it comes with certain restraints, such as high maintenance, equipment, and software costs. Regarding maintenance costs, software maintenance for volumetric video can cost up to two-thirds of the entire software process cycle or more than 50% of the SDLC processes. Additionally, software maintenance costs can be as high as $5,000 per month or $60,000 per year. It's essential to remember that the prices involved in software maintenance can vary depending on multiple factors.

Opportunity: Growing applications of volumetric video for progressive medical imaging and image-guided surgery

Volumetric video is a technology that captures images in three dimensions (3D) and creates a fully immersive experience for the viewer. Advanced medical imaging involves using cutting-edge technology to generate ideas of the human body that are more detailed and precise than traditional imaging techniques. On the other hand, image-guided surgery uses real-time imaging to guide surgical procedures and enhance their accuracy. The volumetric video has the potential to revolutionize both of these fields by creating 3D models of patients' organs or body parts that can be manipulated and viewed from any angle. This could enable surgeons to plan and carry out procedures more effectively, improving patient outcomes and reducing recovery times.

Challenge: Lack of standardization for 3D content creation

The lack of standardization in 3D content creation is a significant issue because it can lead to compatibility issues between different systems, which can cause errors and additional costs for content creators. For example, a content creator may create a 3D model in one software package that cannot be imported into another, requiring them to recreate the model from scratch. This can be time-consuming and expensive, leading to delays in the production process.   

Volumetric Video Market Ecosystem

The volumetric video market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. The volumetric video market comprises hardware manufacturers, content creators, system integrators, and content delivery.  Volumetric video end users include sports, events and entertainment, consumer electronics, defense, military, healthcare, education and training, signage, and advertisement.

Volumetric Video Market Segmentation

Based on volumetric capture, the volumetric video market for service to hold the highest CAGR during the forecast period

Various vendors offer a range of services encompassing cloud services, streaming, and sharing. Companies utilize cloud servers to deliver enormous amounts of data to content delivery devices. This involves storing or processing volumetric video on the cloud, which is then compared with a relevant database to extract necessary information and subsequently sent back to mobile devices. The content delivery device then undertakes image processing tasks such as detection, resizing, and generating 3D volumetric images. The market for volumetric video services is expanding within the video production industry, providing businesses and individuals with access to advanced technologies for capturing and rendering immersive 3D video content. These services typically entail the usage of specialized cameras, software, and processing units dedicated to capturing and creating immersive 3D video content.

Signage & advertisement application to hold the highest CAGR during the forecast period.

The volumetric video has emerged as a groundbreaking technology that is revolutionizing the market for signage and advertisement. This technology enables advertisers to create compelling and interactive visuals seamlessly integrated into various signage and advertising platforms. With volumetric video, brands can now showcase their products and services more engagingly and dynamically, effectively grabbing the attention of potential customers. Whether it's a life-sized holographic display or an interactive augmented reality experience, volumetric video enables advertisers to bring their campaigns to life in ways that were previously unimaginable. As a result, the market for signage and advertisement is experiencing a significant boost as businesses recognize the immense potential of this technology in driving customer engagement, brand recognition, and, ultimately, sales. The demand for volumetric video solutions is rapidly growing, and it is poised to become a dominant force in the future of signage and advertising.

Volumetric Video Industry Regional Analysis

Volumetric video market in Asia Pacific to hold the highest CAGR during the forecast period

The Asia Pacific region is experiencing substantial gains in adopting and utilizing volumetric video technology, resulting in a significant boost to various industries. With its vast population and rapidly growing economies, the region has become a hotbed for technological innovation, and volumetric video is no exception. Asia Pacific countries leverage this advanced technology to enhance their signage and advertising sectors. By incorporating volumetric video, businesses in the region can create captivating and immersive experiences that resonate with their target audience. Whether in shopping malls, airports, or even on digital billboards, volumetric video offers a unique and attention-grabbing approach to signage and advertisement. Additionally, Asia Pacific has a thriving entertainment industry, including film, gaming, and virtual reality experiences, where volumetric video has found extensive applications. The region's solid creative talent and growing immersive content demand further contribute to volumetric video technology adoption.

Volumetric Video Market by Region

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Top Volumetric Video Companies - Key Market Players

The volumetric video Companies is dominated by players such as

• Microsoft Corporation(US), 
• Intel Corporation (US), 
• Unity Technologies (US), 
• Alphabet Inc. (US), 
• Sony Corporation (Japan) and others.

Volumetric Video Market Report Scope

Volumetric Video Market Highlights

The study categorizes the volumetric video market based on the following segments:

Recent Developments in Volumetric Video Industry

• In January 2023, Unity and Google expanded their partnership across their ecosystems to support studios in accelerating live game growth and development. Together, Unity, a global platform for creating and growing real-time 3D (RT3D) content, and Google are simplifying ways for developers to create multiplayer experiences by offering two solutions from Unity Gaming Services (UGS), Game Server Hosting (Multiplay) and Voice and Text Chat (Vivox), on Google Cloud Marketplace.
• In November 2022, Intel deployed 20 Intel RealSense depth-sensing cameras to capture 360-degree action for “volumetric capture.” The footage from each camera is sent to a computer powered by an Intel Xeon processor that runs Evercoast’s cutting-edge software to convert billions of pixels into a 3D immersive virtual environment that the viewer can manipulate to see from nearly any angle.
• In November 2022, Intel announced the launch of its streamlined artificial intelligence (AI) benefits within Intel Partner Alliance. With the debut of these benefits, Intel will better serve ecosystem partners by helping independent software vendors (ISV), original equipment and device manufacturer, and system integration (SI) partners connect with new opportunities, drive innovation, and accelerate business growth.
• In August 2022, Unity announced a new partnership with Mercedes-Benz. The Unity engine will power the infotainment domain of the Mercedes-Benz operating system. It will be rolled out to the first vehicles in 2024. Mercedes uses Unity Industrial Collection to create the UI for the in-car cockpit. Unity’s tech will power everything from 3D navigation software to virtual avatars and augmented reality experiences. This would include local weather and traffic data, streamed entertainment, or mixed-reality experiences using the car’s smart glass.

Frequently Asked Questions (FAQ):

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