volumetric video Market

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 development of immersive teleconferencing aims to create a videoconferencing experience where remote participants can perceive the presence of each other in the same room. For this to be achieved in real-time situations, the ideal immersive teleconferencing system must replicate the light and sound field observed in a face-to-face meeting. In the past, Hewlett-Packard's Halo system and Cisco's Telepresence system provided spatial audio, life-size video, and environment excellence by presenting furniture, lighting, and wall colors to enhance the conference experience. Despite offering a significantly improved conference experience compared to traditional video calls, they were unable to provide an immersive video experience due to the lack of mutual gaze between attendees. However, with the advent of volumetric video technology in teleconferencing, there is now an opportunity to improve the quality of human-centered communication with immersive telepresence and natural representation of all participants in a shared virtual meeting space.

Impact of COVID-19 Pandemic on Global Volumetric Video Market
The adoption of volumetric video was negatively affected by COVID-19 containment measures, such as lockdowns, business shutdowns, and travel restrictions, which caused a decline in the demand for digital marketing solutions. Consequently, the volumetric video market experienced adverse effects in the first half of 2020. However, business activities have been on a quick recovery trajectory since the last quarter of 2020. Industry players in the volumetric video market are optimistic about a steady rise in demand from enterprises.

The Centers for Disease Control and Prevention advised several professional and amateur sports leagues to suspend or postpone their events to reduce the spread of SARS-CoV-2 by avoiding large gatherings. As a result, many events, such as the Chinese Super League, the Indian Wells Open (US), the French Open, the Indian Premier League, and Formula 1, were cancelled or postponed, leading to a decline in revenues for the players operating in the volumetric video market. However, the importance of volumetric video has increased due to the COVID-19 pandemic, which is expected to enhance the growth of the volumetric video market during the forecast period. The growing emphasis on virtualization is anticipated to further boost the market growth in 2022. Therefore, the pandemic had a positive impact on 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. On the basis of 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 categorized 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.

Both primary and secondary sources have been used to derive the overall size of the volumetric video market. The research process began with extensive secondary research conducted using internal and external sources to gather qualitative and quantitative information linked to the market. This process was carried out to obtain an overview and forecast of the volumetric video market, including all market segments and regions, such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In addition, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders, specialized in the volumetric video market. These interviews were aimed at validating data and gaining more analytical insights into the topic.

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.