June 22, 2021
Increasing popularity of web series having visual effects, surging technological advancements, and strategic moves by players in the forms of investments, mergers, and acquisitions are propelling the worldwide virtual production industry expansion.
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Citing an instance, Epic Games Inc. teamed up with a Bollywood studio named Eros Now in June 2020, in order to produce films in India aided by real-time rendering technology to deliver high-quality pre-visualization, virtual production, and in-camera visual effects (VFX).
For the unversed, virtual production involves combining live-action footage and computer graphic in real time. The technology is adopted in film making for adding exact camera movements, concept art, asset placement, lensing, and set dimensions to produce interactive content. Virtual production relies upon augmented reality, virtual reality, game-engine technologies, and computer-generated imagery.
Though use of virtual production in commercial advertisements is expected to impel the global virtual production market dynamics, but shortage of skilled professionals will act as major challenge for in this business sphere.
Speaking of component terrain, the market is divided into software, services, and hardware. In terms of type, the industry is classified into production, pre-production, and post-production. While based on end-user terrain, the marketspace is bifurcated into television series, online videos, movies, commercial advertisements, and others.
As per expert verbatim, Asia Pacific virtual production industry size is expected to showcase strong CAGR through 2027, accredited to extensive implementation of technology in countries like Australia, India and China. Parallelly, North America market is touted to grow momentously through 2027, owing to high application of technology in renowned film studios.