With 28.6% CAGR, Volumetric Video Market Growth to Surpass USD 7.6 billion

The global volumetric video market is expected to be valued at USD 2.2 billion in 2023 and is projected to reach USD 7.6 billion by 2028; it is expected to grow at a CAGR of 28.6% from 2023 to 2028. The increasing need for the efficient use of holograms, 3D technologies, and AR VR products across all industries drives market growth. The volumetric video market in the US, UK, and China is expected to grow higher. This can be attributed to the expansion of the entertainment sector and the rising number of volumetric studios in the aforementioned countries.

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The hardware market for volumetric video accounts for the second-highest CAGR during the forecast period. Hardware, including capture devices, processing hardware, display hardware, and networking hardware, plays a critical role in enabling the capture, processing, and display of volumetric video. Technological advances are driving innovation and growth in this emerging field. Volumetric video requires specialized cameras and capture devices to capture the 3D information needed to create a realistic and immersive experience. These cameras typically use multiple sensors and lenses to capture a 360-degree view of the subject from various angles, allowing the system to reconstruct a 3D model of the subject.

 In terms of value, the signage & advertisement application is projected to account for the highest CAGR during the forecast period. Volumetric video is cutting-edge technology that can be used in signage and advertisement to create captivating and immersive visual experiences for customers. This technology allows businesses to showcase their products or services in a highly engaging way that captures the attention of potential customers. The technology used in the volumetric video for signage and advertisement typically involves capturing live-action video footage of a product or service using an array of cameras that capture the subject from all angles. Light Field Lab is a company that specializes in creating holographic displays for use in various industries, including signage and advertising. They have partnered with several companies to develop unique volumetric displays, such as a holographic car display for Porsche. The display uses Light Field Lab's technology to create a 3D holographic image of the car that can be viewed from different angles.

The volumetric video market in Europe accounted for the second-largest share in 2022. Europe is one of the central regions to have recognized and accepted volumetric video solutions. The growth of the volumetric video market in the region is attributed to the presence of significant players in the ecosystem, such as 4Dviews, Holoxica, Lightspace Technologies, VividQ, HOLOOH, Dimension Studio, Mark Roberts Motion Control (MRMC), Vologram, Volucap, EF EVE, Raytrix, and Prox & Reverie and the increased demand for volumetric video systems in sports, events, advertisement, and medical applications. The region has also witnessed many technological advancements in the volumetric video ecosystem supported and funded by the European Union.

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Major players operating in the volumetric video market include Microsoft Corporation (US), Intel Corporation (US), 4D views (France), 8I (US), Unity Technologies (US), Alphabet Inc. (US), Scatter (Depthkit) (US), Stereolabs Inc. (US), Mark Roberts Motion Control (MRMC) (UK), Metastage (US), Meta Platforms (US), ModTec Labs (US), Sony Corporation (Japan), and Canon (Japan). These companies have reliable hardware and software services across the countries such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with more comprehensive applications, broader geographical use cases, and a more extensive product footprint.

News also Covered: https://www.prnewswire.com/news-releases/volumetric-video-market-worth-7-6-billion-by-2028---exclusive-report-by-marketsandmarkets-301833330.html

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