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Volumetric video market in APAC expected to grow at the highest CAGR during the forecast period.

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Volumetric video market in APAC expected to grow at the highest CAGR during the forecast period.

April 24
13:53 2020

The volumetric video market in APAC is sub-segmented into China, Japan, South Korea, Australia & New Zealand, and the Rest of APAC. APAC is expected to be the fastest-growing market for volumetric video during the forecast period. China and Japan represent the majority of the demand for volumetric video solutions in the region owing to the growing interest of consumers in realistic 3D imaging systems. Volumetric video extends far beyond its common usage in pop concerts and other forms of entertainment. It has a wide range of diverse applications and is being used actively to improve many applications in industries such as medical and sports.

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“Demand for improved match viewing experience in the sports sector.”

The increasing popularity of sports events and growing demand for enhanced match viewing experience are the key factors driving players to innovate and develop products in accordance with spectators’ preferences. For instance, in September 2019, Intel and Manchester City unveiled the immersive highlights of the match to enhance viewer engagement with the Intel true view volumetric video technology.

 “The sports, events, and entertainment application holds the major market share in the volumetric video market.”

Major players such as Microsoft, Facebook, Google, and Intel have made several developments in their products, specific to sports and entertainment applications. Microsoft, in partnership with Hammerhead, has developed a volumetric studio named Dimension. Intel has developed a studio for filmmaking and has partnered with Turner Sports for providing its volumetric capture technology. In February 2018, MR Museum in Kyoto, in partnership with Hakuhodo-VRAR, created a volumetric video for visitors about the beautiful and sacred artwork of the Zen temple in Japan narrated by a Zen monk. Also, in February 2019, Intel collaborated with the National Football League (NFL) to offer immersive highlights via Intel’s True View to the Super Bowl LIII in Atlanta’s Mercedes-Benz Stadium. These developments are expected to provide an impetus to the sports, events, and entertainment applications, resulting in it dominating the global volumetric video market by 2025, growing at the fastest CAGR.

“North America to hold a major share of the volumetric video market during the forecast period.”

North America contributes significantly to the volumetric video market and is expected to witness a high growth rate in this region during the forecast period. Most of the demand for volumetric video systems in the region is likely to derive from the US.

The region is technologically advanced and an early adopter of emerging technologies. North America is home to major vendors of the global volumetric video market; the high demand for volumetric solutions in various industries is a dominant driving force for the market growth in the region.

 

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