The global volumetric video market size is estimated to grow from USD 1.4 billion in 2020 and projected to reach USD 5.8 billion by 2025; it is expected to grow at a CAGR of 32.8% from 2020 to 2025. The most significant factor driving the growth of this market is the proliferation of content delivery devices such as AR/VR HMDs is driving the demand for 3D content. With the increasing popularity of technologies such as AR/VR/MR in both headsets and smartphones, there have been significant developments in the volumetric video format space.
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The initial capital investment required for acquiring a volumetric capture solution is high. The technology is expensive due to the high cost of cameras, processors, and specialized digital imaging devices. The high computational cost of processing holograms and volumetric video also limit the number of applications of this technology.
To cater to the ever-increasing appetite for 3D content, big telecom brands are investing in 5G for volumetric videos—as 3D content creation and sharing or broadcast require high internet bandwidth. Seeing this as an opportunity, telecom players are either partnering or acquiring volumetric capture solution providers to earn more business from the growing demand for 3D content.
The hardware segment in the volumetric video market captures the major market chunk in terms of revenue. The hardware market is driven by the adoption of 3D 360° cameras in filmmaking and sports events. Intel and Facebook are the major players that offer these cameras. The players in the hardware segment are expected to witness significant growth in the coming years as there is an increasing demand from AR and VR vendors for volumetric content.
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Sports, events and entertainment application holds a significant share in terms of revenue in the volumetric video market. This is attributed to the growing demand for interactive match viewing experience paired with the increasing demand for innovative 3D content in the entertainment industry. Seeing the rising demand for volumetric content in the entertainment sector, key players are teaming up to deliver better and advance volumetric content. For instance, in June 2017, Sony Pictures Virtual Reality (SPVR) partnered with Intel to produce virtual reality-based film Spider-Man: Far From Home, which was released in July 2019 in the US.