In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Volumetric video technology is the process of capturing 2D and 3D objects using in-depth sensors and motion sensing techniques. The video can be developed using a 360 degree camera as it captures everything. For detailed 3D images, mesh- based and point- based scanning are used as well. The in-depth sensors and 360 degree view helps in implementation of AR or VR or other client based applications. It can be used to enhance the user experience in various spheres, for instance, during events, sports, video games, conferences, exhibitions, and several others.
The volumetric video market is anticipated to achieve a significant CAGR during the forecast period, 2020-2028. The growth rate is expected to be rapid as technology is evolving continuously. Moreover, as a result of increasing use of technology and equipment to capture events, the demand will further rise. Further, the entire event can be covered with the help of 360 degree camera which makes it much more useful.
Volumetric videos are used to create engaging and creative advertisements. Not just advertisements, they can be used in exhibitions, conferences, promotions, to cover sports events and more. The volumetric video market is segmented by capture type, by application, by content delivery, and by region. On the basis of capture type, the market is further segmented into hardware, software and services. The hardware sub- segment is further divided into the processing unit and camera unit. The hardware segment is anticipated to hold the largest share in the market which can be attributed to the rising needs for equipment to create videos and capturing images. The hardware segment is of great importance as the major work is done by the processing and camera units. Software is required only when the modification is to be done.
Increasing Demand for Better Viewing Experience
The viewing experience of sports, events, advertisements gets enhanced with the use of volumetric video technology. Moreover, the demand for better viewing experience is increasing as people are coming across various innovations in this field and are becoming more concerned about their health. This is projected to widen the scope for market growth in the coming years.
Innovation and Technology Upgradation
The AR and VR are evolving with technology upgradation. This is anticipated to influence the volumetric video market as well. Technology upgradation in this market is bringing forward new ways in which graphics and images can be viewed and captured.
Volumetric video technology is used in events, conferences, and other programs to capture each and every detail. This helps in creating an in- depth map to provide better viewing experience to the viewers. This results in enhancing the viewers' engagement as well. This has expanded the scope of the volumetric video market globally. The future is the innovations in technology and volumetric video is another step towards it.
The current pandemic is a hindrance to the market growth of volumetric video as several conferences and events are canceled due to the prevailing lockdowns globally. This has resulted in reduced usage of volumetric video technology. Further, the market has to keep on evolving and innovating as technological advancements are taking place rapidly, which is estimated to be another challenge for the market growth.
Our in-depth analysis of the volumetric video market includes the following segments:
By Capture Type
By Content Delivery
On the basis of region-wise analysis, the volumetric video market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The North America region market holds the largest share as the technological advancements and usage in this region are increasing rapidly. Volumetric video market is anticipated to grow in this region as well. Moreover, major market players are located in this region which provides a technologically advanced viewing experience to the users. Further, the market in Europe is anticipated to expand as the result of increase in use of technology to provide better experience to the viewers. In Asia Pacific region, the market is anticipated to show a significant growth rate. The increasing developments in media and entertainment sector may help in boosting the market in this region.
Volumetric video market is further classified on the basis of region as mentioned below:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis