Volumetric Video Market Research Report and Outlook by 2028

The global volumetric video industry is projected to expand from US$ 1,898.7 million in 2021 to US$ 9,685.7 million by 2028, reflecting a compound annual growth rate (CAGR) of 26.2% during this period.

The evolution of immersive teleconferencing seeks to establish a video communication environment where remote participants can feel as though they are physically present in the same space. Achieving this in real-time requires an immersive teleconferencing system that accurately reproduces the light and sound fields typical of in-person meetings. Historically, systems like Hewlett-Packard's Halo and Cisco's Telepresence offered enhanced experiences through spatial audio, life-sized video, and environmental fidelity, including furniture, lighting, and wall colors to enrich the conferencing atmosphere. Although these systems significantly improved the conferencing experience compared to standard video calls, they fell short of delivering a truly immersive experience due to the absence of mutual gaze among participants. However, with the introduction of volumetric video technology in teleconferencing, there is now a promising opportunity to elevate the quality of human-centered communication through immersive telepresence and a natural representation of all attendees in a shared virtual environment.

Effects of the COVID-19 Pandemic on the Global Volumetric Video Sector
The COVID-19 pandemic and its associated containment measures, including lockdowns, business closures, and travel bans, adversely impacted the adoption of volumetric video, leading to a decrease in demand for digital marketing solutions. As a result, the volumetric video sector faced challenges in the first half of 2020. Nevertheless, business activities have shown a rapid recovery since the latter part of 2020, and stakeholders in the volumetric video market are optimistic about a consistent increase in demand from businesses.

The Centers for Disease Control and Prevention recommended that various professional and amateur sports leagues suspend or delay their events to mitigate the spread of SARS-CoV-2 by minimizing large gatherings. Consequently, numerous events, including the Chinese Super League, the Indian Wells Open (US), the French Open, the Indian Premier League, and Formula 1, were either canceled or postponed, resulting in revenue losses for companies within the volumetric video sector. However, the significance of volumetric video has grown in light of the pandemic, which is anticipated to drive market growth during the forecast period. The increasing focus on virtualization is expected to further propel market expansion in 2022. Thus, the pandemic has had a beneficial effect on the volumetric video market.

The volumetric video market is categorized based on volumetric capture into hardware, software, and services. In 2021, the hardware segment held the largest market share. Additionally, the market can be segmented by application into sports events and entertainment, medical, signage and advertising, e-commerce, video games and esports, training, education, video streaming and alternate realities, tourism, and others. The sports events and entertainment segment was the largest in terms of market share in 2021. Geographically, the volumetric video market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America represented the largest share of the global volumetric video market in 2021.

To determine the overall size of the volumetric video market, both primary and secondary sources were utilized. The research process commenced with comprehensive secondary research using both internal and external sources to collect qualitative and quantitative data related to the market. This approach was designed to provide an overview and forecast of the volumetric video market, encompassing all segments and regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Furthermore, primary interviews were conducted with industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the volumetric video market. These interviews aimed to validate the data and provide deeper analytical insights into the subject.

Prominent companies operating within the volumetric video market include 4Dviews, Microsoft Corporation, Sense of Space, Tetavi, DGene Inc, Omnivor, Arcturus Studios Holdings, Inc., Evercoast, 8i, Mantis Vision Ltd., Dimension, Canon Inc., Sony Corporation, StoryFile, Imverse SA, VOLUMETRIC CAMERA SYSTEMS, HoloCap, Volucap, EF EVE, Magic Leap, Inc., and KDDI Research, Inc.