Global volumetric video market expected to experience a surge in advertising demand
According to an exhaustive ResearchandMarkets.com report, the value of global volumetric video markets will treble in size by 2026.
Expected to grow from USD$1.5 billion ($A2.08 billion) in 2021 to USD$4.9 billion ($A6.79 billion), a CAGR of 26.9 per cent, the volumetric video market is an extremely attractive investment opportunity.
This ambitious growth forecast has been attributed to an accelerated demand for enhanced viewing experiences, 3D/360° entertainment and AR/VR in the retail and e-commerce spaces.
However, the hardware segment is predicted to hold the largest share of the volumetric video market during the forecast period.
Major players like Microsoft, Intel, Google, Unity, Sony and Verizon have in large part contributed to the expeditious construction of studios that have made volumetric video proliferate into the mainstream.
Per the report’s findings, “The volumetric video market for signage and advertisement application is expected to grow at the highest CAGR during the forecast period.”
Creative advertising is driving demand for volumetric media as its superb technology can be deployed at corporate events, product launches and promotional events.
Additionally, the continuing growth of digital signage should drive demand for better ad content which would, in turn, propel the demand for volumetric video.
With growing advertising competition, the report outlines that volumetric video could be a boon for businesses that need to develop new and unique content.
Also notable, the volumetric video market is expected to grow the fastest in the APAC region.
This estimation is due to the fact that there is a mushrooming of professional creative studios and increased adoption in sports, events, entertainment and most importantly advertising applications.
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