Other factors, including heavy investments in research and development (R&D) activities, and ongoing innovations in virtual production technologies, are also creating a favorable market outlook in the upcoming years. In addition, the leading vendors are engaging in mergers and acquisitions (M&As) and entering into strategic partnerships with over-the-top (OTT) companies to produce high-quality video content with realistic graphic characters and artificial scenes that enrich the viewing experience.

They are also launching novel virtual production software solutions with value-added features by integrating artificial intelligence (AI), deep learning, and machine learning (ML) technologies to improve the quality of visual effects and simplify the design process of three-dimensional models. Furthermore, several key players are incorporating advanced VFX features to facilitate the development of highly engaging content. For instance, in 2022, HTC Corporation released VIVE Mars CamTrack, a virtual production technology that eliminates the need for physical sets to shoot on-location and enables actors or performers to jump into multiple virtual backdrops instantly while shooting a scene. They are also developing innovative virtual production software in small plug-and-play modules with professional-grade functionality. As per the analysis by IMARC Group, the top virtual production companies are introducing advanced solutions that allow the transfer of motion-captured movements of actors to virtual characters, which can be previewed in real-time, along with live-action footage and virtual set extension elements.

The global virtual production market is expected to exhibit a CAGR of 11% during the forecast period (2023-2028).

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