Virtual Production Market Size Poised To Reach USD 6.78 Billion By 2030
San Francisco, 6 Oct 2023: The Report Virtual Production Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030 The global virtual production market size is expected to reach USD 6.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.2% from 2023 to 2030. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high-definition visuals and real-time virtual environments, is the key factor propelling the growth of the market. The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments into live-action footage. This allows for a significant reduction in video production costs. For instance, in 2020, after the covid-19 pandemic, filmmakers in the Hollywood