How AR/VR and 5G Drive the Volumetric Video Market Growth
The volumetric video market is projected to grow from USD 3,047.8 million in 2024 to USD 13,939.6 million by 2030 , reflecting a robust CAGR of 28.8%. This growth is primarily attributed to advancements in technology, the increasing adoption of AR/VR products, and rising investments in sports technology development.
The advent of 5G technology is a significant enabler, offering high bandwidth and low latency, which supports seamless volumetric video content delivery. Additionally, this technology is increasingly being used in holograms, gaming, branding experiences, training, and the metaverse, further driving market expansion.
In 2023, the medical vertical emerged as a key contributor due to the growing use of volumetric technology for generating holographic, 360-degree views of internal organs, aiding in improved diagnosis and treatment.
Based on platforms, the volumetric displays segment is anticipated to grow at the fastest rate, with a CAGR of 30.2%, driven by ongoing technological innovations aimed at delivering superior resolution and features in 3D displays. The progress in lasers, optics, and electronics further propels this segment's growth.
By offering, the hardware category accounted for a 45% market share in 2023, making it the largest contributor. This dominance is attributed to the essential role of sensors, cameras, and other hardware components in creating volumetric video content. However, the services segment is expected to witness the highest CAGR of 30.0% due to the rising availability of sharing, cloud, and streaming services and advancements in the video production sector.
Geographically, North America dominated the market in 2023 with a 55% share, driven by the rapid adoption of technologies like VR, MR, and AR, alongside a growing demand for innovative signage and advertisements. Meanwhile, the APAC region is forecast to register the highest CAGR, owing to its large consumer base, rising disposable incomes, rapid urbanization, and increased demand for enhanced sports-watching experiences and advanced medical imaging technologies.
As AR/VR technologies continue to gain traction, the volumetric video industry is poised for sustained growth in the coming years.
Top Volumetric Video Companies