PUBLISHER: KBV Research | PRODUCT CODE: 1709830
PUBLISHER: KBV Research | PRODUCT CODE: 1709830
The Latin America, Middle East and Africa Virtual Production Market would witness market growth of 17.3% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Virtual Production Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $150.9 million by 2031. The Argentina market is showcasing a CAGR of 18% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 16.3% during (2024 - 2031).
The technology allows filmmakers to lower the need for on-set production teams and crew members by incorporating virtual background environments into live-action footage. This helps to substantially reduce the costs of video production. Moreover, technological developments in virtual production support broadcasters in enhancing their operational competence with the minimum physical presence of technicians in the broadcasting room.
AI-driven motion capture, automated VFX, and procedural generation make virtual production more accessible and efficient. AI tools help in character animation, deepfake technology, and voice synthesis. With the introduction of artificial intelligence, this technology has registered considerable developments in the quality of its computer-generated graphics.
The market is experiencing rapid growth, driven by technological advancements and increased demand for high-quality digital content. The UAE has emerged as a leading player in the MENA entertainment streaming industry, which grew by 25.5% to reach USD 5.6 billion by 2021. This exponential growth indicates a rising demand for high-quality digital content, benefiting the market. Also, Brazil's increasing digital connectivity plays a crucial role in fostering the growth of the market. In 2023, 92.5% of Brazilian households had internet access, with notable improvements in urban and rural areas. Argentina's Regimen de Promocion de la Economia del Conocimiento (Law No. 27,506) has established a favorable framework for software development, audiovisual production, and digital content creation. The government encourages investment in knowledge-based activities, including this type of production, by offering tax incentives, reduced employer contributions, and fiscal stability. In conclusion, the market in the UAE, Brazil, and Argentina is expanding due to rising digital entertainment demand, increasing internet penetration, and supportive government policies.
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Type, the market is segmented into Post-production, Production, and Pre-production. Based on End User, the market is segmented into Movies, TV Series, Commercial Ads, Online Videos, and Other End User. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
LAMEA Virtual Production Market Report Segmentation
By Component
By Type
By End User
By Country