Providers of video production services develop digital video material based on the needs of the end customer. Increasing mobile computing device usage, the availability of low-cost smartphones, and increased internet penetration are some of the primary drivers driving the worldwide video production services market.
Covid-19 pandemic has reflected a massive growth downturn in the last couple of years. This research report on the elaborate impact evaluation and further redevelopment strategies to regularize crisis management and digitization have been studied in-depth and reflected accordingly to encourage growth proficient business moves in the global video production services market.
The various changes that have developed in the Video Production Services business chain as a result of upstream and downstream market conditions are covered in this study. A thorough evaluation of the changes in the business environment owing to Covid-19 implications and the best industrial practices to ensure a smooth growth recovery worldwide along with the revolutionary initiatives by market participants have been jotted down in the report to ensure a smooth growth transition throughout the forecast era, 2021-2028.
Based on Type,
The video production services market can be divided into promotional videos, corporate videos, training videos, and entertainment videos, depending on the type of video. The entertainment video category dominated the market in 2018 and is expected to continue to do so throughout the projected period. The growing market for on-demand videos, over-the-top (OTT) services, short films, and other video production services has had an impact on this area of the worldwide video production services industry. Moreover, during the projected period, the promotional video segment is expected to grow at the fastest rate. The growing popularity of e-commerce has boosted demand for digital promotional movies that help businesses engage customers.
Based on End-user,
Individuals use video production firms for a variety of reasons, including social media marketing and streaming videos to share with friends and family. Individual users may also make their own videos or capture events such as birthday celebrations.
Video production firms are used by businesses to market their products and services. Companies can make professional-looking marketing films for a fraction of the expense of creating a television or newspaper advertisement, allowing them to invest more in other areas such as product development.
Based on Region,
In 2028, North America is expected to have the highest market share, followed by Europe and Asia-Pacific (APAC). Due to technical improvements and the growing number of internet users in this region, the use of video production firm services for various purposes such as marketing on social media platforms has expanded dramatically.
Due to the broad availability of internet users in countries like as China, Japan, India, and others, Asia Pacific is expected to have the highest CAGR throughout the projection period, fueling demand for online videos that can be readily shared on social networking platforms or through various channels.
The rising importance of video marketing in digital marketing strategies is one of the driving forces behind the evolving demand for video production services. Over the last few years, such services have grown in popularity among businesses looking to market themselves through animation. Access to cutting-edge technology, flexibility, and camera abilities are just a few of the most important business reasons driving demand for video production services.
Providers of video production services are likewise concerned with the audience in order to create a compelling tale. Growing corporate need for captivating video content is a critical trend that will influence the outlines of the video production services industry. Corporate customers have also increased their demand for video editing services. Market participants are focusing on broadening their service portfolios in order to accommodate a wide variety of market demands. They are implementing cutting-edge camera technology such as 4K.
The worldwide Video Production Services market is expected to reach over USD 390 billion at a CAGR of 6.5% throughout the forecast tenure, 2021-2028.
It takes more than just pushing the record button on a video camera to create a video. IN recent years video is recognized as one of the most powerful promotional media and the trend is likely to further improve adoption of video production services. Also, third-party video production services and availability of outsourcing video production services to optimize costs without compromising on services are likely to further improve adoption and growth of the global video production services market.
Video production services are divided into three dominant segments comprising pre-post and production solutions. Pre-production comprises planning and coordination, the second phase in production where all the necessary elements are captured. The final stage is post-production where the elements are edited for the final output.
North America has been the world's largest location for video production services in recent years, and this trend is expected to continue in the next years. In 2019, the North American market accounted for around 37.3 percent of the worldwide market, while Europe and APAC accounted for approximately 36.1 percent and 19.3 percent, respectively.
Increased internet penetration and smartphone use are important factors driving the demand for new video content. In 2018, around 58.8 percent of the total global population utilised the internet, with North America dominating the internet penetration rate. As more internet users replace cable TV with over-the-top media services, the need for fresh video content rises, propelling the video production services industry forward. Furthermore, the growing popularity of smartphones and tablets has boosted the number of digital platform subscribers, raising demand for digital video content and fuelling the expansion of the video production services market.
Some of the prominent players in the video production services market include: GoodLeaf Farms, AeroFarms, Bowery Farming, Living Earth Farm, Gotham Greens, Farmbox Greens LLC, Madar Farms, The Chef's Garden Inc., 2BFresh
Latest Innovations: Global Video Productions Services Market
- Transperfect which is one of the leading providers of video production services and is also known for its language and technology solutions favoring global businesses has affirmed its acquisition of Polford Studios . The development is likely to improve MediaNEXT which is TransPerfect's center for developing subtitling, voiceover and media solutions, encompassing over 40 recording rooms and 30 mixing rooms, besides several theatrical rooms.
Video Production Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 390 billion|
|Growth Rate||CAGR of 6.5% during 2021-2028|
|Segment Covered||Product Type, By End-user, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||GoodLeaf Farms, AeroFarms, Bowery Farming, Living Earth Farm, Gotham Greens, Farmbox Greens LLC, Madar Farms, The Chef's Garden Inc., 2BFresh|
Key Segments of the Global Advanced Carbon Materials Market
By Product Type:
- Promotional Videos
- Corporate Videos
- Training Videos
- Entertainment Videos
- Film Industry
- Advertisement Companies
- Training Institutes
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa