3D Telepresence Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)
Global 3D Telepresence market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2021 to 2026 are profiled in this report.
The 3D Telepresence market is highly competitive and consists of a number of major players. Top Companies like TelePresence Tech, Cisco Systems Inc., Microsoft Corporation, Teliris, Inc. (Dimension Data), Digital Video Enterprises Inc., Musion, Polycom Inc., and ZTE Corporation.
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Scope of the Report:
The 3D Telepresence market was valued at USD 1.54 billion in 2020 and is expected to reach USD 4.5 billion by 2026 and work at a CAGR of 19.6% over the forecast period (2021-2026). The growing adoption of advanced technologies, such as AR and MR, is expected to pave the path for a new collaborative platform called 3D telepresence.
Key Market Trends:
Enhanced User Experience expected to Drive the Growth
– The tele-immersion technology, coupled with 3D technology, provides an increased level of presence of the remote users, whether it is bundled with virtual or augmented reality (AR). Aside from enhancing the user experience, in terms of communication, which is currently performed with 2D video conferencing, there is a potential use of this technology in several other areas that would reduce the need for travel.
– Moreover, applications, such as in remote collaboration, where multi-disciplinary teams have to work closely with 3D data or models, like in design, manufacturing, medicine, physical sciences, architecture, astronomy, digital humanities, and education, among various other applications, are expected to drive the demand for these solutions.
– Further, initiatives aimed at pushing the deployment of common video conferencing to achieve real-world experience, are driving the market growth. For instance, in July 2020, researchers from Facebook Reality Labs announced the development of a virtual telepresence system that utilizes photorealistic avatars aimed at capturing and conveying the gaze and eye contact signals of social interactions in the real-world.
– Statistical forecasts suggest that an organization would be able to boost its productivity by up to 40% due to quick decision making, saving travel cost and travel time because of the 3D telepresence systems.
Europe to have a Dominant Share in the Market
– Various research studies are being conducted to ensure immersive experience in 3D telepresence systems. For instance, researchers from the De Montfort University in Leicester, United Kingdom are working on a project to develop new algorithms that could reduce lossy compression of point clouds whose usage is widely observed in 3D telepresence.
– Compared to traditional video technology, 3D point clouds offer various advantages, such as free-viewpoint rendering and the mix of natural and synthetic objects. The EU-funded OPT-PCC project is working on developing new data compression algorithms aimed at optimizing the image rate-distortion performance with efficient compression methods that could increase storage capability and improve the usage of bandwidth.
– The growing adoption of advanced technologies, such as AR and MR, is expected to pave the path for increased adoption of the 3D telepresence market.
– As a part of its industrial development strategy, the UK government had announced an investment of EUR 400 million in June 2020 to back cutting-edge R&D projects across the country, that also cover immersive technologies like AR, VR and MR. Such investments are expected to increase opportunities for UK-based businesses to create new apps, tools and virtual experiences.
– For seizing the growth opportunities in the market, the mixed reality (MR) based startups are regularly attracting funds from investors for product innovations. For example, Zapper announced to raise investments for its MR device, which is priced at USD 30. The startup recently released the next version of its app.
– Similarly, in October 2019, a London-based startup Hyper developed an innovative MR co-design platform that serves as a solution at the time-consuming prototyping and their bottlenecks.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: 3D Telepresence Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2016 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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