Market Overview
The High Dynamic Range Market revenues were estimated at US$ 17.2 billion in 2022 and are anticipated to grow at a CAGR of 16.5% from 2023 to 2032, according to a recently published Persistence Market Research (PMR) report. By the end of 2032, the market is expected to reach a valuation of US$ 93.3 billion.
Capturing devices segment is likely to dominate the high dynamic range market with a projected CAGR of 16.4% from 2023 to 2032. In recent years, the entertainment industry has been at the forefront of implementing HDR technology. The demand for high dynamic range equipment surged dramatically between 2017 and 2021, and it is predicted to climb even more between 2022 and 2032.
The high dynamic range industry deals with the designing, production, and sale of high dynamic range (HDR) which is a technology used for capturing, processing, and displaying images or videos with a higher and clearer dynamic range as compared to conventional or traditional ways. The technology has wide applications in the media industry and allows users to achieve better brightness, color accuracy, and contrast that work coherently to create an image that is more lifelike thus providing the users with an immersive viewing experience. There are several factors that are responsible for the growth in the market, especially in the last few years and it is increasingly being adopted in various media sub-segments like movie making, video games, and TV shows. The industry includes a range of products like displays, cameras, and other supporting software systems. During the forecast period, the fraternity is projected to grow at a significant rate while navigating through multiple challenges and limitations.
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The high dynamic range video camera market is developing as a result of the rising demand for powerful cameras for use in photography and media outlets, which is driving the market growth.
The high dynamic range video camera market offers a huge collecting limit, simple sharing and altering, diverse capabilities, and simple connection with TV and PC, all of which are elements driving the market growth.
With computerized cinematographys rapid advancement and enormous potential, an increased desire for high dynamic range innovation is extending the range of user settings, and a demand for low-cost high dynamic range gadgets is expected to climb.
High Dynamic Range Market: Growth Drivers
Growing demand for the improved viewing experience to propel market growth
The global high dynamic range market is projected to grow owing to the increasing demand for immersive and improved viewing experiences. This is applicable across end-user verticals and segments. For instance, with the latest technological advancements and rapid adoption, movies and television show makers are consistently trying to provide users with a viewing experience never felt before. This can be seen in the growing number of movies being made with high-technology HDR cameras and sensors. Furthermore, the growing advancements in the industry-leading to constant upgrades in software solutions and display technologies could work in the favor of the industry. In addition to this, the rising popularity of online streaming driven by the surging user database on platforms like Amazon Prime Video and Netflix is acting as a driving factor for the show producers to improve their services. The impact that HDR technology can have by creating more engaging virtual advertisements has led the systems and devices to become a popular choice amongst advertising agencies.
High Dynamic Range Market: Restraints
High cost to restrict market expansion
HRD systems and technology, in general, are expensive and cost more than traditional video or audio capturing and processing units. This can potentially limit the growth of the high dynamic range industry since small or new players might not be able to adopt these systems in their business operations. In addition to this, the growing competition from alternative solutions in the fraternity may cause a loss of consumer databases since currently, the media sector is witnessing large fragmentation in terms of associated image-capturing tools and software solutions. HDR systems also lack a compatibility quotient since they are not compatible with all devices, unlike traditional system.
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High Dynamic Range Market: Opportunities
Growing investments toward the development of HDR-compatible tools to provide expansion opportunities
As the demand and consumption of HDR technologies are growing, other businesses in the media sector are working toward the development of HDR-compatible devices which could lead to further adoption of the advanced tools. Currently, the lack of such systems is a crucial drawback limiting the global high dynamic range market size but as the investments toward eliminating this limitation are on the rise, the industry players can expect higher demand in the coming years. Moreover, the growing interest in the development of new tools for HDR content could open more doors for growth.
High Dynamic Range Market: Challenges
Lack of sufficient consumer education to challenge market growth
Although the adoption rate of HDR systems and technologies is growing rapidly, there is a significant lack of sufficient consumer education in terms of the actual potential of high dynamic range systems and software solutions. This could potentially challenge high dynamic range market growth during the forecast period. A large pool of current users is not completely aware of the actual functioning of the technology and the best ways to use it. Hence more awareness drives are needed to educate the masses which in turn would result in higher revenue.
Key Takeaways from High Dynamic Range Market
North America high dynamic range market size would exceed a valuation of US$ 24 billion in 2032.
The United States high dynamic range market is expected to be worth US$ 14.2 billion by 2032.
The United Kingdom high dynamic range industry is anticipated to surpass US$ 2.4 billion in 2032.
The high dynamic range market in South Korea is expected to be worth US$ 5.7 billion by 2032.
Based on product type, the capturing devices category is set to showcase a CAGR of 16.4% from 2022 to 2032.
The market for high dynamic range would expand as number of digital screens in the entertainment industry is expected to increase. The current surge in terms of high consumerism in electronics has greatly boosted opportunities for manufacturers in the high dynamic range market. says a Lead Analyst.
Competitive Landscape: High Dynamic Range Market
The top market players are constantly thinking of novel ways to deliver high-quality goods, as well as to patent their innovations and goods and broaden their product lines. The players, who presently have a tiny market share, are constantly working to increase their market share in the high dynamic range market.
For instance,In June 2022, Crystal 4K Neo TV was launched by Samsung Inc., a South Korean company. HDR10+ dynamic tone mapping adjusts color and contrast scene by scene, allowing you to notice even the subtlest subtleties. The Crystal 4K Neo has dolby digital plus and adaptive sound technology.
Get More Exclusive Insights into High Dynamic Range Market Study
Persistence Market Research, in its new offering, presents an unbiased analysis of the high dynamic range market, presenting historical market data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
The study reveals extensive growth in the high dynamic range market is categorized by
Type (HDR10, HDR10+, Hybrid Log-Gamma, Dolby Vision, and 4K),
Product (capturing devices and display devices),
Application (video streaming, gaming and entertainment) and regions.
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COMTEX_442898860/2840/2023-11-03T13:47:11
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