IMARC Group’s latest report, titled “Visual Effects (VFX) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global visual effects (VFX) market is expected to exhibit a CAGR of 8.79% during the forecast period (2022-2027). Visual effects or VFX refers to the process of mixing the actual film shooting with false or animated imagery that is altered, created, or enhanced for live-action media. It enables the integration of live-action footage and VFX to create realistic objects, characters, and environments. It assists filmmakers in producing special effects, such as explosions, fire, creatures, and destruction of things that could not be captured or performed during live-action filming. As a result, VFX finds extensive applications in movies, games, advertisements, and TV shows to create immersive experiences.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Visual Effects (VFX) Market Trends:
The escalating demand for high-definition (HD) visual experiences in filmmaking represents the primary factor driving the market growth. In addition, there has been a significant shift toward high-quality productions with engaging visual effects, realistic animation, and VFX shots. Along with this, the rising expenditure on VFX by the film industry is another major growth-inducing factor. Besides this, the increasing penetration of over-the-top (OTT) media platforms, including Hulu, Netflix, and Amazon Prime, has augmented the demand for VFX. Furthermore, the leading players are integrating VFX software with innovative technologies, such as virtual reality (VR), artificial intelligence (AI), machine learning (ML), and natural language processing (NLP). In line with this, the surging adoption of cloud models, including the pay-as-you-go model, that provide several benefits, such as flexibility in terms of storage, faster video processing facilities, higher availability, and sharing of work, has catalyzed market growth. Other factors, including the expanding media and entertainment industry, increasing consumption of high-quality video content, rising demand for 3D-UHD animated movies in theatres, advancements in VFX techniques, and ongoing research and development (R&D) activities, are also providing a positive thrust to the market growth.
- Based on the component, the market has been classified into software, services, and hardware.
- On the basis of the product, the market has been segmented into simulation FX, animation, modeling, matte painting, and compositing.
- The market has been bifurcated based on technology into AI (artificial intelligence) and AR (augmented reality).
- Based on the application, the market has been categorized into movies, television, gaming, advertisements, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Adobe Inc., Animal Logic Group, Cinesite (Eastman Kodak Company), Digital Domain Holdings Limited, Framestore Limited, Pixomondo, Rodeo FX, Scanline VFX, Sony Pictures Entertainment Inc. (Sony Group Corporation), Technicolor SA, The Foundry Visionmongers Limited, and The Walt Disney Company.
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