Global VFX market expected to reach USD 23,854 million by 2025, at a CAGR of around 11.4% between 2019 and 2025
NEW YORK, NEW YORK, UNITED STATES, February 21, 2020 /EINPresswire.com/ — Zion Market Research has published a new report titled “VFX Market by Type (Matte Painting, Simulation FX, Compositing, Motion Capture, 3D Scanning, Character & Creature Animation, Concept Art, Previs/Pre-Visualization, and Others), by Component (Software, Hardware, and Services), and by Application (Movies, Advertisements, TV Show, and Gaming): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global VFX market accounted for USD 11,333 million in 2018 and is expected to reach USD 23,854 million by 2025, at a CAGR of around 11.4% between 2019 and 2025.
The visual effect is a process that integrates live-action footage and generates imagery that produces and/or maneuvers images externally to a live action shot. VFX currently holds huge importance in the media and entertainment industry, as it is utilized for numerous applications, especially in the film industry for augmented reality forming virtual reality, crowd simulation for creating a large set of crowds, motion pictures, etc. Over the last several years, visual effects (VFX) have become a significant necessity of the film making industry. VFX application in the media and entertainment industry majorly includes movies, television, and commercials. In 2013, the average Oscar nominee for visual effects generated USD 763 million in revenue as compared to USD 662 million in 2012.
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Moreover, film making industries majorly contribute to the global VFX market. These revenue benefits majorly through U.S. based Hollywood film making industry and India-based Bollywood. Another major application of VFX is the creation of augmented reality, which is also driving the global VFX market. The rising VFX demand is also fuelled by the need to create crowd simulation, which involves creating a large set of the crowd in an animated world, particularly for scenes including war, parties, crowded beaches, etc
Based on type, the global VFX market includes simulation FX, matte painting, compositing, motion capture, 3D scanning, character and creature animation, concept art, previs/pre-visualization, and others. The simulation FX segment is expected to hold the largest market share in the years ahead, owing to its increasing demand in testing, training, safety engineering, video games, and education. By component, the global VFX market includes software, hardware, and services. The services segment is projected to hold the largest share of the market in the future. The application segment of the global VFX market is divided into movies, advertisements, TV show, and gaming. The movies segment is anticipated to hold the largest market share over the forecast time period. VFX effects in films involve some extraordinary character design and certain invisible VFX. Movies like Avatar, Jurassic Park, Terminator 2, Judgment Day, Inception, Interstellar, Dawn of the Planet of the Apes, and others have taken the standard of VFX to another next level.
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North America is anticipated to hold the largest share of the global VFX market during the estimated timeline, owing to the increasing use of visual effects in Hollywood movies. VFX is the most advanced technology used in movies to make the scenes more realistic. The rising demand for visual effects involves the integration of live-action footage in Hollywood is further anticipated to drive the North American VFX market. The Asia Pacific VFX market is expected to grow rapidly in the future, owing to the rising demand for VFX features, such as modification and augmentation of live action, and the increasing partnership of Chinese companies with international VFX companies.
Some major players operating in the global VFX market are Red Giant Software, Vision Effects, 3DAR LTDA, Frischluft, Video Copilot, The Foundry Visionmongers, Blackmagic Design, Boris FX, Autodesk, Optitrack, Adobe Systems, and NVIDIA Corporation.
This report segments the global VFX market into:
Global VFX Market: Type Analysis
Character and Creature Animation
Global VFX Market: Component Analysis
Global VFX Market: Application Analysis
Global VFX Market: Regional Analysis
The Middle East and Africa
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Source: EIN Presswire