WASHINGTON, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global VFX Market finds that the increased demand for advanced quality content among consumers across the globe and the introductions of new technologies related to VFX Market by industry players are expected to augment the growth of the VFX Market over the analysis years.
The Global VFX Market revenue is expected to reach a value USD 48.9 Billion in 2028.
The Global Market revenue was valued at USD 26.3 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period; states Vantage Market Research, in a report, titled “VFX Market Size, Share & Trends Analysis Report by Component (Software, Services, Hardware), by Technology (Artificial Intelligence (AI), Augmented Reality (AR), by Application (Movies, Television, Gaming, Advertisements), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
The global VFX Market was valued USD 26.3 Billion in 2021 and is all set to surpass USD 48.9 Billion by 2028, exhibiting a CAGR of 10.9% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of VFX industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
High Demand for Superior Quality Content to Drive the Market Growth
The worldwide rise in demand for high-quality content is the main factor driving the VFX Market. VFX Market serve to alter, create and enhance the live-action media to include effects, which may not be captured at the time of live-action filming. They help to create special effects like fire, explosions, creature creation, and destruction of objects, assisting viewers in knowing the story well. Also, VFX Market makes it possible for filmmakers to put a sense of scale to the experience. Besides, they find wide-ranging applications in TV shows, movies, advertisements, and games, to name a few.
Furthermore, there is a surge in the usage of digital video streaming outlets such as Netflix, Amazon Prime Video, and Hulu. And owing to this, the high-quality content and VFX Market turn out to be significant in the overall market. Also, smart devices such as HD TVs, smartphones, laptops, and tablets are increasingly being utilized in promoting the growth of digital video streaming services. In addition, several video services & studios use VFX Market in films and TV shows. Most importantly, the buyers who look for high definition VFX Market experiences will create positive prospects for the VFX Market during the forecast period.
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Growth in the Innovation of VFX Market Techniques to Fuel Market Growth
The growing adoption of innovations of VFX Market techniques and their applications is the most critical factor propelling the market growth. Moreover, the VFX Market growth can be attributed to the increase in usage of cloud models like the pay-as-you-go model, fast video processing services, elasticity to storage, high availability, and work sharing. Furthermore, the increased employment of highly developed technologies in VFX Market software like artificial intelligence (AI), machine learning (ML), and virtual reality (VR) is expected to fuel the market expansion. Furthermore, companies are expansively investing in Research and Development (R&D) activities to launch the newest high-resolution picture works vital to generating high-quality VFX Market.
Artificial Intelligence (AI)
Augmented Reality (AR)
Middle East & Africa
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The Report on VFX Market Highlights:
Assessment of the market
Historic Data, Estimates, and Forecast
Global and Regional Dynamics
North America Projected Potential Market Growth
North America is dominating the growth of VFX Market and will continue its domination in the next few years. Canada and the US are significant contributors to VFX Market. As Hollywood is the biggest film industry in the world, with numerous film and animation studios based there. VFX Market services are highly utilized in several ways in films, series, and documentaries. Moreover, an increase in investments in creating high-budget films is driving the requirement for VFX Market. Furthermore, the increasing consumption of high-quality content, the growing smart televisions which make possible 4K content, and the creation of film production studios are other vital aspects that are expected to boost the demand in support of high-quality entertainment.
List of Prominent Players in the VFX Market:
Cinesite (Eastman Kodak Company)
Digital Domain Holdings Limited
Sony Pictures Entertainment Inc. (Sony Group Corporation)
The Foundry Visionmongers Limited
The Walt Disney Company
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "VFX Market Size, Share & Trends Analysis Report by Component (Software, Services, Hardware), by Technology (Artificial Intelligence (AI), Augmented Reality (AR)), by Application (Movies, Television, Gaming, Advertisements), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
February 2020: DreamWorks Animation announced the open-source release of ForestFlow, a Machine Learning Model Server to the Open-Source Community that assists bridge Data Science Engineering & Machine Learning Operations.
April 2022: Cartoon Network Studios (CNS) and Outlook Company are introducing a new content development initiative to discover up-and-coming artists and storytellers.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the VFX Market for the base year and forecast period?
This market titled “VFX Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
• North America
• Adobe Inc.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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