Global VFX market expected to grow at a CAGR of over 11.7% and is anticipated to reach around USD 24,949.9 Million by 2026.
NEW YORK, UNITED STATES, May 26, 2020 /EINPresswire.com/ — Findings from Facts and Factors report “VFX Market By Type (Simulation FX, Matte Painting, Compositing, 3D Scanning, Motion Capture, Character & Creature Animation, Concept Art, Previs/Pre-Visualization, and Others), By Deployment Type (On-Premises and Cloud-Based), By Component (Software, Hardware, and Services), By Application (Movies, Advertisements, TV Show, and Gaming), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global VFX market in 2019 was over USD 11,500 Million. The market is expected to grow at a CAGR of over 11.7% and is anticipated to reach around USD 24,949.9 Million by 2026.
Visual effects (VFX) is a technology used to create imagery apart from the context of a live-action shot. The integration of generated imagery and live-action footage helps create the entire scene that looks extremely realistic. VFX and computer-generated imagery (CGI) are being used together in creating advertisements, movies, games, and television shows.
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Some of the key players in the global VFX market include 3DAR LTDA, Red Giant Software, Frischluft, Video Copilot, Vision Effects, Adobe Systems, The Foundry Visionmongers, Boris FX, Autodesk, Blackmagic Design, Optitrack, and NVIDIA Corporation.
The growing demand for high-quality use of AI and content are some of the factors expected to propel the growth of the global VFX market. The increasing capital investments in the VFX industry by the top market players are expected to enhance the global VFX market in the coming years. In addition to this, the advancements in the media and entertainment industry are predicted to help accelerate the VFX market growth during the forecast growth. The use of VFX on a large scale in the movies and gaming field is likely to drive the growth of the global VFX market. However, the needfor huge capital investment and the shortage of skilled VFX workforces are projected to restrain the growth of the global VFX market.
Market Segment Dominance:
Movies category dominates the global VFX market
The increasing demand for realistic scenes in the movies being released across the globe is the primary reason for boosting the global VFX market. Furthermore, the rising investments for the use of VFX in big-budget movies help surge the growth of the VFX market.
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Simulation FX category is expected to hold the majority of the market share of the global VFX market
The simulation FX category is projected to lead the market owing to the increasing demand for computationally created visual effects in facial, fluidic, and cloth simulation while developing video games, animated movies, and others. In addition, the rising use of simulation in testing, safety engineering, and education help boost market growth.
North America is expected to dominate the global VFX market
North America is expected to hold the majority of the market share of the global VFX market owing to the growing use of visual effects in Hollywood movies.Additionally, the rising demand for making the scenes more realistic and the advancements taking place in VFX market in the region are likely to bolster in the coming years. Furthermore, the demand for live-action footage in the movies is another factor fuelling the VFX market in this region. The growing popularity of movie and television industry in North America along with the high investments in high-quality effects in the big-budget movies further helps open new avenues for the market during the forecast period.
Asia Pacific is anticipated to exhibit significant growth rate during the forecast period
The Asia Pacific VFX market is likely to exhibit substantial growthduring the forecast period owing to the escalatingrequirement for VFX dynamics forthe alteration and augmentation of live-action. Additionally, the Chinese companies' partnership with international VFX companies is also estimated to help drive the VFX market in the Asia Pacific Region.
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This report segments the global VFX market as follows:
Global VFX Market: Type Segmentation Analysis
Character and Creature Animation
Global VFXMarket: Component Segmentation Analysis
Global VFX Market: Deployment Segmentation Analysis
Global VFX Market: Application Segmentation Analysis
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