Computer Graphics Market is likely to rise at a steady 5.5% CAGR between 2016 and 2024 to become worth US$211.60 bn by 2024 from US$130.91 bn in 2015;Computer Graphics Market is the booming media and entertainment industry
Albany, NY -- (SBWIRE) -- 01/04/2018 -- The global computer graphics market is teeming with regional players who have a solid foothold over local market and a few large multinationals that together hold a sizeable chunk of the market share. This makes the competitive landscape fragmented in nature. At present, competition in the market is moderate. In the next couple of years, however, it is expected to heat up on account of mergers and acquisitions and entry of new players due to easy availability of low cost labor.
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At the forefront of driving growth in the global computer graphics market is the booming media and entertainment industry. Rising application of image processing and 3D animation effects in media and entertainment industry and robust demand for computer graphics software in fashion designing, automobile, construction, and other manufacturing industries is predicted to take the market forward. Posing a roadblock to the market, on the other hand, is the need to change hardware because of constant upgrades to 3D computer graphics software which results in added cost burden in developing new and enhanced graphical content.
As per a report by Transparency Market Research, the global computer graphics market is likely to rise at a steady 5.5% CAGR between 2016 and 2024 to become worth US$211.60 bn by 2024 from US$130.91 bn in 2015.
High Cost of Crucial Components Makes Hardware the Leading Component Segment
The global computer graphics market can be broadly divided into hardware and application software based on the component. Hardware segment is comprised of all the crucial hardware needed to underpin different computer graphics application software, tools and technologies. Hardware components include motion capturing systems graphic cards, Graphic Processing Units (GPU), RAM and storage, workstations including processor (CPU), game consoles, and portable devices including 3D scanners. The hardware component is expected to lead the market on account of the expensiveness of critical components.
The application software segment, on the other hand, consists of packaged software, plug-in-software, and Software Development Kits (SDK). Some such application software are Revit, 3D Max design Studio, AutoCad, Maya, Powtoon, Rhino 3D, Adobe illustrator, C-DESIGN fashion, CorelDRAW, Vetigraph, etc. In the upcoming years, the application software segment is slated to outpace its hardware counterpart.
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Outsourced Work Leads to Asia Pacific Rising to a Prominent Position
From a geographical standpoint, North America, led by the U.S. and Canada, dominates the global computer graphics market. The two countries are home to many big names in visual effects (VFX) such as Walt Disney Animation Studios, DreamWorks, Warner Bros Animation, etc.
Asia Pacific again, powered by China and India, is another key region in the global computer graphics market. This is on account of numerous local and regional manufacturers of computer graphics hardware and software developers. Furthermore, large amount of work outsourced from North America and European is also supporting the region's growth. The regions ever-expanding entertainment industry is serving to catalyze growth in the computer graphics market too.
In Europe, Germany, the U.K., and France are primarily driving growth in the market. This is because of the many animated films being produced in Germany and the tax incentives for animation, video games, and support from government in the U.K.
Some of the prominent names in the global computer graphics market are Microsoft Corporation, Intel Corporation, Advanced Micro Devices (AMD), Inc., ARM Ltd., Adobe Systems Ltd., Imagination Technologies Limited, Sony Corporation, Nvidia Corporation, Siemens PLM Software, Autodesk Inc., and Dassault Systèmes SA.