Global VFX Industry Trends Will Grow USD 19,985.64 Million: ZMR Report
The research report concludes that the global VFX market is expected to grow at a CAGR of 12.78% between 2018 and 2024. The market revenue of $8,611.79 million in 2017 is expected to grow up to $19,985.64 million by 2024. The growing demand for VFX in media and entertainment industry coupled with the adoption of VFX techniques for cost compensation by investors are the key driving factor of the global VFX market.
Sarasota, FL -- (SBWire) -- 02/14/2019 --Zion Market Research has published a new report titled "VFX Market by Component (Software, Hardware and Services), by Type (Matte Painting, Simulation FX, Compositing, and Others), by Application (Movies, Advertisement and TV Shows): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024".
The research report concludes that the global VFX market is expected to grow at a CAGR of 12.78% between 2018 and 2024. The market revenue of $8,611.79 million in 2017 is expected to grow up to $19,985.64 million by 2024. The growing demand for VFX in the media and entertainment industry coupled with the adoption of VFX techniques for cost compensation by investors are the key driving factor of the global VFX market.
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VFX abbreviated from visual effects is a process of integrating live-action footage and generating imagery in order to create an environment which looks realistic. Visual effect makes it possible to build a scene or effect that could not be created with regular photographic techniques. Moreover, it also involves merging of original film shooting with false or animated images. It helps in creating scenes which are difficult to create during live action shooting. Due to many such reasons, movie and media industries are gradually switching to the VFX industry. Huge infrastructure and other scene creation expenses can be deducted by opting for affordable VFX software solutions.
The advancement in technology has increased the acceptance of VFX in the big-budget movies as well as regional cinema. The VFX market will get better and bigger with cinema & television, video games, and marketing embracing technology in order to widen their approach. The growing demand for VFX in the media and entertainment industry coupled with the adoption of VFX techniques for cost compensation by investors are the key driving factor of the global VFX market. Further, project mapping is the latest prime technique for driving the VFX market that is being implied by both national and international companies during product launches. This technique enhances the user's experience by the combination of displaying artwork, light, and sound thereby rapidly becoming a preferred choice for advertisement. However, huge capital investment and a shortage of skilled VFX professionals are some of the factors restraining the global VFX market.
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On the basis of the component, the global VFX market is divided into software, hardware, and service. Based on the type, the global VFX market is classified into matte painting, simulation FX, compositing, and others. Movies, advertisement, and TV shows are the application segment of the global VFX market. All the segments are analyzed based on present and future trends and the market is projected from 2018 to 2024. On the basis of region, the global VFX market is categorized into five regions namely Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa with its further bifurcation into the U.S., the UK, Germany, France, China, Japan, India, and Brazil.
With the largest share, North America was a leading regional market for VFX in 2017 and is expected to maintain its dominance throughout the forecast period. North America has contributed more than 50% share in the global VFX market in terms of revenue owing to its high usage for VFX technology in Hollywood film industry. Asia Pacific is expected to be the fastest growing region for the global VFX market in the forecast period. The major contributor driving the global VFX market in the Asia Pacific region is attained from the Indian film industry entitled as 'Bollywood'. In the past three to five years, the evolution of VFX production in India has been rapid. The emerging trend of visual effects in European movies has increased the popularity of VFX in the European region. Latin America and the Middle East and Africa are predicted to show noticeable growth in the global VFX market.
The major players in the VFX market are Blackmagic Fusion, Foundry Visionmongers, Zoic Studio, Animal Logic, Weta Digital, FuseFX, Method Studios, RE: Vision Effects, Inc., Genarts, Absolute Post, Worldwide FX, CoSA VFX, Eight VFX, Whiskytree, Video Copilot, Red Giant Software amongst others.
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