The global animation and VFX market is anticipated to showcase considerable growth during the forecast period. Visual effects (VFX) technology is being highly preferred by the game developers, animators, and film makers. The growing demand for entertainment viewers for high-quality productions with engaging visual effects and realistic animation is promoting the movie and game producers to adopt animation and VFX technology to a higher extent. To remain competitive in the marketplace, production studios are using more animation and VFX shots into films to make them more engaging.
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Therefore, the growing appetite of consumers for engaging, high definition visual experience is driving the growth of the animation and VFX market across the globe. At present, consumers are consuming more immersive content across channels such as smartphones, tablets, and ultra-high-definition TVs, to head-mounted devices. Animation and VFX is being highly used by Netflix, Amazon, Twitter, and Facebook to offer their viewers with high-quality visual experiences. With the rising internet penetration and easy access to multimedia devices, customers are prone to spend more and more and more time on online streaming digital content.
On-demand video streaming services offer a broad array of video programs including entertainment, films, sports, and educational programs. Netflix, Amazon, and Hulu are the major providers of video streaming platforms that are using the animation and VFX technology to increase their market share. Netflix is one of the major video streaming service providers in the US which has acquired around 10% of the overall screen time in the US in 2018. The video service providers have added 8.84 million subscribers all across the globe in the last three months of 2018. Out of this, around 1.53 million subscribers were reported from the US.
The growing online video streaming industry is thus expected to drive the growth of the animation and VFX market across the globe. The development of animated games such as PubG, Subway Surfer, Pac-Man, Mega men, Double Dragon, Earthworm Jim, Wakfu, Raymen: The animated Series, and so on is further expected to promote the growth of the animation and VFX market across the globe.
Current Market Trends Covered in the Market Report
- The advent of 4D and 5D technology to offer the opportunity to the market growth.
- Piracy of software related issues to restrain the market growth.
- Growing demand for an animated video to drive market growth.
Global Animation and VFX Industry Market
By Category
- 2D Animation
- 3D Animation
- Visual Effects (VFX)
By End-User
- Media and Entertainment
- Gaming
- Others
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