The global animation and VFX market is estimated to account for US$ 184.6 Mn in terms of value by the end of 2022. VFX and animation have become very popular in the media and entertainment industries. High-budget movies use VFX extensively. In the past, producers focused on practical effects and making their movies look as realistic as possible. Today, they are using VFX in every digital space. This has led to the explosion of 3D movies and HD videos. Animation and VFX artists are often hired by advertising agencies. Along with TV and movie productions, VFX is applied to animation websites, CDs, Pogo TV cartoons, and CDs. Apart from this, VFX artists are needed in the gaming industry. Moreover, immersive experiences have also helped VFX become a fast-growing sector.

Global Animation and VFX Market: Drivers

Rise in demand for VFX and animation technology from different verticals is expected to propel growth of the global animation and VFX market over the forecast period. The OEMs are increasingly using simulation to design industrial equipment, and it is supporting the access to 3D animation solutions all over the world. Furthermore, simulation software and solutions are increasingly being deployed in industries such as construction, architecture, media and entertainment, education, manufacturing, defense and healthcare. This, in turn is expected to fuel the market growth.

Global Animation and VFX Market: Opportunities

The demand for VFX, video gaming and animation is increasing around the globe, which is projected to create lucrative opportunities in the global animation and VFX market over the forecast period. Factors such as availability of low cost internet access, cable and satellite TV, increasing popularity of streaming video and penetration of mobile devices is leading to growing number of targeted broadcasting hours, which is leading to high demand for VFX, animation and gaming. Moreover, in order to enhance the immersive experiences such as virtual reality and augmented reality has supported the demand for VFX and animation content. Thus, these factors are expected to create growth opportunities for the market players in the near future.

To know the latest trends and insights prevalent in the Global Animation and VFX Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/animation-and-vfx-market-5343

Global Animation and VFX Market: Restraints

High cost of VFX and animation software and tools is anticipated to hinder growth of the global animation and VFX market during the forecast period. The cost of tools and software required for animation and VFX can be high small and medium scaled enterprises. Moreover, the entire production cost of an animated film can be very high, which leads to reluctance among consumers to adopt animation and VFX. Thus, this factor among others is expected to limit the market growth in the near future.

Global Animation and VFX Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 pandemic severely impacted several industries around the world. Many countries imposed lockdown regulations to control the virus spread, due to which people had to stay inside their house. During this period, adoption of cloud-based visual effects workflow increased. With the use of hybrid cloud model, studios were able to increase additional resources on an as-required basis, whenever projects were exceeding their resources. However, the pandemic affected the post-production activities as the production activities were put on halt. Companies looked for investments through strategic partnerships in order to survive this challenge. Thus, the COVID-19 pandemic moderately impacted the global animation and VFX market.

Key Takeaways:

The global animation and VFX market was valued at US$ 167.9 Mn in 2021 and is forecast to reach a value of US$ 513.8 Mn by 2030 at a CAGR of 13.7% between 2022 and 2030.

Television & OTT segment held dominant position in the global Animation And VFX market in 2021, accounting for 30.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Animation and VFX Market Trends:

Growing adoption cloud-computing all over the world is a growing trend in the global animation and VFX market. Cloud computing has an important role in rendering of characters, as well as modeling processes due to the fact that cloud-based rendering of animation films is highly efficient and effective. The cost and time can be reduced with the use of cloud-based rendering as compared to conventional rendering. Thus, the growing adoption of cloud computing is a major trend in the market, which is likely to continue over the forecast period.

The outbreak of COVID-19 is expected to boost growth of the global animation and VFX market during the forecast period. During the lockdown period, several colleges, educational institutes and schools went online. This led to increased access to internet as well as online learning, and eventually, the increased number of the user base. The use of animation increased during this period, for creating educational products. Thus, the virus outbreak led to adoption of animation during the pandemic, which is supporting the market growth.

Global Animation and VFX Market: Competitive Landscape   

Bondware Inc., Adobe Inc., Planetside Software LLC, Autodesk Inc., Epic Games Inc. (Unreal Engine), IPI Soft LLC, Act-3D B.V., Exocortex Technologies Inc., Toon Boom Animation Inc., Lost Marble LLC, The Foundry Vision Mongers Ltd., Animaker Inc., Blender Foundation, and DWANGO Co. Ltd

Global Animation and VFX Market: Recent Developments

In September 2021, Toon Boom Animation announced the launch of the latest update of its Toon Boom Harmony: Harmony 21. This update offers feature-quality and 2D video game animation and improves paperless animation. With the use this update, users can control pressure, speed, ans well as tilt position of the stylus by only bitmapping brushes and adjusting the size.

In November 2020, The Foundry Vision Mongers Ltd. launched Modo 2020 updates with various new features such as Rig Clay, USD support, MeshFusion Embossing, Grease Pencil, and Ghost/Xray Viewport. The new features enhanced the performance of the tool with 10x speed, improved Booleans, rendering and selection.

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