The Visual Effects Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Visual Effects Global Market Report 2024, The visual effects market size has grown rapidly in recent years. It will grow from $10.73 billion in 2023 to $11.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to user experience expectations, budgets and investments, digital streaming platforms, talent and skill development, film and entertainment industry growth.
The visual effects market size is expected to see rapid growth in the next few years. It will grow to $17.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to evolution of content consumption, growth of streaming platforms, augmented and virtual reality, globalization of media content, demand for realistic visuals.. Major trends in the forecast period include blending practical and digital effects, sustainable production practices, personalization and customization, remote collaboration tools, user-generated vfx content, environmental and climate focus.
Increasing use of digital video streaming services is expected to propel the visual effects market going forward. Digital video streaming services refer to a media streaming platform that delivers data from a video file to a remote user via the internet. Visual effects software is used to create animation and special effects and enhance films with digital elements. Increasing demand for digital video streaming services would require high-quality visual effects for TV shows and movies, which would eventually increase the growth of the market. For instance, in 2022, according to Netflix’s quarterly report, a US-based subscription video streaming service company, the company added 2.41 million subscribers to its video streaming service globally in Q3 2022, making a total of 223.09 million subscribers globally, and reached 4.50 million subscribers in Q4 and Q5 of 2022. Therefore, the increasing use of digital video streaming services is driving the visual effects market.
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The visual effects market covered in this report is segmented –
1) By Type: Matte Painting, Simulation FX, Compositing, Motion Capture, Character And Creature Animation, Concept Art, Previs Or Pre-visualization, Other Types
2) By Component: Software, Hardware, Services
3) By Application: Movies, Advertisements, TV Shows, Gaming
Technological advancements are the key trends gaining popularity in the visual effects market. Major companies operating in the visual effects market are focused on developing an AI-powered solutions to strengthen their position. For instance, in July 2023, Netflix Inc. a US-based subscription-based streaming service launched an AI-powered green screen. This artificial intelligence (AI) driven technology seeks to improve visual effects, making them more accurate and lifelike in real-time, and accomplish greater outcomes than traditional green screens in a quarter of the time required to edit a scene. With the advent of the magenta green screen, which offers a quicker and more precise method for producing visual effects, artificial intelligence has made great strides in the film and television industries.
The visual effects market report table of contents includes:
1. Executive Summary
2. Visual Effects Market Characteristics
3. Visual Effects Market Trends And Strategies
4. Visual Effects Market – Macro Economic Scenario
5. Global Visual Effects Market Size and Growth
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26. South America Visual Effects Market
27. Brazil Visual Effects Market
28. Middle East Visual Effects Market
29. Africa Visual Effects Market
30. Visual Effects Market Competitive Landscape And Company Profiles
Top Major Players:
- Digital Domain Holdings Limited
- Rodeo FX Inc
- Hydraulx Visual Effects Inc
- Sony Pictures Entertainment Inc
- Technicolor SA
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