The report forecasts the 3D animation market size to grow from USD 12.01 Billion in 2017 to USD 21.05 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.9%.
Growing adoption of visual effects technology in movies, increasing demand for 3D mobile applications and games, and increase in the use of 3D mapping technology in navigation and geospatial analysis are some of the driving factors for the growth of 3D animation technology
3D animation market is segmented based on technology, service, vertical, region, and deployment model. 3D animation technology segment is categorized into modelling, motion graphics, rendering, visual effects (VFX), and others. 3D modelling holds the largest market share in the technology segment, as it is the most important stage for developing a 3D animation project. Services segment is categorized into consulting, support & maintenance, integration & development, education & training. Education and training segment is growing at the rapid pace as compared to other, owing to increase in the use and awareness of 3D animation in various verticals. 3D animation software can be deployed in two different ways, namely on-premises and on-demand.
The geographic market is divided into five different regions, namely North America, Europe, Asia-Pacific, Latin America and MEA. The vertical market segment is categorized into media & entertainment, construction & architecture, healthcare & life sciences, manufacturing, education & academia and others. The 3D animation is widely used in films, gaming and other infotainment documentaries owing to which the media and entertainment vertical is dominating the market. In addition, the 3D modeling technology is being used to create 3D representations of objects with the help of weight control points and digital sculpting.
North America holds the largest market share and APAC is growing at the highest CAGR in the 3D animation market, however MEA and Latin America are still in the initial phase of growth stage. Lack of government initiatives and poor finance are some of the major factors, which are restraining the growth of 3D animation in these regions.