NEW YORK, Sept. 13, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, VFX industry gathered revenue about US$ 11,333 million in 2018 and is predicted to earn profits of approximately US$ 23,854 million by 2025. The VFX market is projected to register CAGR of approximately 11.4% in 2018-2025. Apparently, need for reflecting visual representation of a story in films is predicted to drive demand for visual effects. Moreover, techniques such as motion capture, animation, matte painting, rigging, rotoscoping, 3D modeling, compositing, and match moving are utilized in visual effects for creating ceilings not existing in sets. In addition to this, visual effects have emerged for delivering scenes that cannot be filmed and involves inclusion of live-action footage & pictures for producing real images. Apart from this, visual effects are integrated with CGI and find extensive applications in making of movies, TV shows, commercials, and games.
Citing an instance, visual effects were extensively used in Avengers: Endgame moviereleased in 2019. Apart from this, nearly 90% of movies make use of VFX along with various kinds of web series and TV series making use of visual effects. Thriving media & entertainment industry is likely to make major contributions towards growth of VFX market. Nonetheless, availability of low capital and lacuna of experts can curtail scope of growth for VFX industry across globe over coming years. Escalating demand for high quality video contents along with breakthroughs in visual effects systems will steer elevation of VFX market in a span of next few years. Use of virtual reality and augmented reality in visual effects has marked a beginning of new era for use of special effects techniques with unique embedded features in movies.
These breakthroughs will play a vital role in gauging (or determining) growth of VFX business in next couple of years. Benefits offered by VFX include cost savings through elimination of expensive video shooting. A steep surge in use of new technologies such as AI and machine learning in VFX effects will steer growth of VFX market over forecast timeline.
High-Quality Video Content Demand to Drive Market Growth By 2025
Growth of VFX market over forecast timeline can be attributed to rise in use of online video streaming by Amazon Prime, Hulu, and Netflix. Apart from this, large-scale use of smartphones, tablets, laptops, and HD Televisions along with launching of new operating systems such as android supporting special effects such as 3D will further enlarge scope of VFX industry over forecasting years. A large number of studios and video services make use of VFX in movies and television shows, thereby catapulting business landscape. With massive use of augmented reality in media & entertainment sector, VFX market is set to expand profusely over upcoming years.
North American Market Growth to Leapfrog Massively Over 2020-2025
The growth of VFX market in North America in assessment period is owing to large-scale use of 3D technology & other advanced technologies for improving visual effects in movies and makes motion movies or scenes look more real & effective. Citing an instance, there is a massive utilization of VFX technology in Hollywood movies and is predicted to increase in upcoming years. Presence of giant players in countries such as Canada and the U.S. will drive regional market trends. Availability of skilled personnel in countries of the sub-continent and access to strong digital infrastructure in the U.S. and Canada will promulgate growth of VFX market over forecasting timeframe.
Key players influencing market profitability and profiled in our study include Red Giant Software, Optitrack, Adobe Systems, Vision Effects, Blackmagic Design, 3DAR LTDA, Frischluft, Video Copilot, The Foundry Visionmongers, Boris FX, Autodesk, and NVIDIA Corporation.
This review is based on a report by Zion Market Research, titled, "Global VFX Market - by Type (Matte Painting, Simulation FX, Compositing, Motion Capture, 3D Scanning, Character & Creature Animation, Concept Art, Previs/Pre-Visualization, and Others), by Component (Software, Hardware, and Services), and by Application (Movies, Advertisements, TV Show, and Gaming): Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025."
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