Visual Effects (VFX) Market Trends, Outlook, Forecast 2023-2028
- Abhishek Rastogi
- May 17, 2023
- 3 min read
The latest report by IMARC Group, titled “Visual Effects (VFX) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global VFX industry growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global visual effects market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
Visual effects (VFX) involves creating or enhancing imagery and effects outside of traditional live-action shooting. They include manipulating computer-generated imagery (CGI), digital animation, and motion capture to create realistic environments, characters, and effects. They are used in films, television, video games, and virtual reality experiences. They are utilized to create a dynamic environment, virtual creatures, and believable characters. Additionally, they are also used to improve a scene with additional elements or remove elements from a scene. They aid in the creation of special effects, such as fire, explosions, and the destruction of objects. As a result, they are an integral part of the filmmaking process and can be used to create a truly unique and captivating experience for viewers.
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Visual Effects (VFX) Market Trends:
Significant growth in the entertainment industry majorly drives the global market. This can be supported by the extensive application of VFX in advertisements, video games, movies, and TV shows across the globe. With the elevating demand for VFX, on account of the rising popularity of computer-generated imagery (CGI) and other special effects in movies and television shows, is significantly supporting the market.
As video games and virtual reality applications become more popular, the need for VFX to create realistic, immersive worlds is positively increasing, which is driving the demand for VFX artists and technicians to help create these experiences. Moreover, the integration of advanced technologies in VFX software, including artificial intelligence (AI), machine learning (ML), and virtual reality (VR), is contributing to the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Some of these key players include:
Adobe Inc.
Animal Logic
Cinesite (Eastman Kodak Company)
Digital Domain Holdings Limited
Framestore
Pixomondo
Rodeo FX
Scanline VFX
Sony Pictures Entertainment Inc. (Sony Group Corporation)
Technicolor SA
The Foundry Visionmongers Limited
The Walt Disney Company
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Visual Effects (VFX) Market Growth Factors:
Along with this, the escalating number of videos being created for the internet is providing thrust to the demand as these videos require some form of visual effects. In addition, pre-rendered visuals are becoming increasingly popular as they allow filmmakers to add a level of realism and detail to their films, this is impacting the market favorably. In addition, the widespread adoption of cloud models, on account of their numerous advantages, such as elasticity in terms of storage, higher availability, sharing of work, pay-as-you-go model, and fast video processing facilities, is also favoring the market.
Apart from this, numerous key market players are investing in research and development (R&D) activities to introduce new high-resolution rendering works essential to produce high-quality VFX, acting as another growth-inducing factor. Furthermore, the growing demand for 3D-UHD animated movies in theatres globally and the utilization of digital video content platforms are creating a positive market outlook.
Key Market Segmentation:
Breakup by Component:
Software
Services
Hardware
Breakup by Product:
Simulation FX
Animation
Modelling
Matte Painting
Compositing
Breakup by Technology:
AI (Artificial Intelligence)
AR (Augmented Reality)
Breakup by Application:
Movies
Television
Gaming
Advertisements
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Historical, Current, and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
Preface
Scope and Methodology
Executive Summary
Introduction
Global Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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