Visual Effects (VFX) Market
Visual Effects (VFX) Market To Be Driven By Growing Demands From The Film Industry In The Forecast Period Of 2023-2028
30 NORTH GOULD STREET, WYOMING, UNITED STATES, May 3, 2023 /EINPresswire.com/ — The new report by EMR titled, ‘Global VFX Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global visual effects market. It examines the market based on its segments like components, technologies, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.4%
The increasing applications of visual effects (VFX) in the film industry owing to the growing popularity of science fiction and action movies is driving the global visual effects market growth.
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Furthermore, the rising budget of filmmakers is leading to the deployment of VFX software with advanced features, which is anticipated to be a major driving factor in the market. The increasing number of OTT subscribers and emerging video streaming platforms are also likely to fuel the demand for VFX technology in the forecast period. Geographically, North America accounts for a significant share in the market driven by the increasing utilisation of visual effects (VFX) in Hollywood movies.
Visual Effects (VFX) Industry Definition and Major Segments
Visual effects (VFX) is defined as a process of creating, manipulating, and enhancing any specific images. These images are amalgamated into the actual video, resulting in the production of realistic-looking environments. Moreover, VFX is used to create scenes which may not be possible to be created in actual life, such as explosions or crashes, among others.
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On the basis of component, the global visual effects market can be segmented into:
• Software
• Services
• Hardware
Based on technology, the market is bifurcated into:
• AI
• AR
The significant applications the global visual effects market are:
• Movies
• Advertisements
• Television
• Gaming
• Others
The regional markets for visual effects (VFX) include:
• Asia Pacific
• North America
• Latin America
• Europe
• Middle East and Africa
Visual Effects (VFX) Market Trends
The key trends in the global visual effects market include the growing R&D activities and technological advancements in VFX by major providers aimed toward augmenting the experience of the users. In addition to this, the increasing penetration of artificial intelligence (AI) in the film industry is likely to bolster the operations of VFX in the forecast period. The surging budget of advertising companies is expected to further the penetration of VFX software in commercials, which is anticipated to provide impetus to the market in the coming years. Furthermore, the increasing screening of football in theatres and the growing popularity of platforms such as Netflix and Amazon Prime are likely to strengthen the market in the forecast period.
Key Market Players
The major players in the global visual effects market are
Cinesite VFX Ltd.
Digital Domain Holdings Ltd.
Framestore Ltd., Rodeo FX, Inc.
The Walt Disney Co.
Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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