Global Visual Effects (VFX) Software Market - 2023-2030
Global visual effects (VFX) software market reached US$ 1.3 billion in 2022 and is expected to reach US$ 3.6 billion by 2030, growing with a CAGR of 13.5% during the forecast period 2023-2030.
The rapid adoption of the cloud based technology thrives the growth opportunities in the global VFX market and the adoption of the cloud technology has completely transformed the VFX software market. It offers the enhanced flexibility and greater scalability. Cloud based VFX softwares provides the cost-efficiency. Therefore, these benefits by cloud technology drives the growth of the global visual effect (VFX) software market.
In order to produce animated television content, European animation studios have begun collaborating with major international companies. These collaborations have produced content that is appropriate for the regional audience. This is especially evident in nations like France, UK, Germany and Spain. Therefore, Europe accounts for nearly 1/3rd of the global market share.
Rising Demand for Better Gaming Experience
Players of video games all throughout the world demand better, more immersive visual experiences. Due to people's widespread ease of access to the internet, the advancement of the latest technology and the improvement in gaming device performance, such as high-end mobile phones, PCs and consoles, there is an increased need for game visual effects.
The demand for animation and visual effects like augmented reality and virtual reality is particularly rising dramatically as the supply and quality rise. The general public now has access to the finest quality, immersive VFX thanks to improved visual effects software for video games. In the international media and entertainment markets, this sector has one of the fastest rates of growth. Above mentioned factors drives the growth of the global visual effect (VFX) software market.
Growing Demand for High Quality Content
Consumers are constantly drawn to higher quality content and the popularity of superhero blockbusters and action-packed movies has driven up demand for VFX. Additionally, it is been observed that the application of these technologies in games, instructional materials, commercials and even YouTube videos. There has never been a better opportunity to become an expert in this field or to begin studying its procedures. Therefore, the growing popularity of moviesdrives the demand for VFX software s globally.
Presence of Free Softwares
Open source free VFX software can intensify the competition in the market and its cost effectiveness may restrict the growth of the global VFX software market, which can lead to the fregmentation in the market as consumers have more options to enhance the visual effect of any content. It reduces the market shares of the commercoial vendors and force them to innovate their offerings.
COVID-19 Impact Analysis
The COVID-19 epidemic might have given the entertainment industry some advantages because, unlike live action productions, employees in the fields of animation and visual effects can work remotely on projects. According to a KPMG report titled A Year off Script, the segments will still experience a 51% decline in revenues in 2020 year. This is because during the first few months of the lockdown, visual designers and creators were stranded at home without advanced infrastructure, software or equipment and were unable to provide footage for many shows that had to be delayed.
The global visual effects (VFX) software market is segmented based on component, deployment, application and region.
Large Scale Movie Industry Drives the Segmental Growth
The film industry demands higher-quality visual effects to generate captivating cinematic excitement. As new innovative technology comes in the market, filmmakers look to enhance the visual appearance of the movies. VFX software offers the capabilities and tools to attain these effects in a movie. These software makes jobs easy for the film makers to get the best VFX possible. Therefore, movies segment is expected to register a highest growth rate during the forecasted period.
Growing Popularity of E-sports and Casual Gaming Generates the Higger Demand for VFX Softwares
Owing to the quick rise in online cloud gaming and increased digital content in the region, North America dominates the global visual effect (VFX) software market with majority of the market shares. The North American VFX software market is growing rapidly, due to the early use of visual effects in hollywood films, the significant presence of key market vendors and the substantial presence of customers who are enthusiast gamers in this region. Growing popularity of the e-sports and casual gaming in the region thrives the growth opportunitiues for the VFX designers in the region.
The major global players include Maxon Computer, Foundry, Chaos Software, Adobe Inc., PIXAR, Sitni Sati, SideFX, Corel Corporation and Blackmagic Design Pty Ltd.
Why Purchase the Report?
• To visualize the global visual effects (VFX) software market segmentation based on component, deployment, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of visual effects (VFX) software market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global visual effects (VFX) software market report would provide approximately 61 tables, 56 figures and 181 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies