DUBLIN, May 10, 2023 /PRNewswire/ — The “Global Visual Effects Market Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Visual Effects (VFX) Market was valued at USD 11.2 Bn in 2021, estimated to reach USD 19.31 Bn by 2027, with a CAGR of 9.5%.
Companies Mentioned
Cinesite VFXDelux Entertainment Services GroupDigital Domain HoldingsDigital IdeaEastman KodakFramestore LtdHydrauLx VFXRodeo FXSony CorpTechnicolor SAThe Walt Disney
Visual effects, or VFX, are specially used effects or simulations which are being increasingly used in movies, television shows, gaming, and commercials. Visual effects include rendering effects through advanced technology, which otherwise cannot be captured using the conventional method of cameras and other recording devices.
VFX includes designing and creating models, characters, or environmental objects, according to the needs of the content. Fantasy-genre contents, which includes movies, shows, and games, heavily depend on VFX technologies. VFX is also used to replace animals or animal-based characters in shows and films to avoid using real-life, or live animals during the content production processes.
Market Drivers
The need for high-quality content is growing and is one of the main factors driving the visual effects market. Today’s consumer seeks a high-level experience from visual content.
Graphics that encapsulate imaginary visuals while being as realistic as possible are changing the landscape of content production. VFX also serves as a mark of creativity, where animators and film producers are rewarded, both critically and commercially, for their contributions to visual effects.
This encourages the new generation of content creators to inculcate VFX in their content. Moreover, online personas and alternate identities encourage common users to create ‘avatars’ which propel the use of VFX.
Additionally, OTT platforms like Netflix, Amazon Prime Video, and Hulu have made the consumption of video content even more accessible than ever before.
Modern technologies like VR, 360-degree, and light-field capture are also being incorporated into VFX-enabled streaming platforms. Companies are being encouraged to incorporate visual effects in their movies, television shows, and games because of the higher availability of content and the rapidly changing consumer preferences towards graphics.
Market Restraints
The VFX market is prone to several challenges. Storage issues associated with the manufacturing of VFX will be a significant obstacle for the visual effects market throughout the forecasted period.
A major hurdle in the process is controlling the quantity of data required to produce a photorealistic image, which might include hundreds to thousands of digital assets. VFX studios that depend on a file storage system during rendering are more likely to experience performance, scalability, adaptability, and visibility issues.
Additionally, the high costs of investment as well as the lack of enough skilled VFX artists can be a challenge in the growth of the Visual effects market.
Market Segmentation
By Application
MoviesTelevisionGamingAdvertisements
By Component
SoftwareHardwareServices
By Technology
Augmented RealityArtificial Intelligence
By Product
PaintingMotion CaptureCompositingSimulation FXAnimation3D ScanningConcept ArtOthers
By Region
North AmericaLatin AmericaEuropeAsia PacificMiddle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/2s63y4
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SOURCE Research and Markets