The global visual effects market is expected to post a CAGR of nearly 9% during the forecast period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global visual effects (VFX) market from 2019-2023.
The integration of AI in VFX is one of the key trends influencing the market’s growth. Adoption of AI automates camera tracking, motion capturing, simulation, character animation, and image processing areas in VFX. The entertainment industry is increasingly adopting AI to develop computer graphic characters by placing several radium colored dots on the actor’s face that is captured by vertically arranged HD cameras. The AI algorithms help develop high-resolution face-scans with required expression based on the inputs from the HD cameras. The use of AI to generate VFX characters fastens the production process and reduces the overall operational costs.
As per Technavio, the increasing demand for high-quality content will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global visual effects (VFX) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global visual effects market: Increasing demand for high-quality content
The growing popularity of digital video content platforms has increased the demand for rich content and VFX of all kinds. This has encouraged leading video streaming service providers to adopt the latest technologies such as VR and 360-degree and light-field capture, that use VFX. Certain video streaming service providers are creating content exclusively for their viewers. The increase in the production of such content has compelled production studios to adopt VFX in their films and television series. The increased adoption of smartphones, tablets, laptops, and smart televisions have fueled the growth of the digital video streaming services industry. These factors are expected to drive the growth of the global VFX market over the forecast period.
“North America provides a large number of growth opportunities for VFX companies. The increasing investments in the production of high-budget films have fueled the demand for VFX in the region. Additionally, the high adoption rates of smart TVs that support 4K content has further enhanced the growth of the VFX market in North America. In APAC, the increasing penetration of the internet and the rising number of smartphones has increased the demand for VFX content. This is encouraging filmmakers and content creators in the region to create more movies and series with extensive use of VFX”, says an analyst at Technavio.
Global visual effects market: Segmentation analysis
This market report segments the global visual effects market by application (movies, television, gaming, and advertisements) and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2018 with a market share of more than 35%, followed by APAC, Europe, MEA, and South America. The dominance of North America can be attributed to the growing demand for post-production services in the movie and television industry.
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