According to a new report by Expert Market Research titled, “Global Visual Effects Market Analysis, Growth, Share, Size, Report and Forecast 2024-2032″, the global visual effects (VFX) market reached a value of USD 9.95 billion in 2023. Aided by increasing use of VFX in Hollywood movies and increasing use of digital video streaming outlets, the market is projected to further grow at a CAGR of 10.4% between 2024 and 2032 to reach a value of USD 18.02 billion by 2032.
Visual effects, colloquially known as VFX, seamlessly weave technology and artistry to create realistic, yet imaginary visuals for the film, television, and the burgeoning gaming sector. From panoramic landscapes and mythical creatures to space odysseys and futuristic cities, VFX breathes life into the creators’ visions, rendering them into tangible cinematic experiences.
The visual effects (VFX) market growth is aided by the growing demand for high-quality, immersive content. With film and television industries pushing the boundaries of storytelling, there is an increasing reliance on VFX to narrate intricate, visually arresting tales that were once deemed impossible. The cinematic world is experiencing a golden era where stories are not bound by the realms of reality, and VFX stands as an essential component.
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Inclination towards hyper-realistic animation and deep fake technologies is one of the major visual effects (VFX) market trends. The industry-wide move towards creating effects that are indistinguishable from real-life sequences is further attracting the attention of several people globally. Blockbusters and high-profile television series are investing heavily in VFX to ensure their visuals stand unparalleled in authenticity and grandeur.
Streaming platforms and the gaming industry, with their meteoric rise, are contributing to the visual effects (VFX) market demand. With digital platforms becoming the primary medium of content consumption, they are investing substantially in original content, each gaining the audience attention through unparalleled VFX-driven narratives. Similarly, the gaming industry, in its search for realism and immersive player experiences, is enhancing the demand for VFX.
The visual effects (VFX) market analysis uncovers an emergent trend of integrating artificial intelligence (AI) with VFX. AI, with its algorithms, aids in predicting and automating several VFX processes, ensuring precision and reducing manual intervention. From refining animations, enhancing colour gradations, to even predicting audience reactions to certain visuals, AI along with VFX is bringing unprecedented innovation.
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Market Segmentation
The market can be divided based on component, technology, application, and region.
Market Breakup by Component
• Software
• Services
• Hardware
Market Breakup by Technology
• Artificial Intelligence (AI)
• Augmented Reality (AR)
Market Breakup by Application
• Movies
• Television
• Gaming
• Advertisements
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global visual effects (VFX) market. Some of the major players explored in the report by Expert Market Research are as follows:
• The Foundry Visionmongers Ltd
• Blender Foundation
• Autodesk, Inc.
• Side Effects Software Inc.
• Cinesite
• Digital Domain
• Framestore Limited
• Rodeo FX, Inc.
• RISE FX GmbH
• Animal Logic Group
• The Walt Disney Company
• Warner Bros. Entertainment Inc.
• BluBlu Studios
• Red Chillies Entertainments
• Others
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