VFX Software Market
Rise in adoption of cloud technology for VFX software fuels the market growth.
WILMINGTON, DE, UNITED STATES, November 5, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global VFX Software Market Size Reach USD 1.44 Billion by 2026, Growing at a CAGR of 12.7%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global VFX software market size is expected to reach $1,445.26 million by 2026 from $559.53 million in 2018, growing at a CAGR of 12.7% from 2019 to 2026.
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Upsurge in use of visual effects in movies, growth in demand for high quality content by consumers are the major factors that drive the growth of the global VFX software market. In addition, rise in adoption of cloud technology for VFX software fuels the growth of the market. However, presence of free & open-source VFX software is expected to hinder the market growth. On the contrary, integration of advanced technologies such as virtual reality & artificial intelligence with VFX software is predicted to offer lucrative opportunities for the growth of the VFX software market.
The global VFX software market is segmented on the basis of component, deployment, application, and region. According to component, the market is bifurcated into software and service. In terms of deployment, the market is classified into on-premise and cloud. Depending on application, it is categorized into movies, advertising, television, and gaming. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on deployment, the on-premise segment dominated the VFX software market share, in 2018. However, cloud segment is projected to grow with highest CAGR of 13.60% during the forecast period owing to increase in adoption of cloud technologies to achieve the advantages offered by cloud model such as pay-as-you-go model, elasticity in terms of storage, fast video processing facilities, higher availability and sharing of work.
Based on application, the movies sector accounted for the highest revenue in 2018 VFX software market and it is expected to maintain its dominance during the forecast period. The rise in VFX budget for film production by Hollywood & Bollywood movies and other film industries around the world, and production of exclusive VFX films are primarily driving the demand for the movies sector. Moreover, the adoption of cloud by VFX studios in India is further expected to boost the demand for VFX software. For instance, in 2016 Prana Studios chose IBM cloud to run new high-resolution rendering works that are important to produce high-quality VFX.
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North America dominated the overall VFX software market share in 2018, due to early adoption of visual effects in Hollywood movies, major presence of key market vendors and large number of gaming enthusiast customers present in this region. However, increase in spending for VFX in Indian and Chinese movies is expected to offer lucrative growth opportunities for the global VFX software market in the Asia-Pacific region.
Some of the key players operating in the VFX software industry include Adobe, Autodesk Inc., SideFX, Maxon Computer, Sitni Sati, The Foundry Visionmongers Limited, Pixar, Chaos Software, Blackmagic Design Pty. Ltd., and Corel Corporation. These market players have implemented a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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● By deployment, the cloud segment is expected to witness the high VFX software market growth during the forecast period.
● Based on application, the movies segment accounted for the highest revenue in the VFX software market in 2018.
● According to component, software segment generated the highest revenue for glitch tracking software market in 2018.
● The service segment is projected to witness highest growth rate during the forecast period.
● Region-wise, North America led the market in terms of revenue in 2018.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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