Animation and visual effects (VFX) technologies have transformed entertainment content production by enabling high quality animated characters and immersive virtual worlds. Animation solutions provide photorealistic animated characters for films, television shows, commercials and games. VFX is extensively used for manipulating and enhancing visual content in films through computer-generated imagery and other digital or optical effects. The growing demand for streaming content is driving heavy investment in original animated and VFX-heavy shows.
The global Animation And VFX market is estimated to be valued at US$ 217.06 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of streaming media platforms is one of the key trends driving the animation and VFX market. Streaming services such as Netflix, Amazon Prime Video, Hulu and Disney+ are investing heavily in creating original animated shows and films to attract subscribers. Major players in the animation market are developing high-quality animation solutions such as motion capture and virtual production to support the production demands of streaming platforms. The rise of online streaming is enabling widespread global distribution of animated content, exposing audiences worldwide to animated shows from various cultures and expanding the market potential. This widespread popularity and demand for animated streaming content is expected to continue driving heavy investments and growth in the animation and VFX market over the forecast period.
Segment Analysis
The global animation and VFX market is dominated by the film/television sub segment. This sub segment accounts for over 60% of the total market share owing to high demand for animated movies and special effect rich television shows across various streaming platforms. Within television, animation dominates kids entertainment while VFX plays a key role in live action movies and shows.
Key Takeaways
The Global Animation And VFX Market Size is expected to witness high growth. The global Animation And VFX market is estimated to be valued at US$ 217.06 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
North America region currently dominates the global animation and VFX market owing to presence of major players and high production of animated content in countries like USA and Canada. However, Asia Pacific region is expected to be the fastest growing market during the forecast period driven by growth of domestic animation studios in countries like India, China and Japan and increasing offshoring of animation and VFX work by Hollywood studios.
Key players operating in the animation and VFX market are Amgen Inc., Abbvie Inc., GlaxoSmithKline PLC, Pfizer Inc., Novo Nordisk AS, Novartis AG, Johnson & Johnson, Eli Lilly and Company, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche Ltd., among others.
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