LONDON, March 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the visual effects market highlights the growing use of digital video streaming services as the driver of the visual effects market in the coming years. A media streaming platform that delivers data from a video file to a remote user via the internet is referred to as digital video streaming service. Visual effects software is used to create animation and special effects, as well as to add digital elements to films. Increasing demand for digital video streaming services would necessitate high-quality visual effects for TV shows and movies, resulting in market growth.
For instance, in 2022, according to Netflix’s quarterly report, a US-based subscription video streaming service company, the company added 2.41 million subscribers to its video streaming service globally in Q3 2022, making a total of 223.09 million subscribers globally, and reached 4.50 million subscribers in Q4 and Q5 of 2022. Therefore, the increasing use of digital video streaming services is driving the visual effects market.
The global visual effects market size is expected to grow from $9.6 billion in 2022 to $10.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The visual effects market is expected to reach $15.3 billion in 2027 at a CAGR of more than 9%.
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Per The Business Research Company’s visual effects market analysis, the key trends gaining traction in the visual effects market are technological advancements. Major companies operating in the visual effects market are focused on developing a real-time collaborative software solution to strengthen their position. For instance, in March 2020, Glassbox Technologies, a US-based leading designer of next-generation software toolsets for content creators and experts in VFX and real-time technologies, launched BeeHive 1.0V1. This is a first-of-its-kind software that is a real-time virtual scene editor, virtual scene syncing, and review system for Maya, 3D animation software with visual effects, and Unreal Engine, an advanced real-time 3D creation tool. The software is expected to enable live modification of visuals and assets in 3D and deliver faster and automated virtual production workflows for moviemakers. Various studios used BeeHive for visual effects, including production facilities.
Major players in the visual effects market are Digital Domain, Rodeo FX, Hydraulx VFX, Sony Pictures Entertainment Inc., Technicolor, Digital Idea Corp, Deluxe Media Inc., Blackmagic Design Pty Ltd., Foundry Visionmongers Limited, ZOIC STUDIOS, Animal Logic, RE:Vision Effects Inc., Worldwide Fx, Video Copilot and Final Image Inc and Framestore.
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North America was the largest region in the visual effect market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global visual effects market is segmented by type into matte painting, simulation FX, compositing, motion capture, character and creature animation, concept art, previs or pre-visualization, other types; by component into software, hardware, services; by application into movies, advertisements, TV shows, gaming.
Visual Effects Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights on the visual effects market size, visual effects market segments, visual effects market trends, visual effects market growth drivers and restraints, visual effects industry major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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