Surge in use of visual effects in movies and rise in demand for high-quality content by consumers drive the growth of the market. In addition, adoption of cloud-based animation propels the growth of the 3D animation market. However, the presence of free and open-source animation software and lack of capital investment, government support, and high privacy risk hamper the growth of the 3D animation market. Furthermore, integration of virtual reality (VR) technology for visual effects is expected to provide major opportunities for the growth of the 3D animation market during the forecast period.
According to the report, the global 3D animation market generated $19.5 billion in 2022, and is anticipated to generate $72.8 billion by 2032, witnessing a CAGR of 14.2% from 2022 to 2032.
Key players in the 3D animation market:
The key players profiled in the 3D animation in ICT market analysis are Adobe Systems Inc., Autodesk Inc., Newtek Inc., Pixologic Inc., The Foundry VisionMongers Ltd., Maxon Computer, NVIDIA Corporation, Side FX Software and Zco Corporation.
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Segmental review of the 3D animation market:
By component, the solution segment held the largest market share in 2022 accounting for two-thirds of share of the global 3D animation market revenue and is estimated to maintain its leadership status throughout the forecast period., as it provides relevant 3D dimensional tools to edit videos and special effects to make the entire visual experience more appealing for the users and audiences. However, the service segment is projected to attain the highest CAGR of 15.0% from 2022 to 2032, as it is cheaper alternative as compared to in building and buying a solution. In addition, there are a lot of third-party organizations that provide 3D animation services.
Based on region, North America held the largest market share in 2022 accounting for more than one-third of share of the global 3D animation market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing demand and use of 3D animation technology in movies and the gaming industry to provide seamless and thrilling experiences to users and audiences. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.4% from 2022 to 2032, and is likely to dominate the market during the forecast period, owing to large volume of movies made in the region.
By industry vertical, the media and entertainment segment held the largest market share in 2022 accounting for nearly two-fifths of share of the global 3D animation market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large use of 3D visual techniques in the media and entertainment segment to improve the customer experience. However, the healthcare market is expected to portray the largest CAGR of 16.0% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to increasing demand for advanced 3D representation of human body to execute more efficient surgeries in the healthcare segment.
By technology, the 3D modelling segment held the largest market share in 2022 accounting for one-third of share of the global 3D animation market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large presence of key players and technologically advanced capabilities. However, the visual effects segment is expected to attain the largest CAGR of 16.6% from 2022 to 2032 and is projected to maintain its lead position during the forecast period, owing to large demand among the audience and users for special visual effects seamless experience.
By deployment mode, the on-premise segment held the largest market share in 2022 accounting for less than two-thirds of share of the global 3D animation market revenue and is estimated to maintain its leadership status throughout the forecast period., owing to increase in popularity and requirement of VFX technology. However, the cloud segment is projected to attain the highest CAGR of 14.9% from 2022 to 2032, owing to high demand for cloud infrastructure due to increase in hybrid work culture. In addition, increase in technological advancements is resulting in large volumes of data generation.
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