NEW CASTLE, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Animation, VFX and Games Market by Type (Animation & VFX and Game & VFX), and Application (Anime, Film and Video Game): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the animation, vfx and games market was valued at $259.3 billion in 2023, and is estimated to reach $563.6 billion by 2032, growing at a CAGR of 8.8% from 2024 to 2032.
Prime determinants of growth
The animation, VFX and games market witnesses’ growth owing to rise in demand for immersive experiences, fueled by advancements in virtual reality (VR) and augmented reality (AR) technologies. In addition, there is a growing focus on mobile gaming and esports, driven by the proliferation of smartphones and online gaming platforms. Moreover, continued expansion of streaming platforms and the growing market for original content creation is expected to provide lucrative opportunities for market growth. However, the industry also faces restraints such as rise in production costs and competition from emerging markets. Furthermore, regulatory challenges and concerns over intellectual property rights pose potential obstacles to the market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2023 |
| Market Size in 2023 | $259.3 billion |
| Market Size in 2032 | $563.6 billion |
| CAGR | 8.8% |
| No. of Pages in Report | 200 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rise in demand for immersive experiences, fueled by advancements in virtual reality (VR) and augmented reality (AR) technologies |
| Growing focus on mobile gaming and esports | |
| Opportunities | Leveraging analytics and data insights to optimize video content for improved engagement |
| Continued expansion of streaming platforms | |
| The growing market for original content creation | |
| Restraint | Rise in production costs and competition from emerging markets |
| Regulatory challenges | |
| Concerns over intellectual property |
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Market Segment and Scope:
By type, the game & VFX segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period. The proliferation of digital platforms and streaming services creates a vast market for diverse content, including animated series, movies, and interactive games that drive the growth of the segment.
By application, the anime segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period, owing to popularity of anime, and expansion of its global audience and commercial success, drive the growth of the segment. However, the video game segment is expected to witness the highest growth during the forecast period, Advanced VFX techniques add visual depth, realism, and spectacle to games, elevating the overall gaming experience.
Asia-Pacific to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to maintain its dominance in terms of revenue during the forecast period, owing to increased investments in animation and VFX technologies and rise of anime-based movies in the region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period, due to heavy investments by public and private sectors and increasing adoption of advanced technologies, driving the demand for animation, VFX and games in the region.
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Major Industry Players: –
- 3ds Max
- Motionbuilder
- Blender
- Clara.Io,
- Faceshift
- Houdini Apprentice
- Iclone,
- Makehuman
- Maya
- Mixamo
- Poser
- Terragen
The report provides a detailed analysis of these key players in the global Animation, VFX and Games market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments
- In November 2022, Epic Games launched unreal Engine 5.1 with new and refined features for animation and VFX work.
- In May 2024, Autodesk acquired Wonder Dynamics, makers of Wonder Studio, which is a cloud-based 3D animation and VFX solution that combines artificial intelligence (AI) with established tools.
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