LONDON--(BUSINESS WIRE)--The global visual effects (VFX) market is expected to post a CAGR close to 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There is an increase in the demand for rich content and VFX of all kinds with the growing popularity of digital video content platforms. This has encouraged leading video streaming service providers to adopt the latest technologies such as VR and 360-degree and light-field capture, that use VFX. Certain video streaming service providers are creating content exclusively for their viewers. The increase in the production of such content has compelled production studios to adopt VFX in their films and television series. Thus, the increasing demand for high-quality content will boost the growth of the visual effects (VFX) market during the forecast period.
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As per Technavio, the integration of AI in VFX will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Visual Effects (VFX) Market: Integration of AI in VFX
The adoption of AI automates camera tracking, motion capturing, simulation, character animation, and image processing in VFX. AI is gaining popularity in the entertainment industry as it is increasingly being used to develop computer graphic characters by placing several radium colored dots on the actor’s face that is captured by vertically arranged HD cameras. The AI algorithm helps in developing high-resolution face-scans with required expression that are based on the inputs from the HD cameras. The use of AI to generate VFX characters fastens the production process and reduces the overall operational costs. Thus, with the integration of AI in VFX, the market for visual effects (VFX) is expected to showcase a positive outlook during the forecast period.
“Apart from the integration of AI in VFX, the use of AR in VFX services, and cloud-based storage for post-production processes with VFX rendering, are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Visual Effects (VFX) Market: Segmentation Analysis
This market research report segments the global visual effects (VFX) market by application (movies, television, gaming, and advertisements) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the growing demand for post-production services in the movie and television industry.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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