VFX Software Market Expected to Reach $1,445.26 million by 2026
August 5, 2022
VFX software is expected to hamper the global VFX software market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, August 5, 2022 /EINPresswire.com/ -- Rise in use of visual effects in movies, increase in demand for high quality content by consumers, and adoption of cloud for VFX drive the growth of the global VFX software market. On the other hand, presence of free & open-source VFX software hampers the growth to certain extent. However, integration of Virtual Reality (VR) technology for visual effects and use of artificial intelligence in VFX software are expected to create lucrative opportunities in the near future.
As per the report, the global VFX software industry was estimated at $559.53 million in 2018 and is expected to reach $1.45 billion by 2026, growing at a CAGR of 12.7% from 2019 to 2026.
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Based on deployment, the on-premise segment accounted for three-fifths of the global VFX software market revenue in 2018 and is anticipated to rule the roost by 2026. The fact that one-premise software has complete control on video content and also ensures the privacy related to the data or content has spurred the growth of the segment. Simultaneously, the cloud segment would register the fastest CAGR of 13.6% by 2026. Low investment cost and economical plans of VFX software as a service are fueling the demand for this segment.
Based on component, the software segment contributed to more than two-thirds of the global VFX software market share in 2018 and is expected to dominate throughout the forecast period. Rising demand for moving media which cannot be completed through live-shooting is propelling the market for VFX software segment. The service segment, on the other hand, is projected to grow at the fastest CAGR of 13.4% during 2019–2026. There has been a steep rise in the adoption of services among end users, as they ensure effective functioning of software and platforms throughout the process.
Based on geography, North America held the major share in 2018, generating one-third of the global VFX software market. The presence of large number of studios in North America that are using visual effects is the key factor that drives the growth of the North America VFX software market. At the same time, the Asia-Pacific region would cite the fastest CAGR of 13.6% till 2026. This is attributed to the growing demand of visual effects in film industry.
Some of the key players operating in the VFX software industry include Adobe, Autodesk Inc., SideFX, Maxon Computer, Sitni Sati, The Foundry Visionmongers Limited, Pixar, Chaos Software, Blackmagic Design Pty. Ltd., and Corel Corporation. These market players have implemented a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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Key Findings of the VFX Software Market :
• By deployment, the cloud segment is expected to witness the high VFX software market growth during the forecast period.
• Based on application, the movies segment accounted for the highest revenue in the VFX software market in 2018.
• According to component, software segment generated the highest revenue for glitch tracking software market in 2018.
• The service segment is projected to witness highest growth rate during the forecast period.
• Region-wise, North America led the market in terms of revenue in 2018.
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