According to a research done by Allied Market Research, the global VFX industry generated a revenue of 559.3 million dollars in 2018. This is expected to reach $1.4 Billion by 2026 with a compound annual growth rate of 12.7%. The use of VFX in movies, games & TV shows has been in demand, largely because of the integration of virtual reality & artificial intelligence. Such new-age technologies add real-life effects on a huge scale to showcase on the screen, be it mobile, TV or theatre.
The report says that in the year 2018, the software segment had two-third of the market share in the VFX industry. It is expected that this share will grow in future as the media industry depends on softwares when it comes to shooting and editing. The service segment of the VFX industry will have the fastest compound annual growth rate at 13.4% between now and 2026.
The on-premise segment had a 60% market share of the VFX industry. On-premise software gives a suitable environment as well as it ensures the privacy of projects. These qualities helped on-premise softwares cover this big market share. The report expects that this segment will rule the market by 2026. The research suggests that cloud-based software will have a CAG rate of 13.6% by 2026. It is the fasted growth rate for cloud-based software.
The research pointed out that North America ruled the geographical segment with one-third of the market share by the year 2018. A large number of VFX studios and the high demand in the region were the key factors. Asia Pacific region is also growing in the field of VFX and it will have a CAG rate of 13.6%.
Autodesk Inc., Corel Corporation, Blackmagic Design Pty. Ltd., Maxon Computer, Chaos Software, Sitni Sati, Adobe, The Foundry Visionmongers Limited, SideFX, Pixar are the top 10 market player in the VFX industry.