May 27, 2020 4:01 PM ET
iCrowd Newswire – May 27, 2020
The Global 3D Animation Market is estimated to grow at a CAGR of 11.6% during the forecast period 2019-2026. The market research study presents that the 3D animation industry accounted $14.08 billion in the year 2018 and is estimated to reach $33.78 billion by the end of the year 2026.
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The 3D animation industry is driven by various growth factors such as rise in demand for high quality content by consumers, rise in adoption of cloud for animation, increase in use of visual effects in movies and major usage of 3D animation in gaming platforms—rapidly growing industry globally. However, availability of free & open-source animation software is hampering the market growth. While, rapid growth in usage of virtual reality (VR) technology is expected to offer lucrative market opportunities for the market players.
Segmentation Overview of the Global 3D Animation Market
The report on the global 3D animation include the study across various market segments such as component, deployment mode, technology and industry verticals. These market segments are further categorized into various sub-segments to study the market in detail during the forecast period 2019-2026.
The media and entertainment dominated the industry verticals segment in the year 2018 and is estimated to follow the same trend of dominance during the forecast period 2019-2026. The vertical dominance is attributed to increase in adoption of animation technology to provide realistic view in the movies that attracts a significant part of the consumers. The healthcare sector is the trending section of the industry vertical segment with a high growth rate in the upcoming years, the sectoral growth is attributed to increasing adoption of 3D animation in training purpose of human anatomy, patient’s communication and marketing purposes of different medical products.
Geographical Overview of the Global 3D Animation Market
The global 3D animation market is segmented on the basis of various geographical regions, such as:
- North America (U.S., Canada and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America 3D animation market accounted for ~30% of market share in terms of market revenue share in the year 2018 and is estimated to dominate the global marketplace over the forecast period. The regional dominance is due to increase in demand for visual effects in Hollywood. Whereas, the APAC 3D animation market growth is majorly impacted by rapid growth of the gaming industry. The regional market is predicted to register the growth at a CAGR of 14.1% during the forecast period 2019-2026. Also, strategic partnership of international VFX companies with Chinese companies attributed to the regional growth over the long-term.
Market Competition Insights
Newtek Inc., Adobe Systems Incorporated, Autodesk Inc., Maxon Computer, Corel Corporation, Zco Corporation, The Foundry VisionMongers Ltd., NVIDIA Corporation, Sidefx Software and Pixologic Inc. are some major key players included in the market research report of the global 3D animation market. The market players profiled in the research study have adopted key strategies such as business expansion, product launches, mergers and acquisitions and partnerships among others to sustain the stiff market competition and strengthen their market reach.
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Keywords: 3D Animation Market, 3D Animation Market Size