According to a new research report by Precedence Research, The animation market size is forecast to exceed US$ 642.5 billion by 2030 from USD 354.7 billion in 2020 and is expected to grow at the highest CAGR of 5.2% from 2021-2030. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Global animation industry is offering enormous growth opportunities for the manufacturers, vendors, customers in developed as well as emerging economies worldwide. Animation involved the practice of controlling a series of the still images by showing them in order at a certain pace, producing the illusion of the action of images. Recent animation includes computer generated imagery. In the CGI animated data are created or programmed using software as well as animation tools. Currently, animation has a wide variety of technologies and platforms, for example television and video, digital platforms, entertainment, and games. The use of cartoon characters in animation and animated films has grown over the last decade. Most animation films have quickly and slowly achieved recognition and success in new years. Rapid advancements across communication and technology sectors across the globe are anticipated to drive growth of the global animation market. Addition to this, budding media and entertainment business is also boosting growth of the global market.
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Growth Factors:
Communication and the television industries are growing at the rapid pace. The technological advancements in the communication and the television industry are major driver for the global animation market growth. Addition to this, in the recent movies, the adoption of the visual effect technology is increasing which is projected to have positive effect on the global industry growth. Increasing entertainment and the media industry is anticipated to create numerous opportunities for the growth industry growth in the near future. Increasing base of the video viewers owing to increased usage of smartphones, internet penetration, easily accessible multimedia devices and growth in the usage of the tablets are among major factors anticipated to augment the growth of global animation industry over the forecast period of time. However, lack of the government support is major factor to limit the target industry growth in the near future. Along with this, lack of the investment and increased sensitivity of the price due to intense competition are among major factors to hinder growth of the global industry in the near future. However, arrival of AI and VR will create huge opportunities in the global industry.
Report Highlights:
- On the basis of type 2D animation product type will register supreme share in the near future. The growth is attributed to its growing adoption in the various industry verticals across the globe. Sideways with this the motion graphics product type segment will be growing at considerable pace and will fuel growth of the animation industry in the near future.
- Based on offerings the global market is categorized as software and services among which the software segment will register maximum share in the near future. Services offerings segment is anticipated to register highest growth rate as well as market share over the forecast period of time.
- Among the industry segment media and entertainment industry estimated as a dominant segment, along with maximum share in year 2020. The growth is attributed to its rising popularity. Along with this the automotive segment is anticipated to grow at the noteworthy growth rate and will augment the market revenue.
- Smith Micro Software, Inc. accounted for a significant share of the global animation market due to the implementations of its innovative business strategies.
Regional Analysis:
The North America will lead the worldwide industry owing to augmented demand for the animation in various end user applications, coupled with presence of major companies in the North America and business plans that are executed by the chief companies in the nations of North America is prospective to observer significant growth of aiming industry in future. The Asian market is probable to list the striking CAGR, on account of growing demand for the animation in emerging economies. Likewise, utmost of the companies functioning in the market are advancing deeply in order to get the modest advantage in the animation market in the Asia Pacific. The market in the Europe is expected to hold significant market share and the growth is attributed to the increased growing media and entertainment industry especially in the France, Russia, and U.K. of the region. The Latin America animation market is expected to grow at moderate CAGR in the near future. Also, Middle East and Africa region is expected to create lucrative growth opportunities in the target industry.
Key Market Players and Strategies:
The main firms working in the across the globe includes SideFX, Adobe, Broadcast2World, Inc. Smith Micro Software, Inc. Animation Sharks, IdeaRocket, Triggerfish Studios, EIAS3D, NewTek, Inc, BRAFTON, Corel Corporation, and Autodesk Inc. Videocaddy, Maxon Computer, WinBizSolutionsIndia. Massive venture in the study of the animation attended by planned partnerships similar as mergers, firm acquisitions are corporate approaches started by the chief firms in the animation market.
Major Market Segments Covered:
By Offerings
- Software
- Services
By Product Type
- 2D Animation
- 3DAnimation
- Motion graphics
- Stop Motion
- Other
By Industry
- Direct
- Education
- Media and Entertainment
- Aerospace and Defense
- Automotive
- Healthcare
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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