New York, NY, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “VFX Market by Component (Software, Hardware and Services), by Type (Matte Painting, Simulation FX, Compositing, and Others), by Application (Movies, Advertisement and TV Shows): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global VFX market was valued USD 8,611.79 million in 2017 and is expected to reach around USD 19,985.64 million by 2024, growing at a CAGR of approximately 12.78% for the forecast period from 2018 to 2024.

VFX abbreviated from visual effects is a process of integrating live-action footage and generating imagery in order to create an environment which looks realistic. Visual effect makes it possible to build a scene or effect that could not be created with regular photographic techniques. Moreover, it also involves merging of original film shooting with false or animated images. It helps in creating scenes which are difficult to create during live action shooting. Due to many such reasons, movie and media industries are gradually switching to VFX industry. Huge infrastructure and other scene creation expenses can be deducted by opting for affordable VFX software solutions. 

Browse through 42 Tables & 29 Figures spread over 125 Pages and in-depth TOC on “Global VFX Market: Technology, Solutions, Size, Share, Trends, Segments and Forecast, 2016 – 2024”.

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The advancement in technology has increased the acceptance of VFX in the big-budget movies as well as regional cinema. The VFX market will get better and bigger with cinema & television, video games, and marketing embracing technology in order to widen their approach. The growing demand for VFX in media and entertainment industry coupled with the adoption of VFX techniques for cost compensation by investors are the key driving factor of the global VFX market. Further, project mapping is the latest prime technique for driving the VFX market that is being implied by both national and international companies during product launches. This technique enhances the user's experience by the combination of displaying artwork, light, and sound thereby rapidly becoming a preferred choice for advertisement. However, huge capital investment and a shortage of skilled VFX professionals are some of the factors restraining the global VFX market.

On the basis of the component, the global VFX market is divided into software, hardware, and service. Based on the type, the global VFX market is classified into matte painting, simulation FX, compositing, and others. Movies, advertisement, and TV shows are the application segment of the global VFX market. All the segments are analyzed based on present and future trends and the market is projected from 2018 to 2024. On the basis of region, the global VFX market is categorized into five regions namely Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa with its further bifurcation into the U.S., the UK, Germany, France, China, Japan, India, and Brazil.

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With the largest share, North America was a leading regional market for VFX in 2017 and is expected to maintain its dominance throughout the forecast period. North America has contributed more than 50% share in the global VFX market in terms of revenue owing to its high usage for VFX technology in Hollywood film industry. 

North America held the largest share in terms of revenue in 2017 for the global VFX market. The entertainment industry majorly contributes to VFX global revenue generation. Film industries attain their revenue benefits majorly through the U.S. based Hollywood film making industry. Increasing use of visual effects in Hollywood movies is primarily driving this market in North America region. Hollywood VFX includes stop motion photography, which involved a series of hand-drawn illustrations or photographs of realistic puppets of models that are manipulated one frame at a time to create the illusion of movement. Furthermore, growing use of VFX software in movie editing is anticipated to shape the VFX market in North America region in the analysis period.

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Europe emerged as one of the prominent regions for the global VFX market. Rising trend of visual effects in European movies has increased the popularity of VFX in the European region. Many VFX vendors have started establishing visual effects studios in Europe. For instance, Dell recently announced that Europe-based visual effects studios such as FIDO, VISUAL ART, Digital signage agency and Important looking Pirates are using Dell Precision workstations to deliver cutting-edge graphics and award-winning, creative content. The presence of some of the best animation schools in France such as Les Gobelins, Ecole Georges Méliès, Lisaa, and ISART Digital is driving the growth of the VFX market in Europe.

Asia Pacific is anticipated to be the most potential market for VFX in the near future. The continuous evolution of visual effect and the sights which are provided are not viable to actual film. With the beginning of digital and computer graphics as tools for visual effects, Asian artists are now able to have full control over their images in a way which was not possible before. Increasing demand for VFX features such as augmentation or modification of live action and visual effects artists drives the VFX market in Asia Pacific. Increasing collaboration of Chinese companies with other international companies in visual effects also anticipates the growth of VFX market in Asia Pacific. Another major contributor driving the global VFX market is attained from the Indian film industry entitled as ‘Bollywood’. In past three to five years, the evolution of VFX production in India has been rapid. In the year 2015, Animation & VFX industry together grew by 13.8 % attaining revenue of USD 0.80 Billion. It is estimated that by 2020, India’s Animation & VFX industry together will reach around USD 1.68 billion. Further, as of 2017, India had nearly 300 animation, 40 VFX, and 85 game development studios with more than 15,000 professionals working for them.

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In Latin America, growing production of the special effect movies in countries like Argentina and Brazil is predicted to drive the growth of VFX market. The ongoing technological advancement in the region has resulted in a rapid increase in the number of filmmakers who are able to make films with the help of digital format. A significant increase in the number of young new directors has broken throughout Latin America, expanding filmmaking options way ahead of the main social-issue base of past generation. Latin American movie producers are plunging into international co-production, with the U.S. and Europe. This is one of the factors driving the growth of the VFX market in this region. The Middle East and Africa region are anticipated to have a noticeable share in the global VFX market.

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The major players in the VFX market are Blackmagic Fusion, Foundry Visionmongers, Zoic Studio, Animal Logic, Weta Digital, FuseFX, Method Studios, RE: Vision Effects, Inc., Genarts, Absolute Post, Worldwide FX, CoSA VFX, Eight VFX, Whiskytree, Video Copilot, Red Giant Software amongst others. 

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The report segments the global VFX market into:

Global VFX Market: Component Segment Analysis

  • Software
  • Hardware
  • Services

Global VFX Market: Type Segment Analysis

  • Matte Painting
  • Simulation FX
  • Compositing
  • Others

Global VFX Market: Application Segment Analysis

  • Movies
  • Advertisements
  • TV show

Global VFX Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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