According to a report published by Grand View Research, Inc.; the 3D animation market is likely to reach a valuation of around USD 28.31 billion by 2025. Increasing usage of animation in several end-use industries including healthcare, construction, media and entertainment, and others, and growing competitiveness in the virtual and augmented reality, and artificial intelligence sectors are likely to drive the market during the forecast period (2014 to 2025).
Rising adoption of 3D animation software is likely to create positive outlook for the end-use industries. Animation is extensively being used to improve sales of companies as it allows providers to emphasize on the advantages of products and services by bringing an engaging, educational, and entertaining visual to the clients or viewers. In case of medical science, the technology is one of the most effective methods for communication by demonstrating the human body in polygonal form, which cannot be presented using two-dimensional illustrations, sketch, or photography.
Browse In-depth Insights: https://www.grandviewresearch.com/industry-analysis/3d-animation-market
The market is gaining traction due to the implementation of the technology in many applications for better and effective visual effects. The Visual Effects (VFX) technique is likely to be a most important contributor for the market growth. The demand for VFX technique is growing swiftly owing to its prominent use in gaming and film-making. The growing gaming industry is also considered as the key driving factor for the market. Use of virtual reality in gaming is also playing a crucial role in attracting more users. High-definition video games are quite popular in younger population.
For instance, Autodesk, Inc.’s, flagship product, Maya, which is a 3D animation, simulation, modelling, and rendering tool is being used to create animation, motion graphics, virtual reality, environment and character. The Maya 2018 version has new added features such as UV editor workflow, Clump modifier, and others. The UV Editor allows user to view and interactively edit the UV texture coordinates for non-uniform rational basis spline (NURBS), subdivision surfaces, and polygon within a 2D view. So, the user can easily compare 3D object to its 2D texture coordinates with the help of UV Editing Workspace. The worldwide 3D Animation market can be segmented on the basis of technique, component, deployment, end-use, and region.
Based on technique, the market can be categorized into 3D modeling, motion graphics, 3D rendering, and visual effects. As per, component, the market can be classified into hardware, software, and service. On the basis of deployment, the market can be split into on-premise and on-demand. As per end-use, the market can be fragmented into media and entertainment, architecture and construction, manufacturing, education and academics, healthcare and life sciences, government and defense, and others. Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2016, North America estimated for the largest market revenue share of close to 40% and expected to dominate the market over the forecast period. The U.S. is a major revenue generator in the region due to high implementation of 3D imaging technologies such 3D animation and 3D printers.
Asia Pacific is expected to show significant growth during the forecast period. Growing adoption of visual effects in gaming industry along with availability of experienced and low labor cost is likely to play an important role to boost market growth. Countries such as Singapore, China, and India comprise skilled and low-cost producers of animation. Increasing players focusing on developing local animated content apart from outsourced projects is expected to fuel the market growth in the region. Governments in the region are taking supportive initiatives to reduce effects of outsourcing projects. For instance, Canadian government are offering grants, tax reliefs, and subsidies to encourage the use of VFX.
Some of the leading players operating in the market include Autodesk, Inc.; NVIDIA Corporation; The Foundry VisionMongers Ltd.; Adobe Systems Incorporated; and Corel Corporation. Various players in the market have adopted strategies such as mergers and acquisitions (M&A) to overcome the challenges of in-house research and development and to get an advantage of experienced and cost-effective skilled workforce.
Browse Press release of this Report: https://www.grandviewresearch.com/industry-analysis/3d-animation-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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