Portland, OR, May 25, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Post Production Market by Technique (VFX, Audio Processing, 2D-3D Conversion, Editing, and Others), Application (Movies, Television, Commercials, and Online Videos), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global post production market generated $22,000 million in 2021, and is anticipated to generate $46.5 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031.
Prime Determinants of Growth
The rising production of films and televisions shows, high growth in streaming media, and the growing trend of OTT platforms are some of the primary factors predicted to boost the growth of the global post production market during the forecast period. The expansion of digital marketing and constant advancements in digital technology are projected to create massive growth opportunities for the post production market by 2031. However, the high costs associated with the post-production technology and equipment may impede the post production market growth in the coming years.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $22,000 million |
| Market Size in 2031 | $46,533.6 million |
| CAGR | 8.5% |
| No. of Pages in Report | 380 |
| Segments covered | Technique, Application, and Region. |
| Drivers | Huge popularity of films and television shows The rise in demand for high-quality content on streaming media Rising popularity and advancements in animation methods |
| Opportunities | Growing adoption of digital marketing Continuous developments in digital technology |
| Restraints | High costs of post-production technology |
Covid-19 Scenario
- The outbreak of COVID-19 has had a mixed impact on the post production market. Many film and television productions were either delayed or cancelled entirely as the pandemic prompted people to stay at home and avoid public gatherings. Consequently, the need for post-production services has been impacted.
- The shift to remote work was the pandemic's biggest effect on the post production market. Remote work has become the standard for many in the post-production sector because many of them are unable to work on-site. For post-production companies, this posed both difficulties and chances.
- The availability of raw materials and other supplies required for post-production work has also been impacted by the pandemic. There was a lack of fresh material for post-production businesses to work on as a result of numerous productions being postponed or cancelled. This affected the global post production market growth during the COVID-19 chaos.
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VFX Sub-segment to Manifest Highest CAGR by 2031
Based on technique, the VFX sub-segment held the highest market share in 2021 and is estimated to show the fastest growth during the forecast period. The significant growth of the post production market’s sub-segment is mainly due to the rising demand for high-quality content along with the growing popularity of streaming services, such as Netflix, Amazon Prime Video, and others. Besides, the VFX technique is penetrating at an impeccable growth rate owing to the big budget & successful films.
Television Sub-segment to be at the Leading Position During the Forecast Period
Based on application, the television sub-segment of the post production market accounted for the largest share in 2021 and is projected to maintain its leading position during the forecast period. The surging growth of this sub-segment is majorly owing to the exponential advances in technology trends mainly Netflix, Amazon Prime, Hulu, and other digital channels or streaming services have acted as massive disruptive forces within the media and television industries. In addition, smart TVs and virtual reality are changing the way consumers interact with content which is further a significant factor responsible for the sub-segment's growth.
North America Region to Maintain its Dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate in the global post production market during the forecast period. With the rise of streaming platforms and the need for high-quality content, the demand for post-production services has increased in the region. Additionally, the advertising industry in the North America region is vast and growing, and it is increasingly focusing on providing aesthetically interesting and engaging content. Moreover, the rising media & entertainment, telecom, and education sectors in countries like Canada and the US is expected to boost the regional market growth during the forecast period.
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Leading Market Players: -
- Amazon.com Inc.
- Animal Logic Pty Ltd.
- AT and T Inc.,
- Comcast Corp.,
- Deluxe Entertainment Services Group Inc.
- ErosSTX Global Corp.
- Framestore Ltd.
- Lantern Entertainment
- Lions Gate Entertainment Corp.
- Adobe
- Netflix Inc.
The report provides a detailed analysis of these key players in the global post production market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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