Portland, OR, Nov. 15, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global VFX software market contributed $559.53 million in 2018, and is estimated to reach $1.45 billion by 2026, registering a CAGR of 12.7% from 2019 to 2026. The report provides a detailed analysis of the key winning strategies, changing market dynamics, market size & projections, competitive landscape, and market players.
Increase in utilization of visual effects in movies, rise in demand for high-quality content, and implementation of cloud for VFX facilitate the market growth. However, availability of free & open-source VFX software restrains the VFX software market growth to certain extent. Contrarily, integration of virtual reality (VR) technology for providing visual effects and implementation of artificial intelligence (AI) in VFX software would create lucrative opportunities.
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Based on component, the software segment held more than two-thirds of the total market share in 2018, and is estimated to dominate during the forecast period. Surge in demand for making media that is not possible through live-shooting increases the demand for the VFX software market segment. However, the service segment is estimated to register the highest CAGR of 13.4% from 2019 to 2026.
Based on deployment, the on-premise segment contributed nearly three-fifths of the VFX software market revenue in 2018, and will rule the roost by 2026. This is due to the capability of on-premise software to control video content and the privacy related to the data & content. However, the cloud segment is expected to register the highest CAGR of 13.6% from 2019 to 2026. This is attributed to requirement of low investment cost and economical plans regarding VFX software as a service.
Based on geography, North America accounted for the highest market share in 2018, contributing one-third of the total market share. This is attributed to the presence of huge number of studios in North America for utilizing visual effects. On the other hand, the Asia-Pacific region is expected to register the fastest CAGR of 13.6% from 2019 to 2026. This is attributed to the significant rise in demand for visual effects in the film industry.
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Key market players analyzed in the research include:
- Adobe
- SideFX
- Autodesk Inc.
- Sitni Sati
- Maxon Computer
- Pixar
- The Foundry Visionmongers Limited
- Blackmagic Design Pty. Ltd.
- Chaos Software
- Corel Corporation
These market players have implemented a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.