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VFX Software Market: Global Opportunity Analysis and Industry Forecast, 2019–2026 | Key Players - Adobe, Autodesk Inc., SideFX, Maxon Computer, Sitni Sati, The Foundry Visionmongers Limited, Pixar, Chaos Software
The Asia-Pacific VFX software market is expected to grow at the highest CAGR during the forecast period, owing to significant increase in expenditure on VFX in the film industry of Asian countries such China and India. In addition, Indian VFX industry is shifted from traditional outsourcing model to its own co-productions model and intellectual property. It is thus anticipated to fuel the market growth in the upcoming years.
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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.
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.
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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.
Some of the key players operating in the VFX software industry include Adobe, Autodesk Inc., SideFX, Maxon Computer, Sitni Sati, The Foundry Visionmongers Limited, Pixar, Chaos Software, Blackmagic Design Pty. Ltd., and 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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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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