Press release
3D Animation Market to Grow with a High CAGR and Forecast to 2031
3D Animation Market
3D animation witnessed soaring growth with worldwide revenue up 11% year-over-year. A new report by Persistence Market Research estimates that 3D animation revenue will increase at a significant rate, topping US$ 61 Bn by 2031, surging at a CAGR of 12.9%.
The need for 3D animation is attributed to increasing adoption of visual effects technology (VFX) in animated movies. Demand for VFX and animation has expanded with rise in the development of the gaming sector, which has significantly accelerated in the scope of the multimedia ecosystem. Many television programs are using animation and visual effects to give new viewing experiences to viewers.
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How are Technological Advancements Creating New Growth Opportunities for 3D Animation?
There is continuous development and implementation of new technologies such as 3D modeling and visual effects (VFX) technology for entertainment and educational applications. In addition, adoption of the VFX technique at a faster pace is providing new professional opportunities for visual effect artists and animators.
New 3D animation standards promise superior convenience for users and enable higher performance standards, while supporting simplicity for designers and software providers.
Advantages such as promotes interactivity, catches audience attention, creates branding, attracts online traffic, and improves cost-effectiveness are primary factors resulting in increasing number of 3D animation solutions being used on a global scale.
Integration of technologies such as 3D rendering, IoT, artificial intelligence, motion graphics, and others can be estimated to lead to development of 3D animation solution functionalities, with their improved performance.
Why is Need for 3D Mobile Applications and Games Gaining Traction?
Companies such as Autodesk Inc., Adobe Inc., Newtek Inc., and NVIDIA Corp. are continuously focusing on 3D animation technologies for 3D mobile applications and gaming benefits. Moreover, rising adoption of 3D mobile applications and 3D mapping technology for navigation purposes is driving market growth.
Introduction of 3D animation in mobile phones for the development of 3D mobile applications and games is one of the major factors driving demand for 3D animation. It help users identify connections between interface elements and views, as well as give feedback to users about apps.
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Competitive Landscape
According to the Persistence Market Research's industry analysis, Adobe Systems Incorporated, Autodesk Inc., Corel Corporation, NVIDIA Corporation, Siemens AG, NewTek, Inc., Pixologic Inc., and Maxon Computer GmbH are identified as key providers of 3D animation.
3D animation solution providers focus on entering into strategic partnerships and collaborations with various IT solution providers to enhance their customer base and product offerings. This strategy also helps organizations deliver more innovation to empower companies to connect with their customers in a whole new way, thus leveraging the power of the cloud and AI.
3D Animation Industry Survey by Category
By Component:
Hardware
3D Animation Workstations/PCs
3D Motion Capture Systems
Others
3D Animation Software
3D Modeling/Design Software
3D Rendering Software
Others
Services
3D Animation Design & Development
Consulting Services
Support & Maintenance
By Deployment:
Cloud-based 3D Animation
On-Premise 3D Animation
By Industry:
Media & Entertainment
Gaming
Aerospace & Defense
Architecture & Construction
Education & Academics
Manufacturing
Others
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