3D Animation Market Value Forecasted To Reach US$ 30.3
LOS ANGELES, July 22, 2021 (GLOBE NEWSWIRE) — The Global 3D Animation Market is expected to grow at a CAGR of around 13.5% from 2021 to 2028 and reach the market value of over US$ 30.3 Bn by 2028
Currently, North America holds the lion’s share of the 3D animation industry and will continue to do so during the forecast period. According to Statista, the global animation market was valued at US$259 Bn in 2018 and is expected to grow to US$270 Bn by 2020. As animated features perform well at the Box Office in Hollywood, it is estimated that the animated films generate maximum revenue of approximately US$200 Mn. Among the well-known animated industries, Disney has had a significant impact on the animated film market and will continue to dominate the industry in the coming years. Such factors contribute to the growth of the North American 3D animation market.
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Asia Pacific conversely will grow at fastest CAGR in 3D animation market in the forthcoming years. The growing influence of the media and entertainment industries is one of the key factors driving the growth of the APAC regional market for 3D animation. China, Singapore, Australia, and India are the countries in Asia Pacific with the most potential in the 3D animation industry. The increasing use of visual effects technology in Bollywood films, as well as 3D mobile applications and games, are important factors driving the growth of the Asia Pacific 3D animation market.
COVID-19 impact on the 3D animation market
It would be unrealistic to claim that the pandemic had no impact on the industry. The COVID-19 pandemic has impacted every industry involved in visual effects, animation, and video game design. Furthermore, it will be difficult to predict which projects will be pushed back, but the entertainment industry is working hard to respond to such situations. In the midst of the COVID-19 crisis, Nickelodeon announced the launch of the #KidsTogether initiative, Cartoon Network announced the creati on of PSAs to aid in pandemic education, and NVIDIA announced the expansion of GPU licensing to 500 licenses to assist companies in supporting workers. The animation industry has not shut down and, in fact, is leveraging their deep-rooted community to grow.
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The global 3D animation market is segmented based on technique type, component, deployment, and end-user. Based on technique type, the market is segmented as 3D modeling, 3D rendering, motion graphics, and visual effects. By component, the market is segmented as hardware, software, and service. Further, deployment is classified into on-premise and on-demand. Further, end-user is segmented as media & entertainment, architecture & construction, education & academics, manufacturing, healthcare & life sciences, government & defence, and others.
Based on technique type, the 3D modeling technique segment will hold dominant market share for the global 3D animation market. Based on component, the 3D animation software will hold considerable share for the global 3D animation market. Based on deployment, the on-premise segment accounted for the major market share in the base year and is expected to continue the similar trend till the forecast period. Based on end-user segment, the media and entertainment segment holds the largest revenue share for the growth of global 3D animation market.
As major players in the VFX and visualisation industries deploy on-premise solutions to manage and operate data, providing data security and cost-saving opportunities. These factors stimulate segmental growth, which in turn contributes to the expansion of the global 3D animation market.
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The prominent players of 3D animation involve Pixar Animation Studios, Walt Disney Animation Studios, DreamWorks Animation LLC, Studio Ghibli Inc., Cartoon Network Studios, Nickelodeon Animation Studios, Warner Bros. Animation, and among others.
Key takeaways in the 3D animation market include:
- In September 2016, NVIDIA announced a partnership with Maxon, a pioneer in developing 3D modeling, painting, animation, and rendering solutions. This partnership between the two companies will render technology access of Material definition technology and NVIDIA Ray to Maxon.
- In July 2016, Pixologic announced a partnership with Wacom, a pioneer in developing interactive pen displays, pen tablets, and ad digital interference solutions. Through this partnership, Pixologic will be able to offer a 3D intuitive pen that can help make 3D design to its commercial customer base.
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