A process of development/creation of 3-dimensional moving images in a digital environment is known as 3D animation. The industry for 3D animation has achieved several milestones in terms of technological development. As per the report that was recently published by Market Research Future (MRFR), the global 3D animation market is estimated to expand at 13.8% CAGR by the end of 2024. The 3D animation market is observed to proliferate at an impressive pace, garnering the fastest rate in the media and entertainment industry. This technology is known to provide a view in different perspectives and projections, to make it look realistic, demand for which is mushrooming at a remarkable speed.
The growing presence of moving images in the digital era is expected to cause the expansion of the 3D animation market in the years to come. The highly favoring 3D animation tend can support the expansion of the 3D animation across the assessment period. The rapid expansion of the media and entertainment sector can impel the expansion of the worldwide 3D animation market.
The rise in the demand for 3D animation can be attributed to the high adoption of visual effects technology in different movies. The increase in the demand for 3D gaming, 3D mobile applications, 3D visualization, and flourishing trend of digital marketing are other factors that can promote the expansion of the 3D Animation market. The availability of effective 3D animation software for the creation of highly preferred 3D animation movies can drive the 3D market across the global market. Key market players of the media and entertainment industry, such as The Walt Disney Company, Universal Studios Inc., DreamWorks Animation, Pixar, Warner Bros. Animation, and others adopting 3D animation technologies and software for 3D modeling, 3D rendering, motion graphics, special effects, and visual effects to create movies that can drive the growth for the 3D animation market. The increase in the instances of software piracy can limit the 3D animation market growth.
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The segment study of the 3D animation market is based on technology, end-users, and component. The component based segments of the 3D animation market are Hardware, Service, and Software. The technology based, 3D animation market are 3D rendering, System Integration & Deployment, Visual Effects and Motion Graphics, 3D modelling, and Support & Maintenance among others. The end-user based segments of the market are Education, Media & Entertainment, Architecture, and Healthcare among Others.
3D animation technology covers 3D rendering, motion graphics, 3D modelling, and visual effects among others. The growing popularity of 3D modeling software across 3D animation across reputed players, such as Cinema4D, Maya by Autodesk, SketchUp, and Blender among others. The wide application of 3D modelling can boost the expansion of the world market of 3D animation.
The global 3D animation market has been segmented, by religion, into North America, South America, Europe, and the Middle East & Africa. Improvement in the adoption of 3D gaming, 3D visualization, and 3D mobile applications are some of the factors that are estimated to contribute to regional or global growth. These regional segments include North America, Europe, the Middle East & Africa, Latin America, and Asia Pacific. North America boasted a shareholding of 42.1% of the market at the beginning of the year. The region was valued at USD 4,991.7 million in the base year. North America’s 3D animation market is estimated to swell at 13.6% CAGR during the forecast period.
On the other hand, the second-largest regional market is anticipated to be Asia Pacific, as per the report analytics. At the beginning of the forecast period, Asia Pacific accounted for 32% share of the 3D animation market. It bragged a valuation of USD 3799.95 million in 2017. The APAC 3D animation market is anticipated to register the highest CAGR of 16.5% from 2018 through 2024.
MRFR registered key players of the worldwide 3D animation market. They are Maxon Computer (Germany), Image Metrics, Inc. (US), Autodesk, Inc. (US), Sony Corporation (Japan), NewTek, Inc. (US), Pixologic, Inc. (US), Foundry Visionmongers Ltd (UK), Toon Boom Animation Inc. (Canada), Trimble Inc (US), SideFX. (Canada), Corel Corporation. (Canada), Adobe Systems Inc. (US), and NVIDIA Corporation (US).