A new analysis report on the global animation market, which is forecasted between 2021 and 2028, has been published by Knowledge Sourcing Intelligence.
The prime factors propelling the global animation market growth are the rising demand for animated content, technological advancements, the growing popularity of streaming services, the expanding application of animation, and the global reach of animation.
The global animation market is expected to grow at a CAGR of 5.34% from US$369.014 billion in 2021 to US$531.237 billion in 2028 during the forecast period.
Animation is the art of creating moving images. It is used in a wide variety of applications, including entertainment, education, advertising, and marketing. The future of the animation market is expected to be characterized by continued growth and innovation. The market is expected to grow as new technologies emerge and new applications for animation are developed. Additionally, the demand for animation is expected to continue to grow as animation becomes an even more integral part of our lives.
The market is witnessing multiple collaborations and technological advancements, for instance, In August 2022, Cinesite acquired a majority stake in VFX studio FX3X, expanding its global presence and bolstering its expertise in visual effects production. This acquisition brings together two industry leaders, combining Cinesite’s extensive experience in feature films and episodic television with FX3X’s renowned talent in creative VFX supervision and production management.
Based on type, the global animation market is divided into traditional, 2D vector-based, 3D computer, motion graphics, and stop motion. 3D computer animation is expected to experience the fastest growth in the global animation market. Technological advancements in 3D computer animation software and hardware have made it easier and more affordable to create high-quality 3D animation. This has led to an increased demand for 3D animation in various sectors, including entertainment, education, and advertising.
Based on components, the global animation market is divided into software and services. The software segment is expected to dominate the market throughout the forecast period. The demand for advanced animation software is increasing as animators and studios seek to create more realistic and visually appealing animation. The adoption of cloud-based animation software is increasing as it offers several advantages over traditional on-premises software, such as scalability, flexibility, and cost-effectiveness.
Based on the deployment model, the global animation market is divided into on-premise and cloud. The cloud deployment model is expected to grow significantly in the global animation market due to several advantages it offers over on-premise deployment. Cloud-based animation solutions offer seamless scalability, allowing studios to adjust their computing resources based on their project requirements. This eliminates the need for upfront investments in hardware and infrastructure, reducing costs and enabling studios to handle fluctuating workloads efficiently.
Based on the industry, the global animation market is divided into media and entertainment, education, retail, healthcare, manufacturing, and others. Media and Entertainment is the largest segment of the animation market. The demand for animated content is increasing across various media, including movies, television shows, video games, and streaming services. Technological advancements are also leading to the development of new and innovative animation techniques, which are further fueling the growth of this segment.
Based on Geography, North America is expected to capture a significant share of the global animation market. North America is home to some of the world’s largest and most renowned animation studios, such as Walt Disney Animation Studios, Pixar Animation Studios, DreamWorks Animation, and Warner Bros. Animation. These studios are responsible for producing some of the most popular animated films and television shows in the world, which drives demand for animation services in the region. North American audiences have a strong appetite for animated content, across all age groups. This demand is driven by a variety of factors, including the popularity of animated films and television shows, the growing use of streaming services, and the increasing popularity of video games.
As a part of the report, the major players operating in the global animation market, that have been covered are Serif Ltd., DWANGO Co. Ltd., Blender Foundation, Synfig Studio, Toon Boom Animation Inc., Adobe Inc., Autodesk Inc., iPi Soft LLC., Clara.io (Exocortex Technologies Inc.), Smith Micro Software Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-animation-market
The market analytics report segments the global animation market on the following basis:
- BY TYPE
- 2D Vector-Based
- 3D Computer
- Motion Graphics
- Stop Motion
- BY COMPONENT
- BY DEPLOYMENT MODEL
- BY INDUSTRY
- Media and Entertainment
- BY GEOGRAPHY
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America