Computer Graphics Market and The Evolution of Technology
The computer graphics market is projected to witness a compound annual growth rate of 6.67% to grow to US$340.475 billion by 2027, from US$216.686 billion in 2020. Computer graphics is the modification of visual material that plays a major part in assisting with scientific visualization challenges. A GPU layout, interface design, 3D modeling, and computer vision are all part of computer graphics. The photos may typically be shown by the content. The variety of graphics software is improving organizations’ ability to perform their separate tasks of generating and constructing stunning 3D items and equipment. These programs are extremely efficient at providing every little detail.
With the technology advancements such as CAD/CAM technology, 3D visualization, and 3D displays, the rate of graphics use has grown noticeably.
It also helps the industrial and vehicle industries via modeling, animation, and visualization. It also makes significant contributions to the aerospace and defense industries through simulation. Moreover, initiatives promoting the adoption of Industry 4.0 are propelling market growth over the next five years, as it is an emerging trend toward industrial automation encompassing robotics and the exchange of information in processes related to cyber-physical systems, among other technologies related to and other industries, which will propel the demand for computer graphics for the overall stability of analytical tools and other ad hoc tools. Furthermore, computer graphics software is mostly used in educational institutions where machine design and engineering design are taught. The industry is gradually rising due to advancements in classic tools such as CAD/CAM, innovative design methodologies, and increased use of visualization software. Within the next several years, the adoption rate is predicted to rise across all industrial verticals. As a result, all these factors will positively contribute to the growth of the computer graphics market.
The increasing developments made by companies will benefit the computer graphics market segment.
Due to the increasing investments and partnerships by tech companies, the market for computer graphics is anticipated to witness a surge in the coming years.
- For instance, XP Pen launched three new tablets in India in September 2022. Deco M/ MW is the first freshly introduced XPPen tablet on the company’s list. It is a cutting-edge drawing tablet including an X3 chip stylus. This XP pen graphic design tablet is part of the Deco series, which delivers a significant improvement to the stylus sketching experience with the new X3 processor.
- Additionally, Skyline Technology Solutions (Skyline) announced in February 2022 that it had collaborated with Buffalo Computer Graphics (BCG) on a pilot study to incorporate low-latency, internet streaming video into BCG’s DisasterLAN (DLAN) Incident Management System.
- Furthermore, In May 2022, Intel purchased Siru Innovations, a Finnish business focused on producing software and silicon components, created by ex-Qualcomm mobile GPU experts. Siru Innovations joined to be a part of Intel’s new Accelerated Computing Systems and Graphics Group. Moreover, AMD purchased Xilinx in an all-stock deal in February 2022. The business was now the industry’s top high-performance and adaptable computing player, with a significant scale advantage and the finest portfolio of computation, visuals, and adaptive SoC solutions. AMD projected the purchase to increase non-GAAP margin, non-GAAP Earnings, and free cash flows in the first year.
During the projected period, the implementation of computer graphics in the gaming and film industry will boost market growth.
The growing need for computer graphics in the media industry is likely to fuel market expansion. Computer graphics are used to generate 3D animation and 3D movies, which boost sales for computer graphics and are likely to drive market expansion. Furthermore, the growing popularity of mobile games featuring advertising pictures and videos is fuelling the expansion of the computer graphics business. Increased mobile device adoption and focus on content modification and personalization are driving the global market’s growth. Computer-generated imagery (CGI) is rapidly being utilized to create animated visual material in sci-fi films, animated films, games, and so on.
The introduction of 3d graphics has played a critical role in changing the computer graphics business, ushering in a new age. Computer graphics is widely employed in a variety of applications in the film industry, including character development, special effects, and so on. Another key reason that is likely to increase demand for computer animation in the entertainment industry to generate production-ready picture models is advancements in computer hardware. In the gaming industry, there have been major developments with the introduction of computer graphics which has contributed to the market’s growth. For instance, NVIDIA launched its next-generation cloud gaming platform, GeForce NOW, in October 2021, delivering GeForce RTX 3080-class gameplay. NVIDIA is famous for inventing the GPU in 1999, which fueled the expansion of the PC gaming business and reshaped modern computer graphics, super-fast computing, and artificial intelligence. Additionally, AMD revealed three new Radeon RX 6000 Series Graphics Cards and the first games that will use AMD FidelityFX Super Resolution 2.0 in May 2022. In comparison to previous-generation products, these three revised versions included higher game clocks, faster GDDR6 ram, and better software and firmware, and gave high results based on AMD RDNATM 2 architecture.
During the forecast period, the computer graphics market in the North American region is predicted to have a dominating share.
North American region is known to hold a significant share of the computer graphics market due to the increasing number of investments made by tech companies to expand operations and productivity. For instance, CGHero, a platform that allows organizations, brands, studios, and content creators to engage with teams of the world’s finest CGI, 3D, VFX, and AR/VR talent, revealed a $5.2 million investment headed by Beringea in April 2022. The funding will be utilized to expand the platform as the demand for 3D content and specialized expertise grows with the advent of the Metaverse. Therefore, such investments and developments made in the computer graphics sector will immensely benefit the North American region in the upcoming years.
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