The visual effects (VFX) market is expected to grow by USD 4.28 billion, progressing at a CAGR of 8.99% as per the latest market report by Technavio. The use of AI in VFX is the major trend driving the visual effects market growth. AI is used in VFX rendering to improve the production of character-based VFX shots. AI provides automation in camera tracking, motion capturing, simulation, rendering, character animation, and image processing, the areas that use VFX. AI is primarily used in the post-production process for VFX rendering to minimize the use of human resources. The use of AI in VFX can change the VFX production pipeline and shift the process of on-set graphic systems to real-time from post-production to pre-production. The processing of VFX shots in real-time also offers opportunities for the automation of VFX models, eliminating the need for texturing, lighting, and rendering. AI is used to develop computer graphic characters by placing hundreds of radium-colored dots on a person's face, capturing by vertically aligned HD cameras. HD cameras scan the low-quality render of the face for processing using AI algorithms and a library of high-resolution face scans, with a wide variety of expressions. AI uses an algorithm for processing low-resolution scans and processes out high-resolution face scans with the required expression.
- Drivers: The increasing demand for high-quality content, real-time rendering in VFX production & increasing number of acquisitions and partnerships is one of the major factors propelling the market growth.
- Challenges: The factors such as Storage issues associated with VFX rendering, high investments, and low-profit margins & shortage of skilled personnel will hamper the market growth.
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Application Landscape
- The visual effects market share growth in the movies segment will be significant for revenue generation. The movie segment is driven by the rising demand for realistic movie experiences by audiences and the growing popularity of VFX-based films. The use of VFX in the filmmaking process has led to new entertainment experiences with VR and 3D films. Film production studios use real-time rendering VFX for making VR films and presenting fictional stories, storytelling, and depicting content-rich visuals.
Geography Landscape
- 42% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for visual effects in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America. The overall increase in the consumption of high-quality content and the launch of film production studios will facilitate the visual effects market growth in North America over the forecast period
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The VFX market is fragmented and the vendors are focusing on M&A and entering into partnerships with other players to compete in the market.
- Deluxe Entertainment Services Group Inc.
- Digital Domain Holdings Ltd.
- Digital Idea Corp.
- Eastman Kodak Co.
- Framestore Ltd.
- Hydraulx VFX Ltd.
- Rodeo FX Inc.
- Sony Corp.
- Technicolor SA
- The Walt Disney Co.
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