The demand for VFX in Animation Courses and gaming has increased over the years with the rise in targeted broadcasting hours by cable and satellite TV, availability of low cost internet access, penetration of mobile devices and also due to growing popularity of streaming video.
VFX, is a process used in filmmaking through which images are produced or maneuvered externally, keeping a live action shot in perspective which generate situations that look real but are dangerous to record on film. With the help of easy-to-use animation software, these techniques are now easily available to independent film makers. Experts anticipate that there will be a rising demand for VFX in the future.
Growth Factors
The major factors contributing to the growth of the market for VFX globally include virtualization technology and remote graphics. It is anticipated that Augmented Reality (AR) and Virtual Reality (VR) will penetrate the animation and VFX market significantly. This will affect post-production technologies and studios will receive a higher number of projects in line with these latest technologies. There has also been a recent trend with 360-degree VR video, showcasing the various sets and effects used in the movies.
Enhanced visual experience and enhancement in technology has fueled the growth of the user base of the virtual reality market which has crossed 11 million in recent years with a growth rate of 20% since 2015. Making of big budget movies, regional cinema and TV series are some of the factors that has led to the growth of the industry.
Segmentation
The global VFX market is segmented. The segmentation in based on timing, categories, types, region, and others. Live-action effects, digital effects, matte painting & stills, and digital animations are part of the 'categories' segment whereas types of VFX treatment include matte painting, simulation FX, and compositing. The market for VFX technology includes movies, advertisements, and TV shows. Although the global VFX market can be grouped into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa, recent trend shows that a lot of business in being outsourced by vendors. Much of this market is driven by labor cost. In countries like India and China, the labor cost is pretty low whereas in countries like Canada, UK and New Zealand, the tax incentives are high. The choice of country to which the business is outsourced depends much on the incentives these countries and their governments provide.
Regional Perspective
Asia Pacific is anticipated to dominate the market for VFX in near future. The growth of this region can be contributed mainly to the increasing demand for entertainment. There is also growing acceptance of VFX as an important tool for domestic productions as evidenced in big budget films in the region. Even Hollywood studios want to leverage the skill set and cost advantages of talent pool available in the Asia Pacific region. Further, VFX content on OTT platforms will only fuel further growth. Moreover, there has been a rise in the number of skilled and professional technicians and increasing government support that has accelerated the growth of the market in this region. This will help this region effectively compete with established markets such as the US and Canada. On the other hand, the growth of the VFX market in Europe is expected to remain stagnant for some time due to the lack of skilled & experienced professionals and inadequate government support.
Global consumers are displaying a growing appetite for engaging, high-definition visual experiences. There is a demand for high quality productions with engaging visual effects and realistic animation. This is making studios invest in more animation and VFX shots in films. The emergence of ultra-high-definition TVs, tablets and smartphones to head mounted devices indicate a promising future for VFX in the global market.
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