According to the new market research report “VFX Services- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global VFX Services market size is projected to reach USD 22.07 billion by 2030, at a CAGR of 12.4% during the forecast period.
- Global VFX Services MarketSize(US$ Million), 2019-2030
Source: QYResearch, "VFX Services- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global VFX Services Top16Players Ranking and Market Share (Ranking is based on the revenue of 2023, continually updated)
Source: QYResearch, "VFX Services- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
According to QYResearch Top Players Research Center, the global key manufacturers of VFX Services include Industrial Light and Magic, Technicolor Group, Framestore, Sony Pictures Entertainment, DNEG, Wētā FX, Scanline VFX, Cinesite Group, Animal Logic, Digital Domain, etc. In 2023, the global top 10 players had a share approximately 31.0% in terms of revenue.
Market Drivers:
D1: Increasing Labor Force in the Industry
Hundreds of colleges and universities around the world now offer visual effects services training. Although the quality of the training is uneven, the number of graduates is huge and is absorbed into the industry every year. In addition, online education and training offers courses without diplomas to help students become self-taught. Some easy-to-use software will allow more people with less work experience to participate in the work after simple training. Therefore, more labor will enter the special effects industry in the future. This trend is as irreversible as township urbanization. In the past, the work that was done by a skilled special effects artist can now be done. It was completed by several new people who have been trained for a while. Many practitioners in the industry believe that a large number of training schools will make the level of special effects practitioners uneven, but this is the beginning of a virtuous circle. Artists who used to rely on outdated technology for many years in many famous visual effects services companies will gradually be eliminated by newcomers. This is a trend-changing change, and fresh blood will make the special effects industry flow more smoothly.
D2: The Process of Globalization of the Cultural Industry
Global communication breaks the barriers that employees need to work in the same place. Visual effects services companies can place their workplaces in countries with tax incentives or low labor costs, such as India and China. Initially these countries or regions could only do a small part of the work on large projects because their employees lacked work experience. But as experience increases, they are now able to complete more difficult projects independently, so companies in the US and the UK are more willing to work with such companies or expand their business to reduce labor costs. Correspondingly, these companies are also able to get the industry reputation they need from the US companies, as well as new technologies and more business.
D3: Supply is Less than Demand
The film industry is a mature business entity, with a small number of integrated companies responsible for the main project work. Therefore, there is a large part of unmet need for visual effects services. As companies which are downstream of the industrial chain, visual effects services companies have taken the initiative in recent years, using relatively low-price advantages and high production results to cultivate their own new customers groups, which will further change the current market situation of relative monopoly in the future.
D4：Popularity of 3D Movies
The competition between 3D and 2D movies, competition for 3D movies and TV and competition for 3D movies and new media have all contributed to the rapid development of the visual effects services industry.
About Analyst
Chirs Ma - Main Analyst of this Article
Email: maciqiang@qyresearch.com
Mr. Ma has 9 years of industry research experience, focusing on mechanical equipment, medical beauty and health, semiconductor equipment and other fields. Some of his in-depth research topics include semiconductor etching equipment, hyaluronic acid-based skin fillers, industrial hoses, slip rings, EMS and ODM, etc.
About QYResearch
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