According to Precedence Research, the global animation market size is expected to hit around US$ 642.5 bn by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
The global animation market size was valued at US$ 354.7 billion in 2020. Global animation industry is offering enormous growth opportunities for the manufacturers, vendors, customers in developed as well as emerging economies worldwide. Animation involved the practice of controlling a series of the still images by showing them in order at a certain pace, producing the illusion of the action of images. Recent animation includes computer generated imagery. In the CGI animated data are created or programmed using software as well as animation tools. Currently, animation has a wide variety of technologies and platforms, for example television and video, digital platforms, entertainment, and games. The use of cartoon characters in animation and animated films has grown over the last decade. Most animation films have quickly and slowly achieved recognition and success in new years. Rapid advancements across communication and technology sectors across the globe are anticipated to drive growth of the global animation market. Addition to this, budding media and entertainment business is also boosting growth of the global market.
Growth Factors:
Communication and the television industries are growing at the rapid pace. The technological advancements in the communication and the television industry are major driver for the global animation market growth. Addition to this, in the recent movies, the adoption of the visual effect technology is increasing which is projected to have positive effect on the global industry growth. Increasing entertainment and the media industry is anticipated to create numerous opportunities for the growth industry growth in the near future. Increasing base of the video viewers owing to increased usage of smartphones, internet penetration, easily accessible multimedia devices and growth in the usage of the tablets are among major factors anticipated to augment the growth of global animation industry over the forecast period of time. However, lack of the government support is major factor to limit the target industry growth in the near future. Along with this, lack of the investment and increased sensitivity of the price due to intense competition are among major factors to hinder growth of the global industry in the near future. However, arrival of AI and VR will create huge opportunities in the global industry.
Regional Analysis:
The North America will lead the worldwide industry owing to augmented demand for the animation in various end user applications, coupled with presence of major companies in the North America and business plans that are executed by the chief companies in the nations of North America is prospective to observer significant growth of aiming industry in future. The Asian market is probable to list the striking CAGR, on account of growing demand for the animation in emerging economies. Likewise, utmost of the companies functioning in the market are advancing deeply in order to get the modest advantage in the animation market in the Asia Pacific. The market in the Europe is expected to hold significant market share and the growth is attributed to the increased growing media and entertainment industry especially in the France, Russia, and U.K. of the region. The Latin America animation market is expected to grow at moderate CAGR in the near future. Also, Middle East and Africa region is expected to create lucrative growth opportunities in the target industry.