What Is The Scope Of The Global Animation Market?
Animation is a technique used to create the illusion of movement by displaying a sequence of images, each slightly different from the previous one, in rapid succession. This technique involves photographing successive drawings, models, or puppets to create the illusion of movement.
Animation Global Market Report 2024 provides data on the global animation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The animation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Animation Market?
The animation market has experienced strong growth in recent years. It is expected to grow from $355.83 billion in 2023 to $379.83 billion in 2024, reflecting a CAGR of 6.9%. The historical growth is driven by the increasing use of animation in films, television, video games, advertising, and education. Looking ahead, the market is anticipated to grow to $499.57 billion by 2028, with a CAGR of 7.0%. The growth is fueled by the increasing demand for animated content, the growing popularity of streaming services, and a booming gaming industry. Key trends include advancements in animation technology, the use of virtual and augmented reality, progress in computer-generated imagery, motion capture technology, and real-time animation tools.
What Are The Core Factors Supporting Growth In The Animation Market?
The rising demand for media and entertainment is expected to foster growth in the animation market. The media and entertainment industry, encompassing content creation and distribution, is experiencing significant expansion due to shifts in consumer preferences, diverse content offerings, the influence of social media, and new methods of content delivery. Animation plays a key role in enhancing this industry by providing creative solutions and pushing the boundaries of storytelling. For example, according to the Digital Entertainment and Retail Association, UK spending on music streaming, vinyl, and CDs grew by 9.6% in 2023, nearly doubling the previous year's growth rate of 5%. This surge in media and entertainment demand is driving the growth of the animation market.
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What Are The Major Segments Within The Global Animation Market?
The animation market covered in this report is segmented –
1) By Offering: Software, Services
2) By Type: Two Dimensional (2D) Animation, Motion Graphics, Three Dimensional (3D) Animation, Stop Motion, Other Types
3) By Revenue Stream: Over-The-Top (OTT), Advertising, Sale Of Tickets, Other Revenue Streams
4) By Deployment: On-Premise, On-Demand
5) By Application: Media And Entertainment, Automotive, Online Education, Other Applications
Which Trends Are Expected To Transform The Animation Market?
Companies in the animation market are leveraging generative artificial intelligence (AI) technologies, such as text-to-3D animation, to transform the creative process. This innovation enables the creation of customized animations quickly and affordably, broadening creative possibilities for animators. In November 2023, DeepMotion, a U.S.-based animation firm, launched MotionGPT, an AI-powered platform that converts text inputs into 3D animations. By integrating natural language processing and deep learning, MotionGPT generates detailed 3D character animations, complete with lifelike movements, facial expressions, and body language, directly from user-provided textual descriptions.
What Is The Fastest Growing Region In The Animation Market?
North America was the largest region in the animation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the animation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
