The animation market is rapidly expanding, with market size projected to grow from $355.83 billion in 2023 to $379.83 billion in 2024, with a 6.9% CAGR. Growth is driven by the increased use of animation in visual storytelling, video games, advertising, and education. By 2028, the market is set to reach $499.57 billion, with a 7.0% CAGR, fueled by growing demand for animated content and the rise of streaming platforms. Key trends include advances in VR, AR, CGI, and real-time animation tools.
Major Driver In The Animation Market
The increasing demand for media and entertainment is set to drive the growth of the animation market. The media and entertainment sector encompasses various content creation and distribution forms aimed at engaging audiences. This demand is influenced by changes in consumer behavior, content diversity, and innovative delivery methods. Animation enhances storytelling and visual expression, contributing significantly to this industry. For instance, the Digital Entertainment and Retail Association reported a 9.6% increase in UK spending on music streaming, vinyl, and CDs in 2023, nearly doubling the 5% increase of 2022. Consequently, the rising media and entertainment demand is driving the animation market forward.
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Animation Market Competitive Landscape
Sony Corporation, NVIDIA Corporation, Adobe Systems Inc., Autodesk Inc., Trimble Inc., DreamWorks Animation LLC, Walt Disney Animation Studios, Corel, Newtek Inc., MAXON Computer GmbH, Zco Corporation, Image Metrics Inc., Smith Micro Software Inc., Video Caddy, Animaker Inc., SideFX, Aardman Animations Ltd., Triggerfish Studios, Animation Sharks, Bondware Inc., EIAS3D LLC, Blue Sky Studios, Grafton Animation Studios, Pixologic Inc., Exocortex Technologies Inc.
Key Animation Market Trend
Major companies in the animation market are leveraging generative artificial intelligence (AI) technology to develop text-to-3D animation solutions, revolutionizing the creative process. Generative AI enhances the animation creation process by making it faster, more accessible, and cost-effective, while also expanding creative possibilities. For example, in November 2023, DeepMotion, a US-based animation company, introduced MotionGPT, an AI-powered platform that converts text inputs into 3D animations. This cutting-edge tool uses large language models and deep learning to create detailed 3D character animations from textual descriptions, providing realistic movements, facial expressions, and body language.
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Animation Market Segmentation
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
By Geography:The regions covered in the animation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the animation market in 2023.
The Animation Global Market Report 2024 furnishes information about the global animation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
