According to Arizton's latest research report, the film and episodic VFX market will grow at a CAGR of 11.54% from 2022-2028. Film and Episodic VFX market revenue to double in the next six years.
Rising OTT platform penetration, increasing 5G networks, and growing AR & VR technology adoption drive the film & episodic VFX market. Moreover, vendors' ongoing mergers & acquisitions, and partnerships in the film & episodic VFX market enable vendors to expand their VFX portfolios, expand across various platforms, and enter new markets, thereby enhancing their customer base. Vendors are trying to provide value-additions with better technology & experience, which are expected to favor market growth.
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The Work from Home (WFH) trend is another crucial factor that has made OTT platforms popular worldwide. These platforms are widely accepted and appreciated for their ease of usage and personalized approach. Affordability is also one of the key factors. Netflix and Amazon Prime Video were the only two main platforms, but in recent times, several other names have popped up, which Disney+, Hulu TV, and many more. Hence, filmmakers have many options to choose from to sell their content. When the demand for content is high, the delivery time is less, which generates a lot of pressure. Therefore, this leads to a surge in demand for VFX in films and episodic content, indicating a high demand in the market.
With the integration of 5G, VFX film & episodic will continue to enhance, even when it is of the highest quality. As the quality of film & episodic content continues to increase, the future of VFX is on an interesting path. With 5G, new tools and techniques can be developed much better and faster in the media industry. However, the Millennial & gen Z population are highly aware of various new VFX films & series in various OTT platforms that are trending in the market. They offer the long-term potential for VFX vendors to expand their revenue. Hence, millennials and Gen Z are increasingly pushing the demand for VFX film & episodic content worldwide.
Adoption of AR & VR Technology
In film & episodic VFX, AR enables users to experience the film & episodic audio and visual content in the real environment. It allows the creation of a film within the existing environment. The increasing tablet and mobile device penetration and the rising adoption of technologies in several industries lead the market growth. The AR and VR technology offers users an entertaining and immersive experience, which enables VFX companies to integrate these features into their platforms. Hence, continuous development and evolution are leading to the development of a better and more advanced version of film & episodic VFX. The accessibility of entertainment with the help of VFX is changing dramatically. AR and VR-based films & episodic are increasingly gaining popularity among viewers and are providing significant growth opportunities to the market for developers. AR-based films & episodic have already gained considerable momentum, but continuous innovation in the VR field is expected to provide new growth opportunities in the market.
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