Market Insights
The Global special effects services Market is expected to grow from USD 3,485.1 million in 2020 to USD 7,187.5 million by 2026 at a CAGR of 12.8% during the forecast period.
Figure: Global special effects services Market Size, 2020-2026 (USD Million)
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What are Special Effects Services?
Special effects services refer to the development of creative scenes, images, and visual effects that are used in making movies, short films, music videos, and advertisements.
These services are used by filmmakers, studios, artists, brands, ad agencies, and organizations to give an immersive experience to their audiences. The service providers use various kinds of graphical tools to develop such artistic content for their clients.
Key Players
Key players operating in the global special effects services market are-
- Moving Picture Company UK),
- Industrial Light & Magic (The U.S),
- Weta Digital (New Zealand),
- Pixomondo (The U.S),
- Unreal Engine (The U.S),
- Danish Special Effects Service (Denmark),
- Sony Pictures Imageworks (Canada),
- Phantom Dynamics (The U.S),
- Bloodhound FX (Australia),
- Animal Logic (Australia),
- Flatworld Solutions (India),
- Cinesite (UK),
- Scanline VFX (Germany),
- Digital Domain (The U.S),
- BUF (France),
- Method Studios (The U.S),
- Artem (UK),
- Digital Idea (South Korea), and
- LEGEND Studios (Australia).
Market Dynamics
The special effects services market is continuously growing owing to the increasing usage of computer graphics in the entertainment industry and developments in camera and lighting technologies. Moreover, the use of artificial intelligence (AI) in computer graphics tools offers new opportunities for growth to the market. However, high initial costs and lack of skilled professionals act as restraining factors for the market.
Segment Analysis
End User Trends
Among the end-users of special effects services, the filmmakers contribute the largest share in the global size of the market.
- Special effects services are extensively used in making films to create artistic scenes in the movie and attract international audiences.
- Advertisement agencies are expected to adopt the services at the highest rate during the forecast period due to the increasing need for innovative and creative ideas in the marketing industry.
Regional Trends
Among regions, North America is expected to be the leader during the forecast period due to the presence of major special effects service providers and the wide adoption of creative graphical solutions in the region.
Asia Pacific is expected to grow with the highest CAGR during the forecast period. The inclination of a wide population towards digital marketing and creative designing acts as a major driving factor for the growth of the computer graphics market in the region.
COVID-19 Impact on Global Special Effects Services Market
The global special effects services market has experienced a negative impact from the COVID-19 pandemic.
Due to the lockdown, the whole film industry got adversely affected and delaying the creation of new movies. This is impacting the revenue opportunity for the special effects service providers. The market is expected to return to its normal state from 2022 onward.
Critical Questions Answered in the Report
- What are the key trends in the global special effects services market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the global special effects services market?
- What are the key strategies adopted by the major vendors to lead in the global special effects services market?
- What is the market share of the top vendors?
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Target Audience
Here is the list of the group of customers that the Special Effects Services market hopes to have the greatest opportunity to convert-
- special effects services Vendors
- Community Centres
- Fitness Service Providers
- Recreation Organizations
- Government
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