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Global Animation, VFX, and Games Market Set to Hit $563.6 Billion by 2032

Gaming and VFX

animation market, VFX industry, gaming market, VR, AR

Business Honor
26 September, 2024

The demand for an immersive experience is on the rise, and better VR and AR technology are pushing the market forward.

This gaming, VFX, and animation market will see a compound annual growth rate of 8.8%, growing from an estimated $259.3 billion in 2023 to $563.6 billion by 2032, according to the research and study conducted by Allied Market Research. Primarily, because of increasing demand for immersive experiences, particularly in advanced developments in virtual reality (VR) and augmented reality (AR) technologies.

According to the research paper titled, "Animation, VFX and Games Market,” demand in mobile gaming and e-sports has increased significantly as smartphone production and internet platforms are on a high scale.It is also expected that the need for original content and the growth of streaming services would present substantial prospects for industry expansion. On the other hand, obstacles like growing manufacturing prices and red tape may hinder development.

The gaming and visual effects industry led by market segment in 2023 and is predicted to continue leading because of the expanding digital content market. Particularly, the anime section performed well as well, and as its global audience grows, more growth is expected. The development of the video game business is expected to occur at the fastest rate possible because of the highly advanced visual effects that enhance gaming.

North America held the largest market share in the region in 2023; however, the Asia-Pacific region is expected to grow at the fastest rate because of large expenditures in technology and animation.