The global animation market size was estimated at USD 372.44 billion in 2021 and is predicted to reach over USD 587.1 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2022 to 2030.
Key market Insights:
Technological advancements in the communications as well as technology sectors across the globe is major factor driving growth of the target industry. Emergence of virtual reality and artificial intelligence technologies across the globe is expected to generate new opportunities to market players operating in the global market. Various existing XR (Extended Reality) technology such as Virtual Reality and Artificial Intelligence Technologies are becoming more advanced in terms of creative use and application in the animation industry. AI will have a massive and profound effect on industrial growth and have transformative effect on the animation industry which is offering potential opportunities for the key players in the market. Rising adoption of visual effects technology in movies is another factor which is expected to boost growth of the target industry during the forecast years 2021 to 2030.
