As stated in in a research report released by Transparency Market Research, the global computer graphics market is likely to experience a moderate to high level of competitive rivalries. The market is currently highly fragmented and over time, a large number of mergers and acquisitions are likely to intensify the competition between larger players. At the same time, the scope of entry for newer players is also very high due to the low cost of labor and the abundance of it, especially in the Asia Pacific region. The global computer graphics market is expected to reach a value of US$211.60 bn by the end of 2024. The market is projected to expand at a CAGR of 5.5% during the forecast period from 2016 to 2024, and was calculated to reach U$137.46 bn by the end of 2016.
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Growing Use of 3D Animation Spurs Demand for Advanced Computer Graphics Tools
"The global industry of media and entertainment is currently experiencing a heavy influx of both willingness and demand for 3D animation effects and advanced image processing. The significantly high amount of commercial success seen by companies that use these tools is prompting others to take up animation as an integral part of media and entertainment as well, further driving the demand experienced by the global computer graphics market. These illustrations are able to surpass the boundaries set by physical models in terms of either visualizing concepts or for elaborating a story in the entertainment industry," states a TMR analyst. The overall impact of the growing use of 3D animation and image processing is expected to have a very strong positive effect on the global computer graphics market over the coming years.
Another factor driving the global computer graphics market currently is the growth in demand for graphics software in different industries. Some of the common industries that are making a wide scale use of computer generated graphics include construction, manufacturing, fashion, automobile, designing, education, and healthcare. Their growing use of computer generated models for visualization and demonstration is creating a very high scope of growth for the global computer graphics market.
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Hardware Changes too Constant and Expensive for Several Small and Medium Scale Clients
One of the key issues currently existing for the global computer graphics market's growth rate is the swift rate of change of hardware required to match the regularly updated software. Software updates can require a user to upgrade the hardware that runs them, which makes it difficult for small and medium scale companies to keep up with the upgrades. The process is also complicated for larger firms where a large number of devices need to be upgraded regularly in order to run the latest versions of the computer graphics software of their choice. The reason for this rapid rate of upgrades can range from bug fixes and innovations to sheer competitive rivalry between computer graphics solutions provides.
"While players are still working to improve their 3D animation and image processing tools, the global computer graphics market can generate a massive new realm of opportunities from the upcoming 4D animation and stereoscopic 3D animation technologies. The unique advantage that 4D technologies bring is that the fourth element can change according to the application industry. It could be environmental occurrences for the entertainment and media industry, or the shape, form, and color of apparel for the fashion industry. S3D is also expected to gain traction in the film and entertainment industry over the coming years," adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, "Computer Graphics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024."
Key segments of the Global Computer Graphics Market
Global Computer Graphics Market, By Component
- Application Software
Global Computer Graphics Market, By Application
- Image Processing
- Entertainment (3D/Animation/Visual Effects (VFX))
- User Interfaces
- Others (Education Graphics, etc.)
Global Computer Graphics Market, By Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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