Computer Graphics Market Witnessing a Significantly Healthy Growth Rate

Of the several factors guiding the Computer Graphics Market towards a brighter future, the leading driver today is the growing use of image processing and 3D animation effects in the media and entertainment industry. Their growing use of 3D animation is prompting a heavier competition between players in order to reduce product costs and increase product quality. The market is also being augmented by the growth in demand for graphic software across various industries, such as apparel, automotive, healthcare and medical devices, construction, and manufacturing. However, the computer graphics market is currently being restrained by the constant need for hardware changes due to regular upgrades of the 3D computer graphics software.

The global computer graphics market is expected to reach a value of US$ 211.60 bn by 2024. The market is projected to expand at a CAGR of 5.5% during the forecast period from 2016 to 2024, and was valued at US$137.46 bn by the end of 2016.

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The global computer graphics market, by geography, has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific is expected to witness a relatively faster adoption rate of computer graphics than other regions and hence show a faster growth rate as compared to other regions. Within Asia Pacific, the applications of computer graphics were extremely high in the entertainment segment. This segment is projected to contribute the leading share of revenue in the computer graphics market, backed by the growth in the film entertainment industry in countries such as China and India. Furthermore, the region is known to be the preferred destination for the outsourcing of large amounts of work from developed countries of North America and Europe, including the U.S, Canada, and the U.K. Additionally, cost competitive hardware component availability and relatively cheap labor are the factors that are driving the growth of computer graphics market in Asia Pacific.

The computer graphics market in North America is expected to witness a significantly healthy growth rate, owing to the presence of a large number of visual effects (VFX) companies, including some of the top rate ones such as Walt Disney Animation Studios, Warner Bros Animation, DreamWorks Animation, and Industrial Light & Magic. The region is also a hub for computer graphics hardware component and application software providers such as Autodesk Inc., Adobe Systems Inc., Microsoft Corporation, and Siemens PLM Software. Furthermore, the U.S. is a primary production location for a large number of film entertainment companies.

Global Computer Graphics Market

On the basis of components, the global computer graphics market is segmented into hardware and application software. The hardware segment includes all critical hardware needed to support various computer graphics application software, tools, and technologies. Examples include Graphic Processing Units (GPU), motion capturing systems, graphic cards, workstations processors, specialized RAM and storage, game consoles, and portable devices including 3D scanners. The hardware component is estimated to contribute major share in the global computer graphics market, this is owing to high costs associated with various critical components.

On the basis of application, the global computer graphics market is segmented into CAD, image processing, user interface, entertainment (3D/animation/visual effects (VFX), and education graphics. The entertainment application segment is anticipated to contribute the leading share in the global computer graphics market over the coming years. The entertainment industry includes computer-generated imagery using 3D modeling and rendering to produce three dimensional models for analytics, and visual effects, all of which are currently highly sought-after applications.

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