Mounting Viewer Demand for Improved Audio-video Effects to Propel Global Market
Digitalization coupled with rapid advancements in technology has played a key role in revolutionizing the entertainment sector. The advent of cloud services and growing adoption of the same for content creation over the past few years have come at a time when over-the-top content started becoming popular. The significant rise in the number of over-the-top content viewers and the number of viewing hours has brought about significant innovations in post-production stages due to which, the demand for special effects software has increased at an impressive rate– a factor that will augment the growth of the global special effects software market during the forecast period. From modest use of special effects in movies such as The Titanic, movies such as The Avengers feature special effects that were hard to achieve a couple of decades ago.
Evolving viewer demands for high-quality content coupled with soaring demand for top-notch audio-visual effects for an enhanced viewing experience has led to a rise in the adoption of special effect software in the past few years. In the current scenario, special effects software is increasingly being used in television series, advertisements, games, movies, and more– another factor that is projected to propel the growth of the special effects (SFX) software market in the coming years. These factors, along with the advent of new special effects (SFX) software with improved capabilities are expected to drive the global special effects (SFX) software market past the ~US$ 1.7 Bn mark by the end of 2027. Moreover, the dwindling cost of software tools used to develop content has increased the adoption of multiple special effects software in the past few years.
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Entry of Cloud-based Platforms to Redefine Special Effects (SFX) Software Market
When cloud computing made an entry into the entertainment space, its adoption increased across various studios on a project-to-project basis despite being largely confined to burst to render. However, due to lack of a concrete cloud-wide audit, vendors operating in the special effects (SFX) software market were unwilling to provide services beyond burst rendering. Some of the key areas such as virtual workstations and long-term storage were completely ignored during the initial phase of deployment of cloud-based platforms in the special effects (SFX) software market.
However, the formulation of Trusted Partner Network (TPN), which constitutes of top value content producers, MPAA member studios, and other stakeholders drafted a framework for vendors involved in the special effects (SFX) software market. At present, although cloud-based platforms are predominantly available for on-premise systems, the TPN audit for cloud will pave the way for media workflows for studios who are inclined toward the use of cloud for an array of different types of content creation projects, including virtual studio, hybrid rendering, and storage of material on the cloud.
While on-premise software modules are currently in demand, cloud/SaaS-based software will gain noteworthy traction in the second half of the forecast period.
Gaming Industry Presents Lucrative Opportunities for Special Effects Software Vendors
While the deployment of special effects software in movies and television shows is expected to grow at an impressive pace during the forecast period, another major area of application wherein special effects software is likely to be deployed is gaming. The booming global gaming industry, which has entered the billion-dollar club presents a plethora of opportunities for companies operating in the current market for special effects (SFX) software. Due to the blazing pace at which gaming graphics have evolved in the past few years, the entry of special effects in the gaming space was inevitable. Moreover, the advent of novel technologies such as augmented reality and virtual reality, motion capture, and real-time rendering has enabled advanced simulations and imaging. Gaming companies are increasingly deploying advanced special effects (SFX) software to improve the overall gameplay of their games and improve the overall gaming experience of their customers. Thus, technological advancements and growing adoption of special effect software are expected to revolutionize game development models in the coming years. At present, special effect software is playing a key role in transforming the visuals of games and the trend is set to continue during the forecast period. This is expected to drive the global special effects (SFX) software market during the forecast period.
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Special Effects (SFX) Software Market: Overview
- The global special effects (SFX) software market is expected to expand at a CAGR of ~12% during the forecast period, primarily driven by increase in adoption of special effects in the entertainment industry, and rise of streaming media
- The special effects (SFX) software market was valued at ~US$ 696 Mn by the end of 2019 and is set to expand to reach ~US$ 1.7 Bn by 2027
- In terms of component, the software segment is anticipated to account for a notable share as compared to the professional service segment of the special effects (SFX) software market
- In the application segment, movies is set to dominate the market during the forecast period. Additionally, movies is also expected to be the fastest growing application during the forecast period.
- North America remains a prominent market for special effects (SFX) software globally, and the market in the region was valued at US$ 347 Bn by the end of 2019
Special Effects (SFX) Software Market: Definition
- The special effects (SFX) software market report provides analysis of the market for the period 2017– 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that enhance the value of the special effects (SFX) software market and various opportunities prevailing in the market
- Providers of special effects (SFX) software are focused on developing innovative solutions to serve specific requirements of end users, which is expected to drive the demand in the upcoming years
North America Special Effects (SFX) Software Market: Snapshot
- North America is expected to be a dominating region in the market, owing to significant presence of animation & visual effects studios such as Nickelodeon, Walt Disney, Cartoon Network, and Fox Studios. Additionally, the region accounted for largest share of the special effects (SFX) software market followed by Asia Pacific.
Key Drivers of Special Effects (SFX) Software Market
- Increasing adoption of special effects in entertainment industry: Special effects are the easiest option of creating a make-believe effect, and to introduce the incredible charm of a magic show to the cinematic experience. Visual effects create an environment, which seems realistic but would be impractical, dangerous, expensive, or simply impossible to capture during a shoot. The integration of special effects have devised a new universe of entertainment. Usage of special effects have opened a new genre that could never exist earlier. Moreover, special effects have transformed the spectators’ viewing experience to such an extent that now spectators want such rich experiences in everything they watch. Growing demand for visual rich entertainment and the gigantic success associated with such projects are propelling the market. Nowadays, special effects (SFX) software are used in almost every movie, television series, games, advertisement, etc. to attract more and more viewers.
- Rise of streaming media: Growing demand for rich entertainment has mushroomed a significant number of small special effects studios in recent years. Big studios are involved with bigger projects (billion-dollar budget movies), whereas the growing demand for streaming media such as Netflix, YouTube, and Amazon have provided a fillip to smaller studios. The huge influx of content (small budget movies, mobile games, mobile content etc.) from streaming platforms is a big factor behind today’s robust special effects (SGX) software market. Spectators with high-speed Internet and affordable mobile devices want the same visual experience for streaming media as that of conventional movies and television series. Streaming service providers are aggressively creating content with extensive usage of special effects to cater to such demand, which eventually drives the market.
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Key Restraints of Special Effects (SFX) Software Market
- Limited availability of technical resources (manpower/high-value product): The special effects (SFX) industry is rapidly changing. The ongoing integration of new technologies and huge capital investment makes it a premium market. Professionals working in the industry need to be updated with the knowledge base and expertise to transfer the emotions to the audience, adhering to storytelling. Limited availability of resources in terms of skilled manpower capable of working with today’s evolving technologies is leading to the resources charging a higher fee. Small and medium special effects labs are able to manage few such resources which further impacts their quality. Moreover, software needs upgrades more often due to rapidly evolving technology, which makes it a high-value product.
- The restraint creates a gap among service providers. Large labs, capable of huge investment, win high-end projects, whereas the small and medium-sized labs struggle for projects
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Special Effects (SFX) Software Market: Competition Landscape
- In December 2019, Maxon Computer GmbH and Red Giant announced a merger agreement under the media and entertainment division of Nemetschek Group
- In November 2019, Adobe Systems Inc., announced the Creative Cloud solution that includes Photoshop software on the iPad, Adobe Aero for immersive media, and Fresco in Windows systems. The company also announced Aero, a new authoring tool for augmented reality
Special Effects (SFX) Software Market: Company Profile Snapshot
Adobe Systems Inc.: Adobe Systems Inc. provides digital marketing, e-learning, and digital media solutions. The company offers product and software services in digital media, digital marketing, and print & publishing sectors. The company offers Photoshop image editing software,
- Adobe Flash Web Software Ecosystem
- Adobe Illustrator Vector Graphics Editor
- Portable Document Format (PDF)
- Acrobat Reader
- Adobe Creative Cloud
- Adobe Creative Suite.
Autodesk Inc.: Autodesk Inc. offers 3D design, and engineering and entertainment software and services. The company’s professional software products are sold globally, both directly to customers and through a network of resellers and distributors. The company’s product development and manufacturing software provides comprehensive digital design, engineering, manufacturing, and production solutions to automotive, transportation, industrial machinery, consumer products, and building product industries.
Telestream, LLC: Telestream, LLC is one of the prominent players providing digital media tools and workflow solutions. The company’s product range includes desktop applications, enterprise systems, video quality assurance solutions, and captioning & subtitling. Telestream, LLC provides solutions such as transcoding solutions, Facebook live solutions, OTT streaming solutions, video quality assurance solutions, and social media solutions.
The Foundry Visionmongers Limited: The Foundry Visionmongers Limited designs and develops computer graphics, visual effects, and 3D design software for the digital design, media and entertainment sector. The company has collaborated with post-production houses such as Pixar, ILM, MPC, Walt Disney Animation, Weta Digital, DNEG, and Framestore.
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