Expansion of the special effects (SFX) software market can be attributed to increase in adoption of special effects in the entertainment industry, and rise of streaming media. North America is anticipated to lead the global special effects (SFX) software market in terms of revenue, followed by Asia Pacific, during the forecast period.
Rapid Evolution of Technology: Opportunity
Although the rapid evolution of technology is one of the factors creating a gap between small- and medium-sized and large special effects labs/studios, on the other hand, it has created immense opportunity for the entire market to expand. This remarkable opportunity has overshadowed the moderate restraint factor.
Technologies such as virtual reality and augmented reality have enabled the industry to create huge effects in less time with lower capital investment, which was previously almost impossible to create. Furthermore, artificial intelligence, machine learning, forced perspective, 3D modelling, motion tracking, etc. are pushing the industry to create nerve-racking enthralling effects.
The advent of such technologies helps to create more realistic special effects, which offers spectators with jaw-dropping adventure, thus creating enormous demand for special effects (SFX) software.
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Special Effects (SFX) Software: Market Segmentation
The global special effects (SFX) software market has been segmented based on component, application, enterprise size, and region. In terms of component, the special effects (SFX) software market has been segmented into software and professional services, in which software is further bifurcated into on-premise and cloud/SaaS-based. Based on application, the market has been segmented into movies, television shows, advertisement, gaming, and simulation. In terms of enterprise size, the market has been divided into small & medium size enterprises and large enterprises.
Special Effects (SFX) Software Market: Regional Outlook
In terms of region, the global special effects (SFX) software market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America dominates the global special effects (SFX) software market and accounted for 49.8% share by the end of 2019. It is estimated to maintain its dominance during the forecast period. The market in North America is estimated to expand at a growth rate (CAGR) of 13% during the forecast period.
The special effects (SFX) software market in Europe is projected to expand at a CAGR of 11% during the forecast period, due to increasing demand for 3D mobile games & applications in the region. The special effects (SFX) software market in Asia Pacific and South America is expected to expand moderately during the forecast period.