In 2020, the global animation market size was valued at $354.7 billion and now a new research has revealed that the animation market size will hit $642.5 billion by 2030. This huge growth isn’t surprising considering the fact that animation plays an integral role in television, film, video games and business. Animation is the movie industry that not only managed to lure the children but also the adults and therefore, has created its very own niche in the movie industry. If the animation market size hits $ 642.5 billion by 2030, the CAGR from 2021 to 2030 for the animation sector will be 5.2 per cent.
What Drives The Animation Market?
The market size of animation in 2030 will be humongous and the question that stands is what exactly drives this sector? Communication advancement and improvement in the internet penetration rate are the primary driving factors of the animation sector. In addition to that, it is believed that artificial intelligence and virtual reality will create a plethora of options for the animation industry. A positive rate in the animation market is also guaranteed by the adoption of visual effect technology by the movie industry. A mutual growth is expected between the film and the animation industry similar to the winner of Lottery Sambad and the creator of such events.
Currently, the highest share of the animation sector belongs to the entertainment and the media industry. This sector will witness the maximum growth even in the future. With advancement in 3D technology, a massive growth is seen in the form of hybrid animation that involves both 2D and 3D. The blend of 2D and 3D is usually used for making cartoons and working on short animated stories.
In 2021, the entertainment industry had a revenue share of 31.2 per cent in the animation market. It needed to be noted that the highest gross margin lies in the animated feature-length film. This popularity also allows the animator to get a better payment which is comparable to Dhankesari winning sum. In the future, it is expected that the software offering will hold a major share in the animation industry.
Animation Market By Region
The largest market for animation lies in North America. It plays a major share in the animation sector because the intake of animated content is currently more in North America and also because all the major companies live in North America. However, the highest CAGR is expected to come from the Asia-Pacific region. The Asia-Pacific region includes countries like India, China, Australia and Japan. A moderate growth in the animation market will be visible in Latin America, Middle East and Africa. A significant growth is also expected to come from Europe. Even in Europe, the maximum growth is expected to be in France, Russia and the U.K.
With the growth of the animation sector, a plethora of job opportunities will also open up. Depending upon whether the job is entry-level or senior-level, the salary of the job will vary but still it will be a lucrative amount. Interestingly, most of the people working in the animation sector are self-employed. An animation job can be divided into development, pre-production, production, post-production, and sales and marketing.
Currently, the animation industry is dominated by players like Grom Social Enterprise, The Walt Disney Company and Sony Group Corporation. The Covid-19 pandemic also increased the use of VFX and animation. During the pandemic, most of the events like award shows went virtual; along with that, the importance of animation further grew. This growth is expected to sustain even in the future; hence, the growth of the animation sector is expected to see an impressive CAGR.
The Future Of The Animation Market
The adoption of visual effect technology in movies will greatly benefit the animation sector in the future. This will also, in turn, create numerous job opportunities. Also, the base of viewers is increasing all across the globe with the affordability of smartphones and improved internet penetration; this again will have a positive impact on the animation industry. Shortly, augmented reality and virtual reality will lead the animation market. The future of the animation market is wide open. With further hardware, software and technology improvement, the sky’s the limit for the animation industry.
