Global Animation Market Size Expected to Exceed $587 Billion by 2030

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PALM BEACH, Fla., June 28, 2022 /PRNewswire/ -- Animation is a technique of creating moving graphics from visual files. This is done with the help of animation software. Large numbers of good animation software are used by the animators to create effects and animated visuals. Animation creates illusion, transition 3D computer animation, motion graphics, and much more. Animation is one of the best ways of exercising one's imagination and expanding the creativity horizons. These days animation is being adopted by all sizes organizations with a view to promote and expand their businesses. Technological advancements in the communications as well as technology sectors across the globe is major factor driving growth of the target industry. Emergence of virtual reality and artificial intelligence technologies across the globe is expected to generate new opportunities to market players operating in the global market. Various existing XR (Extended Reality) technology such as Virtual Reality and Artificial Intelligence Technologies are becoming more advanced in terms of creative use and application in the animation industry. AI will have a massive and profound effect on industrial growth and have transformative effect on the animation industry which is offering potential opportunities for the key players in the market. Rising adoption of visual effects technology in movies is another factor which is expected to boost growth of the target industry during the forecast years 2021 to 2030. A report from Precedence Research predicted the global animation market size to reach over USD 587.1 billion by 2030, growing at a CAGR of 5.2% through 2030. It said: "Crucial factors accountable for market growth are: Advancements and developments across the communications and technology sectors; Growing media and entertainment industry; and Increased internet penetration across different regions." Active Companies in the markets today include Grom Social Enterprises, Inc. (NASDAQ:GROM), Netflix, Inc. (NASDAQ:NFLX), The Walt Disney Company (NYSE:DIS), The9 Limited (NASDAQ:NCTY), Roku, Inc. (NASDAQ:ROKU).