Although the global market for
computer graphics is led by a few established multination players, such
as Intel Corp., Nvidia Corp., Sony Corp., Siemens, Adobe, Microsoft, and
Autodesk Inc., it demonstrates a fragmented competitive landscape due
to the stronghold of local participants in regional pockets, states a
new research report by Transparency Market Research (TMR). Over the
coming years, with many players opting for mergers, acquisitions, and
strategic agreements to strengthen their positions, the competition in
this market is anticipated to intensify significantly. The low entry
barriers for new players, thanks to the low cost and easy availability
of labor, especially in emerging economies, will further increase the
level of competition in this market in the near future, states the
research report.
According to TMR, the opportunity in the
worldwide market for computer graphics, which stood at US$130.9 bn in
2015, will be progressing at a CAGR of 5.50% during the period from 2016
to 2024 and reach US$211.60 bn by the end of the forecast period. The
demand for hardware components is greater than the software components
and this trend is expected to remain so in the near future. Image
processing, CAD, entertainment, and user interfaces have surfaced as the
key application areas for computer graphics. On the geographical
forefront, the global computer graphics market
is dominated by North America. With the presence of key visual effect
providers in the U.S. and Canada, this regional market is anticipated to
continue on the top over the next few years, notes the study.
Rise in Media and Entertainment Industry to Influence Demand for Computer Graphics
“The global market for computer graphics
has witnessed an exceptional upswing in its valuation over the recent
past, thanks to the remarkable boom in the gaming industry,” says an
analyst at TMR. “The significant rise in the media and entertainment
industry is also fuelling the demand for computer graphics, reflecting
positively on this market,” she added.
The augmenting usage of 3D animation
effects and image processing in various media and entertainment
applications and the fueling demand for computer graphics software in
several end-use industries, such as automobile, construction, fashion
designing, and other manufacturing sectors are expected to propel this
market in the years to come, reports the study.
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High Cost to Act as Deterrent in Market’s Growth
On the flip side, the need for replacing
hardware, owing to continuous upgrades in 3D graphic software, resulting
in additional cost may hamper the growth of the global computer
graphics market in the years to come. The high cost of computer graphic
software may also slowdown the market over the forthcoming years.
However, the technological advancements and the high and continuously
rising interest of young people in computer games are projected to
normalize the effects of these deterrents in the near future, leading to
a considerable rise in the worldwide market for computer graphics,
states the research report.
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