Albany, New York, July 08, 2019 (GLOBE NEWSWIRE) -- A recent report by Transparency Market Research provides an in-depth analysis of the global computer graphics market for the forecast period of 2016 to 2024. According to the report the competitive scenario of the market is highly fragmented and is expected to grow intense with every passing years. The report also states that the market is expected to be dominated by the presence of many prominent players. In order to maintain their dominance, the players are adopting strategies such as mergers, collaborations, and partnerships.
Some of the major players of global computer graphics market are Intel Corp., Nvidia Corp., Sony Corp., Siemens, Adobe, Microsoft, and Autodesk Inc.
Owing to the tough competitions, the global computer graphics market is likely to witness a consistent growth of 5.50% CAGR over the forecast duration says the report. Moreover, the report also predicts that the estimated revenue generated by the global computer graphics market is approximately US$211.60 bn by the end of 2024.
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North America is expected to Exhibit Maximum Growth
Owing to the presence of many local players in the regions, North America is expected exhibit maximum growth in the forecast period. Moreover, the race to have best visuals in the websites in order to attract more customers, is yet again promoting the region to maintain its top spot in the global computer graphics market over the duration of time.
However, the tough competition may force the players to lower down their graphic solutions’ pricing which may impact on their profit quotient. This may further result in dampening of the overall growth of global computer graphics market in the forecast period.
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Nevertheless, the rising demand for strengthening digital presence of the business and rising awareness about the benefits visuals can offer to the website is expected to promote the global computer graphics market to maintain its growth in the forecast period. Also, rising applications of computer graphics in CAD, image processing, and user-interfaces are also expected to support the global computer graphics market to grow exponentially in the forecast period of 2016 to 2024.
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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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.
The review is based on a report by Transparency Market Research (TMR), titled “Computer Graphics Market (Component - Hardware and Application Software; Application - CAD, Image Processing, User Interface, and Entertainment (3D/Animation/Visual Effects (VFX))) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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