3D Rendering Market size to cross $9 Bn by 2026
Published Date: July 28, 2020 Authors: Preeti Wadhwani, Smriti Loomba
3D Rendering Market size is set to surpass USD 9 billion by 2026, according to a new research report by Global Market Insights, Inc.
The growing demand for improved visualization and modeling across the construction and real estate sectors is driving industry growth. The use of rendering services allows companies in the real estate and construction arenas to enable their customers and stakeholders to visualize the interiors and exteriors of buildings in an appealing manner. The services generate 2D models that have photorealistic lightings, textures, and provide supplementary effects to buildings and landscapes. Real-estate agencies use the services to market and advertise their future building projects before starting the construction work of their potential customers, planners, and investors.
Growing trend for outsourcing the 3D rendering services across SMEs
The service segment is expected to grow at more than 20% CAGR during 2020 to 2026 due to rising demand for 3D rendering software across the manufacturing and media & entertainment sectors. The rendering services help enterprises in the real estate, gaming, and other sectors to visualize the designs for their investors and customers, thus improving their marketing activities. The growing demand to visualize the 3D model of products and construction designs before investing is contributing to the segment growth. Rendering services are predominantly used in business meetings to secure deals with clients or investors.
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To better the resource management across large enterprises
The large enterprise held over 60% 3D rendering market share in 2019 driven by the rising demand for better resource management while building projects. Large organizations particularly in the manufacturing, media & entertainment, and automotive industries are extensively utilizing 3D rendering to produce 3D render images of objects. This enables them to create realistic pictures and design prototypes, saving their time and minimizing expenses. As the rendering software allows better control over the details of the project reducing time and cost on additional resources, the demand for rendering services particularly in large organizations is estimated to increase sharply over the forecast period.
Browse key industry insights spread across 276 pages with 334 market data tables and 27 figures & charts from the report, “3D Rendering Market Size By Component (Software [On-premise, Cloud], Service), By Organization Size (Large Enterprise, SME), By Application (Product Design & Modeling, Animation, Visualization & Simulation), By End-use (Architecture, Engineering & Construction (AEC), Automotive, Gaming, Healthcare, Manufacturing, Media & Entertainment), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The product, design & modeling application held a market share of over 20% in 2019 impelled by the growing demand among enterprises to create stunning visuals in advertisements that will showcase the product’s features and capabilities. 3D rendering is gaining popularity in product marketing and promotion campaigns as 3D models are animated to showcase the features and capabilities of the product. It acts as a popular tool, enabling manufacturers and designers to first design, create, and then sell their products in the market.
Growing adoption of visual effect-based movies is fueling the 3D rendering market growth
The media & entertainment segment is expected to grow at 20% CAGR through 2026 propelled by growing demand for visual effects in the TV and movie industries. The companies that produce movies and TV shows are spending heftily to create movies based on fictional characters. VFX enterprises are using several rendering software to create scenes, characters, costumes, and creatures to bring these fictional characters into reality. The companies operating in the entertainment sector are using content creation tools and techniques to produce 3D characters and stunning environments for TVs, films, and games.
Rising demand for on-demand gaming services in Europe
Europe 3D rendering market covered 25% share in 2019. The game developers in the region are using 3D rendering to create characters, creatures, and special effects to bring realism in their games. The rising adoption of rendering services among several enterprises across various sectors, such as automotive, manufacturing, and media & entertainment, is boosting to the market growth. Supportive government initiatives to avoid losses due to inadequate infrastructure in the region will further propel demand.
The major players operating in the industry are emphasizing on the strategic acquisition of innovative rendering service providers to enhance their product portfolio. For instance, in January 2019, Adobe acquired Allegorithmic, a leading rendering solution provider. This acquisition helped Adobe to enhance its rendering portfolio using Allegorithmic’s 3D design tools.
Some of the key players operating in the 3D rendering market include Adobe, Inc., Act-3D B.V. (Lumion), Autodesk, Inc., Blender, BluEntCAD, Chaos Software, Christie Digital Systems USA, Inc., Corel Corporation, Dassault Systems SE, Easy Render, Foundry Visionmongers Ltd., Luxion, Inc. (Keyshot), MAP Systems, Maxon Computer GmbH, Next Limit Technologies, NVIDIA Corporation, Pixologic, Inc., SideFX (Houdini), Tesla Outsourcing Services, Trimble, Inc., Unity Technologies, Vrender, Xpress Rendering, and XR3D Studios, Inc.