The Global Post Production Market Size is predicted to be valued at $46,533.6 million by 2031, surging from $22,000 million in 2021, at a CAGR of 8.5%.
Impact Analysis of COVID-19 on the Post Production Market
The COVID-19 pandemic has changed the production landscape as majority of the employees and team started working remotely. The greater reliance on digital tools and cloud-based technologies reshaped the overall production process as these tools and flexible technologies allowed professionals to collaborate more effectively, resulting in reducing travel and risk for individuals. The adoption of digital technologies reduced the review cycles dramatically and improved productivity. Also, in the post-pandemic period, production companies are focusing on increasing their investment in remote working opportunities as virtual workstation allow for the least physical presence required on set. In addition, remote working drastically reduces travel time and equipment requirements and provide instant editing.
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Global Post Production Market Analysis
The post production market is experiencing robust growth owing to high demand from the animation industry. There has been significant rise for content for film studies, streamers, and even broadcast networks. This is mainly due to rising interest of young generation, massive investments by production players in visual effects especially through 3D/4D and others. Furthermore, production companies are evolving to suit the demands and introducing end-to-end platforms for better alignment and cohesion between teams with the progress through an age of digital transformation.
The high cost of post-production technology and equipment can be a challenge for some companies in the sector further impeding the post-production market overall growth. Other factors that may have an impact on post-production market growth include shifting customer preferences, evolving distribution channels, and increased competition. The development of streaming services, for example, and the need for personalized content have also created new challenges for post-production firms. As the industry evolves, post-production companies need to be agile and adapt in order to remain competitive and grow their businesses.
Increase in adoption of digital marketing is expected to create several growth opportunities in various industries, including post-production market. The market for post-production is expected to witness expansion due to the developments in digital technology. Post-production businesses now have additional potential to serve a wider range of clients due to the transition towards the creation of digital content. In addition, there is a rising need for post-production services owing to the demand for high-quality video content across numerous industries. The development of streaming platforms and the increase of content for virtual and augmented reality are other factors boosting the post-production business growth.
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Global Post Production Market, Segmentation
The post production market is segmented on the basis of technique, application, and region.
Technique:
The technique segment is further classified into VFX, audio processing, 2D-3D conversion, editing, and others. Among these, the VFX segment accounted for a dominant post production market share in 2021. The VFX technique is penetrating at an impeccable growth rate owing to big budget & successful Hollywood & Bollywood films. Furthermore, big Hollywood studios outsource video editing work to some of the professional companies operating across the globe. This is further creating significant employment opportunities and boosting post production industry as different talented teams are working collaboratively.
Application:
The application segment is further classified into movies, television, commercials, and online videos. Among these, the television segment accounted for a dominant position and generated highest revenue in 2021, owing to exponential advances in technology trends mainly Netflix, Amazon Prime, Hulu, and other digital channels or streaming services have acted as massive disruptive forces within the media and television industries. Furthermore, smart TVs and virtual reality are changing the way consumers interact with content which is further a significant factor responsible for the market growth. The television broadcasting industry continues to evolve with further innovations in digital, interactive, and streaming television. All these factors are anticipated to boost the television sub-segment in the post-production market.
Region:
The post production market size in Asia-Pacific is projected to show the fastest growth by 2031. Some of the major factors driving the post production market growth in Asia-Pacific include strong government support to boost the ‘Digital India’ initiative wherein government is investing heavily to create employment by introducing advanced technologies and funding in media & entertainment sector.
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Key Players in the Global Post Production Market
Some of the leading post production market analysis players are
- Amazon.com Inc
- Animal Logic Pty Ltd
- AT and T Inc
- Comcast Corp
- Deluxe Entertainment Services Group Inc
- ErosSTX Global Corp
- Framestore Ltd
- Lantern Entertainment
- Lions Gate Entertainment Corp
- Netflix Inc
For instance, in September 2021, Microsoft acquired video editing software company Clipchamp to extend its existing productivity experiences in Microsoft 365 for families, schools, and businesses.
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