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3D RENDERING AND VIRTUALIZATION SOFTWARE MARKET REPORT OVERVIEW
The global 3D rendering and virtualization software market size was USD 89 million in 2020 and the market is projected to touch USD 357.63 million by 2031, exhibiting a CAGR of 13.5% during the forecast year. In the market study, our analysts have considered 3D Rendering and Virtualization Software players such as Pixar, NVIDIA, Chaos Group, AUTODESK, Solid Angle, NextLimit, Robert McNeel, cebas, Otoy, Advent, Bunkspeed(3ds), LUXION(KeyShot), Lumion and SolidIRIS.
The end-use industries of automobiles entertainment and media, healthcare and pharmaceuticals, and others comprise the 3D rendering and virtualization software market growth. Currently, the leading industry is architecture and construction due to the increasing use of BIM technology. The automobile industry is becoming a significant end-use category due to the growing demand for electrified and driverless vehicles.
The entertainment and media category is expected to experience considerable growth over the projected period due to the growing need for high-quality visual effects. The pharmaceutical and healthcare sectors are significant end-user markets, driven by the growing acceptance of customized care and the growing need for precise medical simulations. Companies in the others sector operate in industries such as retail, aerospace, and education.
The healthcare along with pharmaceutical industries represent a significant end-use segment in the marketplace. Drug development, surgical planning, and medical imaging are examples of uses within the healthcare industry. Software for 3D rendering and visualization is used in several applications. The growing demand for accurate and comprehensive medical simulations and the growing appeal of personalized treatment are driving this market's revenue growth.
COVID-19 Impact: Closure of Real Estate and Construction Business to Deplete Market Share
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The market has grown significantly over the last several years, but in 2020 it experienced a sharp decline due to the COVID-19 outbreak. This was linked to the governments of the majority of the countries implementing lockdowns and stopping travel to stop the virus from spreading. After the COVID-19 pandemic has passed, the market is expected to grow in the following years. Due to employees moving from building sites back to their hometowns, a number of real estate and construction businesses have closed, which has hampered the market's expansion.
LATEST TRENDS
"Increased Interest in Real-Time Rendering to Stimulate Market Development "
Owing to the fact, it cuts down on longer rendering times, the emergence of 3D configurators, motion rendering, and computational graphics has made it an indispensable component of the building industry. Real-time rendering allows users to engage with a simultaneous digital environment by simulating visuals on a computer. Real-time rendering, for example, is used by gaming engines including Unreal Engines to expedite the creative process and produce final pixels.
Furthermore, several firms' decision-making powers are enhanced by 3D rendering services. Solid thinking Inc., for example, has just published an updated version of Evolve TM with enhanced complete modelling interaction, a streamlined user interface and workflow, interactive realistic rendering, and more format and language compatibility, among other unique features. Furthermore, the real estate and construction sectors have seen a rise in the need for real-time rendering, offering substantial growth potential for the marketplace.
3D RENDERING AND VIRTUALIZATION SOFTWARE MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into stand-alone, plugin.
In summary, the market categories are comprised of standalone, plugin, and cloud-based software. Because of the increasing trend of the automation and the use of technology for 3D printing, the plugin software portion is expected to grow at the fastest rate during the forecast period. In contrast, standalone software has become among the most prevalent due to its flexibility and ease of use. The market for cloud-based software is expected to grow significantly due to the big organizations' adoption of the technology for cloud computing and their need for sophisticated collaboration tools.
- By Application
Based on application the global market can be categorized into video entertainment, architecture, industry, transportation.
The growth in the construction and architectural sectors, and the demand for advanced software in these fields is driving market progress. The usage of cloud-based software in the area is expanding, which is also contributing to the market's growth. The rising popularity of the game and animation industries in countries is also driving up the need for solutions within several regions. The media and entertainment industry, which makes extensive use of 3D rendering and visualization tools, has also experienced rapid expansion.
DRIVING FACTORS
"Increase in Cloud-Based Software Sector to Aid Market Expansion"
Over the projection period, there is expected to be significant increase in the cloud-based software sector due to the increasing use of cloud computing technologies. Users using cloud-based software can use the application from any place with an internet connection, negating the need for expensive hardware and infrastructure. Moreover, cloud-based software allows multiple users to collaborate on a single project at once and provides high degrees of cooperation. This feature of using cloud-based software is driving large enterprises with globally spread staff and a requirement for sophisticated communication capabilities.
"Integration of the Technology in Construction Tasks to Foster Industry Progress"
Building design, infrastructure modelling, and city planning are seen to be the main ways to lower project costs. For precise planning and execution, visualization and 3D rendering provide sophisticated graphical models, rendering solutions, and virtual designs. Additionally, the integration of planning and rendering into construction tasks in a number of smart city infrastructures has been a major driver of growth for the global market.
RESTRAINING FACTOR
"Lack of IT Infrastructure to Stop Market Evolution"
However, it is anticipated that the expansion of the software markets would be hampered by a lack of IT infrastructure, a decline in the need for 3D rendering software in developing countries, a lack of security, and privacy concerns.
3D RENDERING AND VIRTUALIZATION SOFTWARE MARKET REGIONAL INSIGHTS
"North America to govern the Industry Attributed to Explosive Growth in Construction Industries "
Geographically speaking, North America led the 3D rendering and virtualization software market share in 2019 and is predicted to continue to do so during the projected period. This is explained by the region's construction industry's explosive growth as well as the real estate industry's increased use of 3D rendering technologies to expedite project completion. However, due to an increase in investments in graphics and animation solutions across a range of end user industries, including media along with entertainment, healthcare, and architecture & real estate, the region is anticipated to see considerable growth over the course of the projection period.
Furthermore, during the forecast period, rising urbanization and the real estate industry in developing nations will continue to support the market.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Pixar (U.S.)
- NVIDIA (U.S.)
- Chaos Group (Germany)
- AUTODESK (U.S.)
- Solid Angle (Spain)
- NextLimit (Spain)
- Robert McNeel (U.S.)
- Cebas (U.S.)
- Otoy (U.S.)
- Advent (U.S.)
- Bunkspeed(3ds) (U.S.)
- LUXION(KeyShot) (U.S.)
- Lumion (France)
- SolidIRIS (Greece)
INDUSTRIAL DEVELOPMENT
January 2023: Epic Games launched Unreal Engine 5, a new version of its popular game engine that includes real-time rendering features and support for next-generation consoles.
REPORT COVERAGE
This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.
In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 89 Million in 2020 |
Market Size Value By |
US$ 357.63 Million by 2031 |
Growth Rate |
CAGR of 13.5% from 2020 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is 3D rendering and virtualization software market expected to touch by 2031?
The global 3D rendering and virtualization software market is expected to reach USD 357.63 million by 2031.
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What CAGR is the 3D rendering and virtualization software market expected to exhibit by 2031?
The 3D rendering and virtualization software market is expected to exhibit a CAGR of 13.5% by 2031.
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Which are the driving factors of the 3D rendering and virtualization software market?
Increase in cloud-based software sector and integration of the technology in construction tasks are some of the driving factors of the 3D Rendering and Virtualization Software market.
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What are the key 3D rendering and virtualization software market segments?
The key market segmentation that you should be aware of, which include, Based on type the 3D rendering and virtualization software market is classified as stand-alone, plugin. Based on application the 3D rendering and virtualization software market is classified as video entertainment, architecture, industry, transportation.