The global animation market size was valued at USD 394.6 billion in 2022. The market is projected to grow from USD 394.6 billion in 2022 to USD 528.8 billion by 2030, exhibiting a CAGR of 5.00% during the forecast period.
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The main factors propelling the market growth are the rise of the media and entertainment sector, the expansion of the communications and technology industries, and the increasing use of the internet globally. The industry's abundance of tools is encouraging their adoption by various end-user sectors, which supports those industries' market growth. New, creative advertising techniques are being adopted as a result of increased industry competitiveness. In order to provide consumers with high-quality films and animations, the quickly expanding media and entertainment industry is also increasingly embracing cutting-edge animation technologies by industry companies, fueling the expansion of this market.
Growing Entertainment Industry to Promote Market Growth
The pandemic has aided individuals in discovering new forms of entertainment, and as a result, OTT platforms have become a popular platform for entertainment. With a boost in viewers, particularly for children's entertainment, the rise of OTT has favorably impacted the animation industry. OTT is now a significant player in the entertainment sector and has advanced VFX and animation technologies. As a result, the global animation industry is expanding daily, which fosters the expansion of the global animation market and serves as a catalyst for that growth.
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