PORTLAND, Oregon, Feb. 5, 2020 — (PRNewswire) — Allied Market Research published a report, titled, " 3D Rendering Services Market by Service Type (Interior Visualization, Exterior Visualization, Modeling Services, Walkthrough & Animation, and Floor Plan), End User (Architects, Designers, Engineering Firms, and Real Estate Companies), and Project Type (Commercial Project and Residential Projects): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global 3D rendering services market garnered $8.56 billion in 2018, and expected to generate $61.65 billion by 2026, registering a CAGR of 28.1% from 2019 to 2026.
Prime determinants of growth
Increase in requirement for virtualized & real-time experience in designing and planning along with rise in demand for real-time rendering and rapid decision-making capabilities drive the growth of the global 3D rendering services market. However, lack of skilled professionals and security & privacy concerns hinder the market growth. On the other hand, surge in implementation of cloud-based 3D rendering services offer numerous opportunities in coming years.
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The commercial segment expected to maintain its leadership status during the forecast period
Based on project type, the residential segment is expected to grow at the highest CAGR of 29.1% from 2019 to 2026. This is attributed to rise in real-time rendering to acquire photorealistic results of the building and increase in demand for quality 3D images. However, the commercial segment held the largest market share in 2018, accounting for more than two-thirds of the global 3D rendering services market, and is expected to maintain its leadership status during the forecast period.
The architects' segment to maintain its dominance by 2026
Based on end users, the architects' segment contributed to the highest market share in 2018, contributing to more than one-fifth of the global 3D rendering services market, and is expected to maintain its dominance by 2026. This is attributed to numerous applications such as 3D architectural visualization that has been utilized by architects to visualize the architectural structure before its real-world construction. However, the designers' segment is expected to register the fastest CAGR of 39.0% during the forecast period, owing to the adoption of cloud-based 3D rendering designer services across the globe.
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North America to maintain its highest contribution during the forecast period
Based on region, North America accounted for the major market share, accounting for nearly two-fifths of the total market share of the global 3D rendering services market in 2018, and is projected to maintain its highest contribution during the forecast period. This is attributed to rise in the construction of residential projects and government initiatives supporting the projects in this region. However, the Asia-Pacific region is estimated to grow at a CAGR of 30.1% from 2019 to 2026. This is due to rapid urbanization and industrialization in emerging countries such as India and China.
Leading market players
- RealSpace Vision Communication Inc.
- Professional 3D Services
- 3D Animation Services
- Flatworld Solutions Pvt. Ltd.
- Rayvat Rendering
- Tesla Outsourcing Services
- CG Studio
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