PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1539196
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1539196
Global 3D digital asset market is projected to witness a CAGR of 11.23% during the forecast period 2024-2031, growing from USD 30.21 billion in 2023 to USD 70.78 billion in 2031. The 3D digital asset market continues to grow exponentially, mainly due to the strong growth of the digital gaming industry. According to Newzoo International B.V., mobile gaming revenue reached USD 90.7 billion in 2021, accounting for more than half of global game revenues. The digital gaming sector, including complex games such as 3D action role-playing games and battle royales, places high demand for realistic 3D assets, driving a year-over-year growth of up to 4.4%. These assets include detailed 3D models and realistic textures, which are critical for creating more immersive video games. The demand for high-quality 3D assets has been increasing due to the increased usage of mobile phones for gaming, which accounts for 94% of mobile gaming revenue. The Asian mobile gaming market continues to grow year-on-year, highlighting the lucrative revenue opportunities for the 3D digital asset market.
For instance, in February 2024, Chromia AB partnered with RSTLSS Inc. to enhance Web3 games like 'My Neighbor Alice' by integrating user-generated 3D digital wearables. This collaboration aims to expand creative possibilities and asset ownership in gaming.
Advancement in 3D Printing to Drive the 3D Digital Asset Market Growth
Advancements in the 3D printing market are contributing to the growth of the global 3D digital asset market by improving product capabilities and cost efficiency. The development of materials and technologies, including micro-scale to large-scale printing in 3D printers are expanding the range of applications for 3D digital asset technology, significantly driving market growth. The need for high-quality 3D digital assets, such as detailed models and prototypes, is increasing as 3D printing becomes more sophisticated. Furthermore, 70% of businesses reported printing more parts in 2023 as compared to 2022, and 82% realized significant cost savings. The growing demand for advanced digital assets continues to support market growth with more precise and efficient solutions achieved through ongoing technological advancements in the industry.
For instance, in March 2024, Dassault Systemes SE and ASICS Corporation launched a studio in Paris offering on-demand, personalized sockliners using Dassault Systemes' 3DEXPERIENCE platform and advanced 3D printing technology.
Growth of Metaverse Promoting the Global 3D Digital Asset Market
The metaverse is evolving at a fast pace and the development of 3D digital assets is becoming increasingly important. The metaverse connects the physical world to the digital, unlocking entirely new possibilities in consumer, enterprise, and industrial spaces. It includes design and production advancement, such as Amazon Robotics using digital twins to optimize factory flow, while Mercedes-Benz has simplified the digital planning of factories. This demand for immersive and interactive experiences drives the demand to create more sophisticated 3D digital assets. Consequently, the 3D digital asset market is witnessing heavy growth with the way businesses operate, collaborate, and innovate changes in line with a maturing metaverse.
For instance, in January 2023, Accenture plc strategically invested in Forma Vision, Inc., enhancing metaverse experiences by enabling live-streamed 3D holographic images, expanding enterprise applications beyond avatar-based interactions.
Government Initiatives to Foster Market Revenue
Globally, governments are generating income based on a selective approach in 3D digital assets. For instance, the European Union has a Horizon Europe Program to support research and innovation in digital technologies focused on 3D modeling and simulation. The United States National Institute of Standards and Technology partners to demonstrate the utility of digital twins and enhance 3D asset use in manufacturing applications. The advanced 3D printing technology is supported by China's National 3D Printing Innovation Plan. South Korea's Digital New Deal invests in digital infrastructure, while the United Kingdom's Industrial Strategy Challenge Fund drives innovation in sectors utilizing 3D assets. Together, these efforts enhance 3D digital asset market growth and technology development.
For instance, in April 2024, The European Commission launched Horizon Europe calls, including USD 54.62 million to advance AI models that generate and process 3D data, boosting Europe's leadership in AI and quantum technologies.
Media and Entertainment Leading in 3D Digital Asset Market Share
Media and entertainment sector dominates the share of the global 3D digital asset market. Using 3D technology for creating immersive content and the increasing importance of user experience in media and entertainment is anticipated to drive the market growth. Studios around the world use 3D assets to create remarkable animated films and engage audiences in high-quality virtual reality experiences. The dynamic, ever-evolving need for high-quality graphics and creative online spaces by the industry serves as a driving force, promoting 3D digital assets, causing new trends to surface along with continued technology progress in the 3D digital asset market.
North America Dominates 3D Digital Asset Market Share
The 3D digital asset market in North America is anticipated to grow at a relatively higher rate owing to the improved technological infrastructure and huge investments across end-user industries in digitization. The region leads in high-quality 3D asset creation for industries ranging from entertainment and gaming to virtual reality. North America accounted for 45% of global gaming revenues, boosting the need for advanced 3D assets. Moreover, the development and growth of major tech hubs in the United States and Canada play a vital role in market expansion, which is further modernizing 3D modeling and simulation and setting global standards in digital asset innovation techniques.
For instance, in January 2023, Adobe Inc. introduced Substance 3D solutions for retail and fashion, adopted by Amazon.com, Inc., LVMH Moet Hennessy Louis Vuitton, and Burberry Group plc. The suite of tools enhances product design and digital content creation for global brands.
Future Market Scenario (2024 - 2031F)
The metaverse is going to result in a tremendous increase in 3D digital assets, as businesses build immersive virtual worlds and interactive environments. This growth will drive the innovation in 3D modeling and simulation technologies.
Future 3D digital assets would support gaming and entertainment that can be highly personalized such as having customized environments and characters in ways that will highly elevate the user experience.
Computer-generated 3D objects for virtual surgeries and patient-specific treatment plans will play an increasing role in medical imaging, leading to better patient recovery rates, boosting the market growth.
The development of eco-friendly and cost-effective 3D printing materials and processes will become a priority, addressing environmental concerns and reducing production costs.
Key Players Landscape and Outlook
The rise of major technology companies as key players in the global 3D digital asset market is propelling innovation in 3D modeling and simulation. High-quality graphics and immersive contents are key features for companies such as NVIDIA Corporation, Epic Games, Inc., etc. The market outlook looks positive with the increasing demand from gaming and entertainment industry, health sector, and others. Also, continued investment in research and development and strategic partnerships will shape the future of 3D digital assets, driving growth and technological advancements.
In May 2024, Dassault Systemes SE extended its partnership with Jaguar Land Rover Limited, deploying the 3DEXPERIENCE platform globally to enhance efficiency, innovation, and sustainability.
In July 2024, Immensa Group and Det Norske Veritas Group introduced the world's first global guideline for digitizing energy spare parts which aims to boost supply chain efficiency.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.