Indian animation industry is set to cross the USD 1-billion mark by the end of 2012 registering a growth of 22 per cent by the period, predicts a study by an Indian research agency.
Due to global financial crunch, the industry suffered some setbacks, India has been emerging as a leading destination for high-end skill-based activities in the past couple of years, says the study conducted by the 'National Association of Software and Services Companies'.
Along with the Indian sector, the global animation market will also register a remarkable growth during the period, reveals the survey.
While the global animation market is estimated to grow at a rate of 10 per cent and reach USD 100 billion by the end of 2012, the international gaming market is expected to grow
by 10.5 per cent and reach USD 53.6 billion, the study reveals.
Innovative price models, the availability of divergent games at lower price points and increasing demands have made the industry an attractive sector, experts say.
"Both animation and gaming industry had undergone metamorphosis in the past couple of years and has emerged as a prominent sunrise industry now," Rajiv Vaishnav, Vice President of Nasscom, said here yesterday.
To tap the market, Indian companies are now largely focussing on improving quality and the creation of original IP, Chairman Nasscom animation and gaming forum Biren Ghose said.