The Indian animation market, estimated at USD 494 million in 2008, will likely grow at compounded annual growth rate of 22 per cent till 2012, an industry official has said.
"Globally, the animation industry is poised to touch USD 100 billion by 2012 and India's animation industry is expected to hit USD 1 billion by 2012, aided by increased outsourcing and a growing domestic market," Maya Academy of Advanced Cinematics (MAAC) Business head, Ram Kumar Worrier said in Mumbai.
Maya Academy of Advanced Cinematics (MAAC) is the leader in high-end 3D Animation & VFX education in India and is engaged in the making of most awaited 3D animation film “Ramayana ­The Epic”.
"Animation in India is on the right track. There is a lot of interest in it, and therefore a lot of uptake in the sector," MAAC's Founder Ketan Mehta said.
"Our biggest advantage is the technical expertise, robust telecom infrastructure and English-speaking graphic designers and animators who with relevant training can be quickly made ready for the industry, at costs lower than those prevailing in developed markets," he added.
Indian companies have also been helped by the increase in production budgets for animation movies worldwide. "In the past decade, more than 15 animated movies, with budgets over USD 100 million, have been produced and we are hoping to continue this trend", Mehta said.