Hyderabad: National Association of Software & Services Companies (Nasscom) and the Government of Andhra Pradesh 'Animation India 2005' got underway in Hyderabad today Hyderabad.
According to Nasscom, the animation industry in India, currently growing at a CAGR of 30 per cent, is estimated to reach $1.5 billion by 2005 and is being driven by increasing co-production deals and increasing development of intellectual properties in India.
The total global animation production is expected to be of the order of $51.7 billion by 2005.
Kiran Karnik, president, Nasscom said, "The worldwide animation market is large, and growing. We see tremendous prospects for India to be a major player in this space, in view of our strong entertainment and computer software industries.
The competitive advantage, and the delivery of good international standards of animation by studios in India has encouraged foreign production houses to look towards India as the future destination to outsource their assignments. 'Animation India 2005' has been specifically structured to address emerging global opportunities and strategies for the animation and gaming industry in India," he said.
In addition to the opportunities that exist for Indian companies in the global animation industry, the gaming industry, which is worth $10 billion in the US, also offers huge prospects for Indian companies. The Indian gaming market is expected to reach $50 million by 2005, with a console and PC gaming break up of $35 million and $15 million respectively.
"Globally, the gaming industry is under increasing pressure to reduce development time and lower cost of production. Due to the criticality of time, major publishers and studios are looking at outsourcing development work, provided the development partner fulfills quality and reliability considerations. This, therefore, has a great potential for Indian game developers," added Karnik.