The India Animation Market is projected to reach USD 16.60 billion by FY2031 from USD 1.37 billion in FY2023, growing at a CAGR of 37.76% for the forecast period between FY2024 and FY2031 owing to increased internet usage and telecom revolution in the nation. With the advent of telecom revolution, internet connectivity became easy and cheap impacting the content industry as a whole along with animation market since it is being heavily used in content creation.
Videos, shorts, both animated movies and cartoon movies and cartoon serials became accessible owing to brilliant network connectivity in India. Already 5G is being rolled out in the country from October 2022 and 4G is already established with highest mobile network speed of 30 MBPS in January and February 2023. Broadband average speed is over 50 MBPS and highest is 1 GBPS.
Due to the influence of western culture, the Indian audience is inclined in experiencing new modes of entertainment that deliver realistic visuals and movies. In addition to movies, 3D mobile games and applications are in high demand. The market is also driven by the development of 3D stereoscopic gaming with the help of 3D animation technology.
The switch to the digital form of advertisements from the traditional mode adopted by key players has increased the demand for animation in India. Moreover, the development of high-precision IoT networks, increasing usage of smartphones and shifting lifestyles are some major factors that are benefiting the market growth.
Over the years, animation has evolved from hand-drawn cartoons to stop-motion animation and now computer-generated graphics. The animation industry has come a long way since its inception, and it is now a vital part of the entertainment industry.
Education Sector Has Contributed to the Market Growth
India is steadily becoming a hub for animation and visual effects due to its enormous workforce, low production costs and advantages such as excellent English-speaking software engineers and a pool of artistic talent. Animation education has seen remarkable expansion and India will soon be recognized for the creation of new institutions that provide degrees in these fields to eager students. Moreover, educational animations encourage students to explore complicated aspects and foster their creativity. Edtech platforms are quickly filling the many obvious gaps in India’s traditional schooling system by using creative and technological potential. As of March 2023, over 200 EdTech companies are providing professional animation courses, which is expected to grow from here.
3D Animation Dominates the India Animation Market
The segment of 3D animation holds the biggest revenue share of nearly 40% in 2022, and it is expected that this dominance to continue till the year 2030. Animation is about motion, and in order to convey this motion, things must be rendered inert. A crucial component of animation and special effects, 3D modelling produces fully animated digital objects. Indian Animation industry became popular after release of movie “Narnia” whose animation was completely conducted on Indian soil. It triggered the animation industry of India and as of 2022, India is a part of almost all the big budget Hollywood movies including Marvel and DC Studio motion pictures.
Impact of COVID-19 on India Animation Market
During the pandemic, there was a shutdown of theatres due to the lockdown restrictions, which led to an inclination of the population toward OTT platforms which benefitted the India animation market. Additionally, the production discipline for the animation market is similar to that of the IT sector, this made it easier for the companies operating in the animation sector to transform to virtual working, leading to the expansion of the market.
On the other hand, as there are several actors involved in the creation of animated films, several studios were negatively impacted by the delays in outsourced work. Productions of many projects had to be rescheduled, and deliveries got delayed, even cancelled. Some companies in the animation industry experienced immediate financial losses and lost prospects. Furthermore, new project launches have been more challenging, especially when incorporating foreign actors and partners.
Get Full Access: https://www.marketsandata.com/industry-reports/india-animation-market
Report Scope:
“India Animation Market Assessment, Opportunities, and Forecast, FY2016-FY2030F” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current state of affairs of the animation market in India, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecasts (FY2023-FY2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
In the colorful canvas of visual storytelling, the India Animation Market stands as a beacon of creativity and innovation. From captivating narratives to mesmerizing visuals, this blog post explores the current size, market share, and the dynamic growth trends that characterize the thriving world of animation in India.
Download Free Sample Report: https://www.marketsandata.com/industry-reports/india-animation-market/sample-request
Market Size Overview:
The India Animation Market has witnessed exponential growth, currently soaring to a market size of [insert current market size]. This impressive figure reflects the burgeoning demand for animated content across various platforms, from television and films to digital streaming services and advertisements.
Key Growth Drivers:
1. Rise of Digital Platforms:
The advent of digital platforms has significantly contributed to the growth of the animation market. Streaming services and online platforms have become major consumers of animated content, creating a robust market for both short-form and long-form animations.
2. Increasing Demand for VFX:
The demand for high-quality visual effects (VFX) in films, advertisements, and gaming has surged. Animation studios are leveraging advanced technologies to create stunning visual experiences, driving the growth of the VFX segment within the overall animation market.
3. Expanding Gaming Industry:
The gaming industry’s expansion has become a major catalyst for the animation market. As the gaming landscape evolves, the demand for immersive and visually appealing animations within games has created new opportunities for animators and studios.
Market Segmentation:
1. Type of Animation:
The market encompasses various types of animation, including 2D animation, 3D animation, stop-motion, and more. Each type caters to different creative needs and industries, contributing to the diverse and dynamic nature of the animation market.
2. End-Use Industries:
Animation finds applications in diverse industries, from entertainment and advertising to education and healthcare. The market’s growth is influenced by the expanding horizons of animation applications across different sectors.
3. Geographical Reach:
While metropolitan cities remain animation hubs, the industry is expanding its reach to tier-II and tier-III cities. This geographical diversification contributes to both talent pool expansion and market growth.
Regional Dynamics:
While Mumbai and Bangalore continue to be animation hotspots, other regions such as Hyderabad, Pune, and Chennai are emerging as significant contributors to the animation market. Government initiatives, educational institutions, and the growth of local animation studios are propelling regional expansion.
Challenges and Opportunities:
Challenges such as talent retention, competition, and global market dynamics exist. However, these challenges present opportunities for collaboration, skill development, and the creation of unique content that caters to both domestic and international audiences.
Future Outlook:
The future of the India Animation Market looks promising, driven by technological advancements, a growing audience appetite for diverse content, and the industry’s ability to adapt to changing consumer preferences. As animation continues to weave its magic, the possibilities for storytelling and visual experiences are limitless.
Trending Reports:
https://www.marketsandata.com/industry-reports/doppler-ultrasound-market
https://www.marketsandata.com/industry-reports/intraocular-lens-market