India is currently one of the fasted developing countries in the world, with a GDP of close to $3 trillion, up from just over 400 billion in 2000. Within the country, one of the fasted growing industries is the gaming sector, which has seen explosive growth over the past few years. Gaming in India has really taken off lately, as more people have access to smartphones and other technology, allowing them to enjoy the latest games. Aside from being a consumer of video games, India is also creating a reputation for producing high-quality games, and many of the world’s biggest developers have opened up offices within the country.
In 2020, the Indian online gaming industry was valued at just over $1 billion, up from $543 million in 2016. According to the EY-All India Gambling Federation (AIGF) research, the sector is predicted to reach $2 billion in 2023 if it continues on its current rate of growth. Despite the fact that India is the world’s fourth-largest online gaming market, the sector requires a stable regulatory and legal environment to allow it to develop swiftly and reach its full potential.
Why is India’s Gaming Market Growing?
The popularity of gaming in India has increased a lot over the past few years. Many Indians now enjoy playing games, particularly online, and as a result, the gaming market has grown too. All types of games are popular in India, including first-person shooters, online casinos, adventure games and much more. Online casinos are legally available in India, with many Indians signing up to wager real money on a variety of games.
The rise of mobile devices is one of the main reasons for this growth. Today, more than 700 million Indians are connected to the internet through a mobile device, making it the second-largest country in terms of internet users. Mobile phones and cheap mobile data means every Indian can afford to get online.
The overall growth of the country’s economy has also had an impact. As Indians gain better jobs and have more disposable income, they’re more likely to purchase games online. This has caused the market to boom, as more Indians are willing to spend money on gaming than ever before.
Lastly, the country has a young population, with 50% of the total population below the age of 25. Younger generations are more likely to be interested in gaming, which is why the country is now home to close to 400 million gamers.
How Might India’s Gaming Market Continue to Grow?
Industry experts predict that the Indian gaming market will be worth more than $2 billion in 2023, effectively doubling in just two years. This is an ambitious target but based on current growth, it’s certainly not out of the question.
The COVID pandemic has had an impact on the industry, with the lockdown leading to increased engagement on services such as Google Play and the App Store. More people have shifted towards gaming, and India is no different. The country has seen the growth of its own gaming development industry too, with over 400 game developers now based in India. This figure is growing each year, and many larger developers have settled in the country to make the most of available talent.
Over the previous three years, the Indian gaming industry has risen by about 60%, and it shows no indications of slowing down. It has the potential to eclipse Indian box office revenues, which are currently more than double those of the gaming industry.
Photo by Florian Olivo on Unsplash
Note: Newskarnataka advises its readers to be aware of, and to comply with all locally applicable laws and regulations in this regard.
