How In the past few years, India’s nascent online gaming industry witnessed an unprecedented rise, catapulting it to the top five mobile gaming markets in the world. Registering a growth rate of 38%, online gaming is the next sunrise industry. Currently, there are more than 400 gaming companies in India, and it is home to 420 million online gamers, second only to China, according to an analysis by KPMG.
Trends in the online gaming industry while experts estimate a steep growth in the sector. Presently, India is expected to become one of the world’s leading markets in the gaming industry. Growing steadily for the last five years, it is expected to treble in value and reach $3.9 billion by 2025, states the KPMG report. The total number of online gamers grew 8% from 360 million in 2020 to 390 million in 2021. The number of gamers is expected to cross 450 million by 2023, showed data from a report by EY
Assigning a nodal ministry, laying down clear definitions and compliance norms on KYC, data management and taxation can really help India emerge as a leader in the online gaming industry
The headway in gaming industry is due to the growing younger population, higher disposable incomes, introduction of new gaming genres, increasing number of smartphone and tablet users and high internet penetration rate.
The Covid-19 pandemic-induced lockdowns in 2020 saw a spurt in the growth of online gaming in India. By September 2020, there were nearly 17% of worldwide, with 7.3 billion installed games in September 2020. It was the highest in the world.
Novel gaming genres that are not only visually appealing but also more interactive will have a positive impact on market growth.
However, the opportunities present bright prospects for the country’s $930 million industry. The domestic gaming industry is predicted to create 10,000–12,000 direct and indirect jobs by 2023.
Challenges apart, the Indian gaming industry is moving northwards and is forecasted to cross $5 billion by 2025.
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