Future Scenario of the Gaming Industry in India : A USD 5 Billion Opportunity
The Digital Gaming India Expo 2023 will bring together the entire eco-system from India and overseas to take the Indian Gaming Industry to the next level. The forum facilitates collaboration amongst gaming companies and showcases institutions working on cutting edge technology, including AR/VR, Blockchain, NFT, Robotics, Digital Gaming, and more.
India's gaming industry has seen a meteoric rise in the past few years. The country skipped a generation of PC and console-based games and went directly to mobile based gaming. Highly disruptive black swan events, like the Covid 19 pandemic, led to limited physical and social interaction. Couple this with penetration of cheap mobile data, and it led to rapid growth in new users, downloads, and app engagement.
The Indian online gaming industry is growing annually at a rate of 30% and is one of the fastest growing segments within the media and entertainment sector. Today, India is the world's largest online gaming market by app downloads. As of May 2022, the country accounted for 19.2% of total worldwide game downloads. There are 400 + Million gamers and 500+ gaming studios in India. As per a KPMG Report, India's online Gaming market is projected to grow by 600-650 Million users by FY 2025 and forecasted to cross USD 5 Billion and creating 12000 plus direct /indirect jobs by 2023.
- Revenue from online gaming grew 28% in 2021 to $1.2 bn and is expected to reach $1.9 bn by 2024.
- India has produced 3 gaming unicorns: Game 24X7, Dream11 and Mobile Premier League.
Key Trends of Gaming Industry in India
Monetization has always been a challenge for any content business in India, and the gaming business too has faced steep challenges. However, lockdowns were the tipping point, and social multiplayer games such as ludo, carrom, and pool gained immense popularity, along with casual games that were previously difficult to monetize. Game publishers have now significantly increased In-App Purchases (IAP) and the integration of games on non-gaming platforms is aggressively underway.
Web 3.0 and the metaverse are considered as the future of gaming. A certain age group is moving from different OTT platforms to games in Web 3.0 or the Metaverse, where they are engaging in a more interactive manner. E-sports and crypto-adoption are the biggest trendsetters among Gen-Z, with both industries exploding globally and in India.
As a result of Blockchain, play-to-earn (P2E) non-fungible token (NFT) games are gaining more traction. The entry of NFTs in the world of gaming not only helps users earn while playing games but also develops in-game assets that can be bought and sold on NFT marketplaces. All these are ushering a new era of gaming concepts with synergy created amongst gaming, finance, and technology.
India's Trending Online Gaming Market
- Features that drive engagement: User friendly platforms with visual and voice aids attract new gamers and drive engagement
- Global gaming hub: A large number of gaming companies have led to an increase in quality games and new users
- Gaming Influencers: Influencer marketing in the e-sports industry is leading to high rates of adoption and engagement
- Increasing investments: investors are actively funding the gaming sector in India, boosting its popularity even further