Big Bang growth of India's gaming industry
Jun 07, 2022
New Delhi [India] June 7 (ANI/Mediawire): Growing younger population, higher disposable income, inexpensive internet data, the introduction of new gaming genres, and increasing number of smartphone and tablet users are some of the reasons for the boom in the sector.
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 per cent, 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 are encouraging 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 USD 3.9 billion by 2025, states the KPMG report. The total number of online gamers grew 8 per cent 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 and FICCI.
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," said Manish Agarwal, CEO, Nazara Technologies Ltd.
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 per cent of worldwide downloads 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 USD 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 USD 5 billion by 2025.
This story is provided by Mediawire. ANI will not be responsible in any way for the content of this article. (ANI/Mediawire)
