Explained: How India is emerging as a gaming hub?

The 2022 India Gaming Report suggests that the industry is growing at an unprecedented rate. According to the report, there is increased user engagement and booming investments in the country’s gaming industry.

This growth is not unique to India only. Other regions around the globe has also reported massive growth in their gaming industries. This can be attributed to the increased popularity of online games and online casinos. There are many online casino options that you might need a review like this https://www.gambleonline.co/en-ca/casino/ to help you make the right choice. In the meantime here are the key takeaways from the Indian gaming market:

Highlights of the Indian Gaming Market

  • Industry experts suggest that India’s gaming market will grow at a 27% Compounded Annual Growth Rate (CAGR) by 2027. This means that the market will grow from the 2022’s 2.6 billion USD in 2022 to 8.6 billion USD by 2027.
  • Reports also indicate that revenue source will move from real money games to in-app purchases. Currently, the in-app purchases category is growing at 34% CAGR.
  • India had more than 50.7 core gamers in FY 2022 of which 12 crores (one-fourth) were paying users. In the last 12 months the number of gamers rose by more than 5.7 crore (about 12 percent).
  • In 2022, mid-core games which require skills, time and effort were reported as the fastest-growing gaming category. The sector recorded a 32% growth and grossing combined revenues of 550 million USD.
  • In 2022, India was reported as the largest consumer of mobile games in terms of downloads. At the moment, the Indian market is considered to be three times the size of the US market and two and a half times the size of China’s market. The total downloads grew from 6.5 billion in 2020 to 15 billion in 2022.
  • The reports also revealed that Indian gaming companies raised their revenues by around 380% since 2019. Most of the investments came since 2020 which coincides with the Covid-19 time.
  • The reports state that Web3, the internet’s new iteration which includes concepts such as metaverse, VR, AR and decentralization has become an increasingly popular technology in Indian games.

India is Poised to Become a Global Gaming Hub

India boasts about 420 million dynamic online gamers. According to the following report https://www.statista.com/statistics/1118568/india-share-of-online-gamers-by-age/#:~:text=As%20per%20the%20results%20of,in%20the%20surveyed%20time%20period, written by Statista, it also has nearly 500 million native population aged 15-35. These attributes mean that India has what it takes to be the fastest developing business sector.

Industry experts converged at the new India Gaming Conclave (IGO 2022) to deliberate on the future of gaming in the country. Forbes Tech Council’s recent article, https://www.forbes.com/sites/forbestechcouncil/2022/12/14/how-private-5g-adoption-and-connectivity-are-paving-the-way-for-digital-transformation/?sh=3bb5abf4fe5c, is highlighting how the adoption of private 5G networks can provide faster and more secure connectivity to support innovations in industries like gaming.. The experts and stakeholders also developed a vision 2022 and beyond that considers homegrown and global trends.

Center of Excellence for Online Gaming

India’s Minister of State (MoS) for Electronics and Information Technology Rajeev Chandrasekhar announce in January that India will set up a Center of Excellence. The project will be implemented through the Software Technology Parks of India. India wants to use the CoE to catalyse startups and entrepreneurs from the North East region to help establish the next generation of online gaming ecosystem.

Bottom Line

India’s youthful population, government initiatives and friendly regulation will help the country position itself as a gaming hub globally. If the current upward trend continues, India’s gaming market could be the biggest globally.

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