The gaming market in India, which was worth $2.6 billion in FY2022, is predicted to grow by 27 percent each year. By 2027, it is expected to reach a value of $8.6 billion, according to a new report.
This growth is attributed to factors like the increasing use of 5G technology, Cloud gaming, gamification, the popularity of esports tournaments, and the use of mobile gaming devices.
As per the State of India Gaming report shared during the third edition of the ‘India Gaming Conclave 2023, India’s gaming industry has experienced significant growth in recent years, making it one of the largest global gaming markets.
Industry experts expect that this market requires unique solutions tailored to its specific needs. Companies that understand the Indian gaming market have the opportunity to make a significant impact and showcase their expertise.
“It’s a unique market, which needs solutions of its own. I am sure smarter players will be able to make a distinct mark and show to the world, what makes a right play for this market,” said Nitin Goel, Country Manager-India subcontinent, Gameloft.
Some game developers in the country are exploring alternative methods of generating revenue beyond traditional advertising and in-game purchases. For example, integrating products like Gamezop, Quizzop, Newszop, and Astrozop has reportedly resulted in longer gaming sessions and increased lifetime value for these developers.
According to Ninad Chhaya, Senior Vice President, Reliance Games, with advancements in technology and an ever-expanding global audience, the future promises a thrilling journey for gaming companies as well as gamers worldwide.
“From immersive experiences to ground-breaking innovations, the gaming landscape is set to redefine entertainment, providing endless excitement and unlocking new realms of imagination. I am glad to be a part of the India Gaming Conclave,” Chhaya added.
(With IANS inputs)