69% of the gaming audience in India falls under the age of 34: EY’s Shubh Mittal
India today is the world’s second largest gaming market, however, in terms of app downloads India is the world’s largest mobile gaming market. As per Statista, the country recorded 421 million online gamers in the year 2022, an 8% growth over 2021. This number is expected to reach over 442 million by 2023.
Pegged at $3.02 billion in 2023, Mordor Intelligence’s report expects the gaming market size in India to reach $6.26 billion by 2028, at a CAGR of 15.68%. The report states that the growing IT infrastructure, driven by the rising use of smartphones and high-speed Internet, is one of the major factors driving the market growth rate in the country.
Emerging technologies such as Augmented Reality, Artificial Intelligence, wider implementation of 5G, etc., are poised to usher in a new renaissance in the country’s gaming industry.
At the same time, the industry is also facing some challenges – the most pertinent of them being the 28% GST for the gaming industry. There are also legal issues, wherein the courts in some states are banning some formats of money-based gaming and often the demarcation of skill-based and online betting games is blurred.
The third edition of GAMEXX 2023 was held on Friday, September 15, amid such a dynamic scenario and aimed to explore the new frontiers in gaming. In a short period, GAMEXX has come to be a hub where professionals, enthusiasts and industry leaders converge to celebrate the limitless potential of gaming.
The future of gaming is exciting and full of possibilities, driven by emerging technologies, changing player expectations, and evolving market dynamics. These trends and innovations are likely to reshape how we play and experience games in the years to come. To understand these evolving market dynamics, the third edition of GAMEXX 2023 saw a Keynote Address by Shubh Mittal, Director, Ernst & Young.
He emphasised that India remains predominantly a mobile gaming market, with 94% of gaming activities happening on mobile devices. He also highlighted the ease of accessibility and affordability as contributing factors to this mobile gaming dominance.
Mittal went on to mention some key trends that have been observed, such as the imminent arrival of 5G technology, which has the potential to transform the gaming industry by significantly reducing latency and increasing data transfer speeds. This, he believed, would be a catalyst for further growth in the industry.
In summary, Mittal’s keynote address underscored India’s rising prominence in the global gaming landscape, the youth-driven gaming demographic, and the potential impact of 5G technology in further accelerating the growth of the gaming sector.
These are edited excerpts. For the complete keynote address, please watch below: