Gaming Industry in India
The Indian gaming industry is on the rise. You will be surprised to know that gaming is one of the fastest-growing industries in India. The gaming industry has generated $1.5billion as net revenue from 2019 to 20 and the growth is expected to exceed $5 billion by 2025. The flourishing gaming industry has led to a change in the overall gaming culture. Due to the massive popularity of online gaming, Indian players love playing online casinos in India and earn handsome rewards. Online games like Poker, Slots, and Rummy have become extremely popular among the youth.
The revenue from the online gambling industry in India is expected to reach 250 billion INR within 10 years. A report by Statista suggests that the Indian gaming sector’s market value was more than 90 billion INR in the 2020 financial year. This study also states that the market value will reach 143 billion INR by 2022.
Factors Driving the Growth of Gaming in India
India’s gaming industry overtook the US in terms of the user base, which has exceeded 300 billion. The rise of mobile phones has led to an increase in phone-based gaming. India has seen a 22% rise in mobile games adoption in 2021. The reason behind this is the affordability of the internet and smartphones.
Virtual entertainment might be one of the primary reasons behind the growth of the gaming industry in India. But there are many other growth drivers. Let’s take a quick look at the top driving factors.
- Increase in Smartphone Usage
There are over 50 million smartphone users in India and smartphone penetration stands at 36.7%. In the early half of 2021, smartphone shipment in India increased by 23% a year to more than 38 million devices. New gaming-friendly handsets have been introduced into the market and this has increased the usage of smartphones. These handsets come with smart processing capabilities.
- Young Demographics of India
At present, 46% of the Indians are under the age of 25 years, while 67% of the population belongs to the working class. The primary reason behind the growth of the demographic is the gaming industry. KPMG conducted a survey that showed 75-80% of the respondents belonging to the group of 18 to 24 years and 25 to 35 years play games at least once a week. The engagement rate has been higher in people between 37 years and 50 years, with almost 50% playing games at least four times a week.
- The Advent of New-Age Technologies
Technology advancements, such as VR, AR, and 3D designs have also led to the growth of the gaming industry in India. Online games are being improved continuously and are being used extensively to gain insight into consumer engagement. Technological advancements are enabling players to find things to be more realistic.
Game developers are using AR for revamping how you play games from your smartphones. It adds some real-time effects, such as the graphics you see or the sound you hear can essentially transform the overall game experience. Hence, new creations are making big leaps forward. Innovations, like 3D scanning technology, can replicate your feelings and expressions.
- Affordable Internet
With time, the internet has become quite cheap in India. Thus, it has led more and more people to depend on the internet. Almost 46% of the country has access to the internet. In India, the average mobile data usage is 14.6GB, which is much higher in comparison to the US's 11GB.
- Newly Emergingng Game Developers
At present, there are more than 900 game start-ups in India. The top players in the industry have their headquarters in Mumbai. A few of the best gaming companies are Halaplay, Dream11, and Nazara Technologies.
India’s game industry is expected to be on a high growth trajectory with fast-paced transformation and digitalization. The growing gaming industry is expected to create more direct and indirect jobs by 2023. There are more than 400 gaming companies in India, at present, and more are expected to join the industry soon.