The Indian gaming market was estimated to be valued at USD 1.89 billion in 2020, and it is expected to reach USD 4.01 billion by 2026, registering a CAGR of 16.22% over the forecast period 2021 – 2026. With one of the world’s largest youth populations, India is expected to become one of the world’s leading market destinations in the gaming industry. The growth in the country is driven by the growing younger population, higher disposable incomes, the introduction of new gaming genres, and the rapidly increasing number of smartphone and tablet users.
This has resulted in the country ranking fifth among the world’s top mobile gaming markets, with over 220 million gamers spending an average of 42 minutes per day on mobile games. By 2020, NASSCOM data estimated that the Indian mobile gaming market would reach 628 million users.
A key shift in India that the gaming industry is witnessing is that now there is a lot more focus on game development. In the past 2-3 years, more than 200 game development companies have come up, creating their own intellectual properties (IPs) in games. The COVID-19 pandemic, which has resulted in lockdowns, has accelerated online gaming in India. Time spent on games increased dramatically as virtual zones became avenues to socialize, connect, and compete.
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New gaming ventures are also entering the Indian market. For instance, Paytm First Games, the gaming arm of the digital payment’s platform Paytm, started in 2019 and witnessed a 200% increase in its user base during the lockdown. Paytm First Games provides around 300 games, including Fantasy Cricket, Teen Patti, and Rummy. Another start-up, Gameberry Lab, has witnessed significant growth in daily installations and user engagement.
Game developers are also continuously striving to enhance the gamer’s experience, and launching new games for diverse console/platforms, such as PlayStation, Xbox, and Windows PC, which are provided to the gamers through these devices.
The cloud gaming is an emerging technology across the gaming industry, which allows the user to stream high-end games across hand-held devices, such as laptops, tablets, and mobiles, with fast network connectivity, thereby, eliminating the requirement for regular hardware upgrade or a gaming console/PC/laptop. Such key factors are expected to have a positive impact on the market’s growth.
The COVID-19 pandemic is forcing enterprises to move away from desktops to laptops. As per a senior manager of Client Solutions Group, Dell Technologies, India, this shift in adopting desktop computing to notebook PC is more apparent in specific verticals, and more service-oriented and public sector organizations.
Key Market Trends
Rapid Increase in Smartphone is expected to drive the market
The smartphone penetration in India has increased in the last couple of years owing to the rising penetration of the internet, initiatives taken by the government, and smartphone stakeholders. According to a Cisco report, smartphones will be used by 55% of the total population by 2023, which is growing from 610.9 million in 2018 at a CAGR of 5%. The forecast described that India would be stood at 2.1 billion connected devices by 2023, which was 1.5 billion in 2018.
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