According to a joint report by the Interactive Entertainment and Innovation Council (IEIC) and online gaming firm Winzo, India is the fastest-growing mobile gaming market in the world.
The report, titled "The India Gaming Report 2024," projects that the annual revenue of the overall Indian gaming industry is expected to almost double from $3.1 billion in 2023 to $6 billion by 2028.
The report also reveals that the number of paying gamers in India is expected to reach 240 million by 2028, up from 144 million in 2023.
This growth can be attributed to the increasing popularity of mobile gaming, driven by factors such as the proliferation of affordable smartphones, improved internet connectivity, and the rise of mid-core and hardcore gaming genres.
Composition of the Indian Gaming Industry
The Indian gaming industry is composed of over 1,400 gaming companies, including 500 gaming studios.
The report highlights that the industry is witnessing a surge in demand for talent, with job openings ranging from 50,000 to 60,000 across various roles, including developers, programmers, testers, artists, and customer support.
Notably, the report also states that the cost of game development in India can be up to 50-60% lower than in Western countries, making India an attractive outsourcing destination for game development.
Mobile Gaming: The Dominant Force
Mobile gaming accounts for a staggering 90% of the gaming market in India, far exceeding the shares in the US (37%) and China (62%).
This trend is largely attributed to the rapid growth in smartphone ownership and the availability of affordable, high-performance devices.
Esports: The Rising Star of the Industry
The report also sheds light on the growth of esports in India.
According to the report, the number of professional players is expected to grow by 2.5 times over the next five years, from 500 in 2023, driven by the government's recognition of esports and various state-led initiatives to develop talent in this field.
Gender Composition of Indian Gamers
The report sheds light on the changing gender dynamics within the Indian gaming community.
While three years ago, only one in five gamers in India were women, the report now reveals that approximately 40% of the gaming populace in India comprises women.
This shift towards a more gender-balanced gaming community aligns with the global trend, where female gamers are increasingly becoming a significant part of the gaming ecosystem.
What are the Preferences of Indian Gamers?
The report dives into the gaming preferences of the Indian audience.
It highlights that the masses can be broadly categorized into two age groups:
18 to 30 years: This segment exhibits a strong preference for mid-core and hardcore gaming genres, particularly those characterized by fast-paced gameplay such as shooting games.
31 to 45 years: This segment tends to lean towards strategy games, reflecting a more mature gaming preference.
What are the Key Growth Drivers for the Indian Gaming Industry?
The report identifies several key factors that are driving the growth of the Indian gaming industry:
Smartphone penetration: The growth in smartphones to over 820 million, driven by affordability and increased phone memory, is a significant driver for the industry.
Affordable data: The availability of low-priced data has made mobile gaming more accessible to a wider audience.
Government initiatives: The report highlights the recognition of esports by the government and various state government-led initiatives (Bihar, UP, Gujrat) to develop talent around esports.
Conclusion
Currently global gaming market stands at nearly $200 Billion meaning India has only 1 to 2% of the share in this rising industry.
But the India Gaming Report 2024 paints a promising picture of the Indian gaming industry's future.
With its rapid growth, evolving gender dynamics, and diverse gaming preferences, the industry presents ample opportunities for both domestic and international players.
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