The Gaming Industry in India Has Grown Rapidly Over the Last Decade, Predominantly on the Back of Increasing Smartphone and Internet Penetration Coupled With Rising Income Levels of Consumers in the Country. Valued at $543.08 Million in 2016, the Indian Gaming Industry Is Expected to Reach $801 Million by 2022.
Gaming did not gain a strong foothold in India in the past due to its low social acceptance as well as lack of access to PCs and gaming consoles in the country. However, India’s economic growth has resulted in a scenario that is embracing entertainment and digital content, driven by growing penetration of internet and smartphones.
According to a report which was released recently in New Delhi, the Indian gaming industry was valued at $543.08 million in 2016 and is projected to grow at a CAGR of 6.61 percent, in value terms, over the next five years, and expected to reach $801 million by 2022. The CII-TechSci research report entitled, ‘Emerging Trends in India Gaming Industry’ said, in 2016, the country accounted for a share of 0.55 percent of the global gaming industry and this is anticipated to grow significantly over the next five years, on account of macroeconomic factors such as improving demographics, rising disposable income, changing gaming preferences of the consumers, etc.
Moreover, increasing focus of gaming companies towards augmented reality (AR) and Virtual reality (Vr) related games in the country is expected to boost India’s gaming market in the coming five years.
Rajan Navani, Chairman, CII Steering committee on India Gaming Show, said, “With more than 70 million gamers spread across the mobile, console and PC platforms, the Indian gaming market has caught the attention of several international gaming peripheral manufacturers and service providers. Owing to the existence of significant cost competitiveness, game developers are shifting their focus to India for outsourcing their key working components.”
Market expansion
This story is from the March 2017 edition of My Mobile.
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This story is from the March 2017 edition of My Mobile.
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