New Delhi, October 29 (IANS). India’s gaming market size could grow to $9.8 billion by FY29. This figure stood at $3.7 billion in FY24. It is expected to grow at a CAGR of 20 percent. This information was given in a report released on Tuesday.
According to the report of market intelligence firm 1Lattice, growth may be seen in midcore and hardcore gaming segments. It is expected to grow at a CAGR of 47 percent over the next five years. Its market share is expected to be 42 percent in FY29.
Praneet Singhal, director of technology and internet at 1Lattice, says India has strengthened its position in the global gaming landscape. This is providing very good opportunities for growth. The outlook remains positive due to the changing circumstances in the sector.
Singhal further said that we believe there is potential for further expansion in the industry and encourage parties to consider how they can connect with and benefit from this growing market.
The report said that increasing penetration of smartphones and increase in internet coverage are the main reasons for the growth of the gaming sector.
India currently has 950 million active internet and over 820 million smartphone users. Of this, approximately 560 million are gamers, who form a large base of users.
Government initiatives such as the National Center of Excellence (NCoE) in Mumbai are aimed at enhancing innovation and skill development in the sector.
The report further said that institutional initiatives such as the AVGC Task Force and recognition of eSports under the official sports category demonstrate the government’s commitment to gaming.
The support and investment of companies like Nazara Technologies is changing the value chain of the industry.
–IANS
ABS/ABM
