Over the past few years, the gaming sector in India has been expanding steadily. The Indian gaming market was said to be valued at approximately $1.5 billion in 2020 and to increase at a CAGR of 27% to reach $3.7 billion by 2024, according to a report by KPMG India. Mobile gaming, PC/console gaming, and online gaming are the three primary divisions of the Indian gaming market. The highest market share belongs to mobile gaming, which makes up over 85% of the overall gaming business in India. This is because a lot more individuals now have access to mobile gaming in the nation because of the increasing use of smartphones.
Revenue from mobile gaming was estimated to be $1.2 billion in 2020 and is projected to increase to $3 billion by 2024. India is home to an estimated 500 million smartphone users, which is what is driving this rise. Additionally, it is now simpler for users to access and play mobile games because of the availability of inexpensive cell phones and inexpensive data plans. With over 13% of the market, the PC/console gaming segment is the second-largest Indian gaming market. Games played on computers, gaming consoles, and portable devices like the Nintendo Switch are included in this section. The PC/console gaming market had revenues of about $200 million in 2020 and is projected to grow to $450 million by 2024.
The smallest segment is internet gaming, which makes up about 2% of India's overall gaming business. Online casino games, fantasy sports, and multiplayer games are all included in this category of games. The online gaming market had revenues of about $35 million in 2020 and is projected to grow to $220 million by 2024. The expanding use of the internet is one of the main factors boosting the gaming market in India. With almost 600 million internet users, India has the second-largest global internet user population. As a result, it has become simpler for both game makers and players to reach a larger audience and access a greater variety of games.
The expansion of esports is another element boosting India's gaming market. In organized tournaments, participants compete against one another in competitive video gaming, or "esports." Major competitions are being hosted all around India as esports grow in popularity there. The rise of esports has not only increased the popularity of gaming but has also created new opportunities for game developers and publishers.
The gaming industry in India is also benefiting from the increasing focus on local content. Indian gamers have traditionally been drawn to international games, but there is a growing demand for games that are based on Indian themes and culture. Game developers are responding to this demand by creating games that are specifically designed for the Indian market.
In conclusion, the Indian gaming sector is expanding quickly and has enormous potential. The industry is expanding as a result of the rising popularity of smartphones, esports, and the emphasis on local content. It has the potential to grow to be the most prominent and active gaming sector in the world with the appropriate amount of investment and assistance.
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