The Indian gaming industry is currently valued at $1.8 billion, which while dwarfed by various other nations, continues to grow rapidly. This rapid growth is facilitated by mobile-first games according to Boston Consulting Group and Sequoia. Also Read - India's first virtual science lab launched for students: Here's what the govt wants to acheive with it
According to the report, the Indian gaming market grew at a compound annual growth rate (CAGR) of 38 percent in 2019-2020 and 37 percent in the previous fiscal. It states that currently, over 300 million people play mobile games in the country. Taking a look at the numbers, we can say that the gaming industry is growing faster than social media in India, as the country’s social media market grew by 11 percent in 2019-20 and 26 percent the previous fiscal. Also Read - Google Search to provide free practice sets on Maths, Physics, Chemistry for Indian students
The size of the Indian mobile gaming industry is estimated at $1.5 billion, which is around 86 percent of the total gaming market. Comparatively, the Chinese mobile gaming market only comprises 59 percent of its total gaming market and the US mobile gaming market only stands at 28 percent. Also Read - India vs Pakistan ICC T20 World Cup 2021 match today: How to watch online for free
The report further states that the Indian mobile gaming revenues are expected to shoot up to at least $5 billion by 2025.
The Indian gaming industry has seen a major push in recent years thanks to smartphones, increased internet access, popular titles, influencers, and the global pandemic. The report highlights how the Indian market is emerging as both an investment opportunity and a talent hub for the world. Moreover, the industry is seeing major interest from investors with gaming startups raising $549 billion in the first quarter of 2021. To put this in perspective, gaming startups only raised $412 billion in 2020, and just $34 million in 2016.
Even though investors are showing huge interest, the Indian gaming market currently remains small, comprising just 1 percent of the global market. On the other hand, The US gaming market is worth more than $40 billion or 23 percent of the global market, and China is worth more than $45 billion (26 percent).
While Indian mobile gaming already comprises 86 percent of India’s gaming market, the report states that there is still plenty of room to grow.