Report Predicts India’s Gaming Market to Reach $8.6 Billion with the Aid of 5G and Cloud Technology by 2027
According to a recent report, the gaming industry in India, valued at $2.6 billion in FY2022, is projected to experience an annual growth rate of 27 percent. By the year 2027, it is anticipated to achieve a market worth of $8.6 billion.
The growth is due to factors such as the increase in 5G technology, cloud gaming, gamification, the popularity of esports tournaments and the use of mobile gaming devices.
According to the State of India Gaming report shared during the third edition of the India Gaming Conclave 2023, India’s gaming industry has grown significantly in recent years, making it one of the largest gaming markets in the world.
Industry experts expect that this market will require unique solutions tailored to its specific needs. Companies that understand the Indian gaming market have the opportunity to make a significant impact and showcase their expertise.
“It is a unique market that needs its own solutions. I’m sure the smarter players will be able to make a clear mark and show the world what makes the right game for this market,” said Nitin Goel, India Country Manager, Gameloft.
Some game developers in the country are exploring alternative ways to generate revenue beyond traditional advertising and in-game purchases. For example, the integration of products like Gamezop, Quizzop, Newszop, and Astrozop has reportedly led to longer gaming sessions and increased the lifespan of these developers.
Ninad Chhaya, Senior Vice President, Reliance Games, talks about the advancement of technology and the ever-growing global audience, and the future promises an exciting journey for gaming companies and gamers worldwide.
“From immersive experiences to ground-breaking innovations, Pelimaailma is set to redefine entertainment by offering endless excitement and opening up new worlds of imagination. I am delighted to be a part of the India Gaming Conclave,” Chhaya added.
(Courtesy of IANS)
