Report Predicts Indian Gaming Industry Will Reach $7.5 Billion By FY28
India’s gaming market is likely to hit the $7.5 billion valuation mark by FY28 — a CAGR of 20 percent — driven by rising in-app purchases and advertising revenue in casual and mid-core games, a new report said on Thursday.
The revenue of the Indian gaming industry was $3.1 billion in FY23.
Demand for games in India was strong with 15.4 billion game downloads in FY23, marking India as one of the world’s largest gaming markets, according to the State of India Gaming report by gaming and interactive media fund Lumikai in collaboration with Google. .
The country has more than 568 million gamers – more than 50 percent of all internet users in India.
“Indian gaming has been on the rise due to rapid digitization, growth in the number of new players and new paid players, and the diversification of game content consumed. Although funding has slowed down this year, the outlook for the gaming industry is very positive,” says Salone Sehgal, Founding General Partner.
The data also sheds light on India’s global position as one of the leading countries globally in terms of total mobile game downloads. More than 50 percent of all Internet users in India make up the country’s gaming population. According to the report, the number increased by 12 percent during the year 23.
The data also highlighted how the average time spent playing increased by 20 percent, to 10-12 hours per player per week.
About 59 percent of the players are men and 41 percent are women, and 66 percent come from outside the metro. More than 58 percent of users reported making in-app purchases, and 62 percent of users claimed that UPI is their preferred payment method for games, the report said.
