Indian gaming market revenue may double to $6 billion by 2028: Report

India is the fastest growing mobile gaming market and the annual revenue of the overall Indian gaming industry is expected to almost double to USD 6 billion by 2028 from USD 3.1 billion in 2023, a joint report by Interactive Entertainment and Innovation Council and online gaming firm Winzo said on Wednesday.

The India Gaming Report 2024 based on Interactive Entertainment and Innovation Council (IEIC) analysis and secondary data, projects paying gamers to reach 240 million by 2028 from 144 million paid users for games in 2023.

"The Indian gaming industry comprises over 1400 gaming companies, including 500 gaming studios. The annual revenue for gaming is projected to reach USD 6 billion by 2028," the report said.

According to the report, the number of professional players will grow by 2.5 times over the next five years from 500 in 2023 on the back of recognition by the government of esports and various state government-led initiatives to develop talent around esports.

"In just four years, from 2019 to 2023, game downloads in India soared from 5.65 billion to a staggering 9.5 billion. This growth propelled India's share of global game downloads to a substantial 16 per cent in 2023, followed by Brazil and the US with 4.5 billion (7.6 per cent market share) and 4.4 billion (7.4 per cent market share) downloads, respectively," the report said.

The report estimates India has a consumer base of around 568 million gamers and is home to approximately 15,000 game developers and programmers. Approximately 40 per cent of the gaming populace in India comprises women whereas three years ago only one in five gamers in India were women.
 

"Mobile gaming contributes to 90 per cent of the gaming market in India as compared to around 37 per cent and about 62 per cent in the US and China, respectively," the report said.

Among the gaming community, nearly 50 per cent fall within the age bracket of 18 to 30 years. The segment exhibits a proclivity for mid-core and hardcore gaming genres, particularly those characterized by fast-paced gameplay such as shooting games, the report said.

Conversely, about 30 per cent of Indian gamers averaged between 31 and 45 years, and their gaming preferences lean towards strategy games, according to the report.

Growth in smartphones to over 820 million driven by affordability, increase in phone memory by 3-4 times in the past five years, low priced data are going to be key growth drivers for the Indian gaming industry.

The report projects that India's online gaming industry will add 2.5 lakh more jobs in the next 10 years which at present is estimated to employ 1 lakh skilled gaming professionals directly and indirectly.

"On average, game development costs in India can be up to 50-60 per cent lower than those in Western countries, making it an exceptionally attractive outsourcing destination," the report said.

The Indian gaming sector is presently witnessing a surge in demand for talent, with job openings ranging from 50,000 to 60,000 across various roles, including developers, programmers, testers, artists, and customer support, the report said.