New Delhi
India’s gaming market is on track to expand from $3.7 billion in FY24 to a projected $9.8 billion by FY29, growing at an impressive annual rate of about 20%, according to a recent 1Lattice report.
This tech-enabled market intelligence firm highlights mid-core and hardcore gaming as major drivers in this growth. Expected to grow at a 47% annual rate over the next five years, these segments are forecasted to make up 42% of the market by FY29.
‘With India emerging strongly in the global gaming sector, the opportunities are vast,’ noted Praneet Singhal, Director of Technology and Internet at 1Lattice. He emphasized the sector’s potential, encouraging stakeholders to explore ways to tap into this expanding market.
The report identifies key growth factors such as increased smartphone adoption, wider internet access, and a young, tech-savvy population. With over 950 million internet users, 820 million smartphone users, and around 560 million gamers, India has a substantial consumer base.
Government initiatives, like the National Centre of Excellence in Mumbai, along with programs from the AVGC Task Force and official recognition of Esports, reflect strong support for the sector. Such backing, along with investments from firms like Nazara Technologies, is transforming India’s gaming industry.
The report encourages stakeholders to seize the moment, leveraging innovation and partnerships to capture opportunities within this rapidly evolving market on the global stage.
