New Delhi: Indian gaming industry is growing at a healthy pace, predominantly on the back of increasing smartphone and internet penetration and rising income levels of consumers across the country, said a report jointly prepared by lobby group Confederation of Indian Industry (CII) and market research firm TechSci Research.
The report entitled Emerging Trends in India Gaming Industry said that Indian gaming industry is expected to touch $801 million by 2022 from $543.08 million in 2016, growing at a compound annual growth rate of 6.61%.
“Over the last decade, Indian gaming market witnessed significant growth and crossed $540 million in 2016. Evolving gaming consumers landscape along with increasing adoption of advanced gaming technologies are major characteristics of the gaming industry in the country," the report said.
The report is based on the interactions of TechSci research with executives from top 20 gaming companies of India.
According to the report, gaming has not been able to attain strong foothold in the country in the past “due to its low social acceptance as well as lack of access to personal computers and gaming consoles in the country."
In 2016, India accounted for 0.55% of the global gaming industry.
This number, however, is anticipated to grow significantly over the next five years. The gaming landscape in India, the report said, has evolved over the last decade with the adoption of advanced gaming technologies.Increasing focus of gaming companies towards augmented reality (AR) and virtual reality (VR) games across the country is further expected to boost the market in the next five years.
Rajan Navani, chairman, CII steering committee on India gaming show, said, “With more than 70 million gamers spread across the mobile, console and PC (personal computer) platforms, the Indian gaming market has caught the attention of several international gaming peripheral manufacturers and service providers. Owing to the existence of significant cost competitiveness, game developers are shifting their focus to India for outsourcing their key working components."
Moreover, with the emergence and growing adoption of 3G/4G network mobile services with an increased production of games will further give a push to the industry which in turn will offer new opportunities for developers, publishers and technology experts, the report said.