The gaming market in India, which was valued at $2.6 billion in FY2022, is projected to experience an impressive annual growth rate of 27 per cent, reaching $8.6 billion by 2027. According to a recently released report, this surge in the gaming industry is attributed to various factors, including the widespread adoption of 5G technology, the emergence of cloud gaming, gamification trends, the popularity of esports tournaments, and the increasing use of mobile gaming devices. These findings were shared during the third edition of the 'India Gaming Conclave 2023' at the unveiling of the State of India Gaming report.
India has experienced remarkable growth in its gaming industry in recent years, establishing itself as one of the largest global markets for gaming. Nitin Goel, the Country Manager-India subcontinent at Gameloft, emphasized the uniqueness of the Indian market and expressed confidence that astute players will be able to leave their mark and demonstrate what strategies are effective in this market.
Gaurav Agarwal, Co-Founder of Gamezop, highlighted that game developers have been actively seeking alternative methods of monetization beyond traditional ads and in-game purchases. He mentioned that integrating their products, such as Gamezop, Quizzop, Newszop, and Astrozop, has resulted in longer session lengths of up to 40 per cent and twice as much lifetime value for developers.
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Ninad Chhaya, Senior Vice President at Reliance Games, expressed optimism about the future of the gaming industry, citing technological advancements and the ever-expanding global audience. He stated that the gaming landscape is poised to redefine entertainment, offering immersive experiences, groundbreaking innovations, and endless excitement. Chhaya expressed his enthusiasm for being part of the India Gaming Conclave, recognizing the opportunities it brings for gaming companies and players worldwide.
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With the rapid advancements in technology and the anticipated rollout of 5G networks, India's gaming industry is expected to undergo a significant transformation. The seamless connectivity and low latency offered by 5G will enhance the gaming experience, while cloud gaming will enable players to access high-quality games without the need for expensive hardware. As these developments take hold, the gaming market in India is set to achieve remarkable growth, solidifying its position as a global gaming powerhouse.
Inputs from IANS
