On looking at the promising returns on the Indian gaming industry, in the last fiscal year, venture capital funds invested $438 million in Indian gaming startups since April 2020
By Rahul Bhatia
The Indian gaming industry has grown to become one of the world’s largest e-gaming markets due to the fast and affordable connectivity of the internet and smartphones. By 2022, India is expected to have 510 million online gamers, up from 365 million in 2020. According to a Deloitte study, the nationwide lockdown imposed by covid-19 propelled the gaming industry and content consumption database to new heights. According to the same study, time spent on online gaming increased by 21% during the initial lockdown.
With the Make in India initiative by the government, India has more than 400 gaming startups and over 90 game development centre’s in India. With an innovative approach, these technologically savvy startups are creating job opportunities for the youth. Many institutes across the country are now providing technical courses to become game developers and designers, in response to the opportunities in the Indian gaming industry.
Indian mobile gaming market increased at a compound annual growth rate of 21% from 2014 to 2020 and is expected to cross the 41% mark each year post-2020. By 2024, the investors can expect a 10-year growth forecast as the Indian gaming industry is projected at $3.8 billion, making India the largest online gaming industry in the world.
The stats indicate the scope of opportunities the Indian gaming market is catering to the consumers and investors alike. On looking at the promising returns on the Indian gaming industry, in the last fiscal year, venture capital funds invested $438 million in Indian gaming startups since April 2020.
With the statistics presented, the vast avenue for India to become a world leader in gaming is very evident. It is past time for the Indian government to accept e-sports as a traditional sport, encourage them, and invest in gaming infrastructure growth in order to improve India’s chances of becoming a global leader in the online gaming industry.
The author is co-founder of RVOnline. Views expressed are personal.