Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Gaming Industry In India Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
This report highlights significant growth trends, and forecasts that project the market will surge from USD 3.02 billion in 2023 to USD 6.26 billion by 2028. This remarkable growth, with a Compound Annual Growth Rate (CAGR) of 15.68%, is attributed to the country's burgeoning young demographic, augmented IT infrastructure, surge in smartphone usage, and high-speed internet connectivity.
The emergence of WEB3 technologies, underpinned by decentralization and virtual worlds, has become increasingly prominent in India’s gaming sector. The landscape is rapidly evolving, with governmental support championing initiatives that align with a vision of 'Digital India'. In response to the advancing trend, a significant focus has been placed on game development and regulatory frameworks within the industry.
Fueled by one of the most affordable mobile data rates globally, India’s gaming audience is expanding, creating an ecosystem ripe for investment and innovation. The surge in mobile gaming has been further propelled by the transition to mobile platforms during the COVID-19 pandemic and the anticipation of 5G networks enhancing mobile gaming experiences.
Rapid Smartphone Adoption Bolsters Growth
The escalation in smartphone penetration is a pivotal driver for the industry—major international publishers are tapping into mobile gaming, and India has outstripped global competitors in mobile game downloads. With mobile manufacturing giants like Samsung shifting significant production to India, the nation's mobile ecosystem is set for further expansion.
Android Games Spearhead Sector Dominance
Low data costs and a surge in smartphone users have set the stage for Android Games to capture a lion’s share of India’s gaming market. With a substantial user base equipped with Android devices and domestic publishers carving a niche in the global landscape, Android’s dominance in Indian mobile gaming is indisputable.
- A significant uptick in downloads asserts India's leadership in global mobile game consumption.
- 5G technology is anticipated to accelerate the prevalence of mobile esports, thanks to its ability to support a higher density of connected devices.
- Changes in market dynamics, like the ban on PUBG, have catalyzed the emergence of indigenous gaming applications.
India Gaming Industry Overview
Recent strategic product launches from global companies like Sony, and updates from Nintendo, augment the industry's product landscape. Moreover, innovation persists with companies like Electronic Arts revitalizing iconic games for current-generation platforms.
This comprehensive analysis of the gaming sector in India provides invaluable insights for stakeholders looking to understand the market dynamics and identify emerging opportunities within this rapidly growing industry. As the gaming market in India hurtles towards a promising future, it reflects a larger global trend of digital entertainment's inexorable rise.
A selection of companies mentioned in this report includes:
- Sony Corporation
- Nintendo
- Electronic Arts Inc.
- Microsoft
- Rolocule Games Private Limited
- SQUARE ENIX HOLDINGS CO. LTD.
- GSN Games, Inc.
- The Walt Disney Company (India) Pvt. Ltd.
- Ubisoft Entertainment SA
- Zynga Game Network India Pvt Ltd. (Zynga Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/atbzu2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
