Gaming might mean fun, frolic and leisure to most but to some it’s real serious business.
The gaming industry in India was valued to over INR 21 Billion and there is huge future potential with a year to year growth rate of over 20%. With rapidly evolving consumer tastes along with rise in disposable incomes among the Indian consumers, leisure gaming activities have become good business. The increasing amount of Smartphone penetration in India has led to a whopping INR 10 Billion mobile gaming market. The exponential growth rate of 34% witnessed by this segment is driving the overall growth of the gaming industry in India.
So what transformed Gaming into a billion dollar, cash rich phenomena ?
Assisting industry trends are for all to see. Falling prices of smartphones and availability of a plethora of entry-to-mid segment tablets have fuelled the growth of mobile gaming. The ‘freemium’ model of gaming apps has worked well in India. With more and more consumers and rise in gaming complexity, mobile game development companies in India are attracting a lot of demand. High turnover and profits are making this a very profitable sector to grow and develop within and many companies are branching out into this specifically. Rise in disposable incomes and regular launches of state-of-the-art gaming consoles has let to changes in the gaming industry as well.
The digital medium, including app stores, has given great impetus to mobile game development. E-commerce has also boosted sales by creating a ready base for gamers. A pleasant trend is that of the government and the industry making efforts to promote gaming as a sport. The Indian Olympic Association is recognizing Indian ‘e-sports’ professionals and sponsoring their trips to international championships. India now has its own gaming professional, Santanu Basu, who represents the country at major events.
The future outlook of this industry is very bright. It is expected to grow rapidly over the next five years at 15% CAGR to about 43 billion by 2018. However the size of the Indian gaming industry is not even a tenth of China’s so in Robert Frost’s words, miles to go before this industry sleeps. Exciting times ahead for it indeed!
Source: PwC reports
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