Press release
India's online gaming market to reach INR16,428 crore in FY23; to enable 250,000 jobs in India by 2025: EY Report
The sector has grown at a CAGR of 28%, reaching INR16,428 crore in FY23.It is expected to attract investments worth INR22,931 crore between FY20 and FY24 YTD from both domestic and foreign sources.
India's online gaming sector likely to reach INR33,243 crore by FY28.
New Delhi, 7 December 2023: Over the past three years, the online gaming industry has grown at a CAGR of 28%, reaching INR16,428 crore in FY23 and is likely to reach INR33,243 crore by FY28, as per the latest EY report, titled 'New frontiers - Navigating the evolving landscape for online gaming in India.' This boost is largely attributed to factors like widespread smartphone penetration, improved internet connectivity, a growing youth population, and the development of local gaming content.
Additionally, the pandemic played a significant role in driving up mobile game downloads as people sought digital entertainment. India continues to be a 'mobile first' market, with 94% of its gamer base engaging in mobile gaming. Despite the rapid increase in game consumption, India's online gaming revenue is still merely 1.1% of global online gaming revenue.
As per the EY report, attracting significant investments, the sector is expected to draw INR22,931 crore between FY20 and FY24 YTD from both domestic and foreign sources. Currently employing around one lakh people, the sector shows potential to expand job opportunities to 2,50,000 by 2025.
Raghav Anand, Partner, EY Parthenon said, "India's online gaming segment is experiencing remarkable growth, indicating substantial economic potential. With a robust gaming community consisting of 42.5 crore gamers-second globally after China-the sector has potential to accelerate Foreign Direct Investment inflows, job creation, and investments across various sectors. For the segment to truly thrive, a stable regulatory and legal framework is imperative. Uncertainties can impede the realization of its full potential and hinder rapid scalability."
Guidelines by the Ministry of Electronics and Information Technology have been instrumental in removing ambiguity, bolstering investor sentiment, attracting funding, and encouraging innovations in India's digital economy, while prioritising user safety.
As online gaming continues to catalyse ancillary sectors like fintech, cloud services, data analytics, and cybersecurity, India takes a significant leap in its digital economy landscape. The growth of this segment poses an enabling environment for future investments and potential economic development.
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