India's Gaming Market Set to Skyrocket: Projected to Reach USD 8.92 Billion by 2030

◆India's Gaming Market Poised for Exponential Growth

The Indian gaming industry is experiencing unprecedented expansion, driven by widespread smartphone adoption, affordable internet access, and a tech-savvy youth demographic. According to Maximize Market Research, the Indian gaming market was valued at USD 1.54 billion in 2023 and is projected to reach nearly USD 8.92 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 28.5% from 2024 to 2030.

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◆ India Gaming Market Competitive Landscape

The Indian gaming ecosystem is vibrant and diverse, featuring a mix of domestic and international players. Notable companies shaping the market include Dream11, Nazara Technologies, Mobile Premier League (MPL), Hyperlink InfoSystem, Sony Corporation, Unanimous Studios, Nintendo, Scientific Games, Microsoft Corporation, Griptonite Games, and HData Systems. These firms are leveraging technological advancements and strategic partnerships to cater to the diverse preferences of Indian gamers.

India Gaming Market Regional Demand
The western region of India, particularly Mumbai, stands out as a significant contributor to the gaming market. With a population exceeding 20 million and high smartphone penetration, cities like Mumbai are experiencing increased engagement with gaming platforms. Additionally, states such as Maharashtra and Gujarat are witnessing growth in small and medium-sized enterprises, further propelling the gaming industry's development in these areas.

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◆Country-Specific Insights

Vietnam: Emerging Opportunities in the Gaming Sector

Vietnam's gaming market is on a growth trajectory, driven by increasing smartphone usage and internet penetration. According to IMARC Group, the market is projected to grow at a CAGR of 9.60% from 2024 to 2032. In a strategic move, Ampverse, a Southeast Asian esports firm, acquired a controlling stake in Vietnamese esports organization SBTC Esports, aiming to strengthen its presence in the region.

Thailand: Trends in Gaming Industry Consolidation

Thailand's gaming industry is witnessing significant consolidation. Gamescom Asia and Thailand Game Show have merged to form Gamescom Asia x Thailand Game Show, set to debut in October. This partnership is poised to create a premier gaming event in the region, reflecting the growing significance of Thailand's gaming market.

Japan: Growth through Strategic Acquisitions

In Japan, game developer Virtuos plans to acquire a Japanese studio to expand its presence in the world's third-largest video game market. This move underscores the strategic importance of Japan's gaming industry and highlights the trend of international companies investing in the region.

South Korea: Opportunities in Intellectual Property Acquisition

South Korean game companies are focusing on acquiring intellectual property by investing in or acquiring development studios to diversify their portfolios. This strategy aims to navigate market downturns and position these companies for future growth.

Singapore: Trends in Gaming Industry Expansion

GCL and RF Acquisition Corp. completed a business combination, marking a strategic pivot in Asia's gaming industry landscape. This transaction positions GCL as a unique entity in the market, being the only full-suite gaming group in Asia with direct access to U.S. capital markets through its Nasdaq listing.

United States: Consolidation in the Gaming Sector

The U.S. gaming industry has seen significant mergers and acquisitions. In 2024, the annual value of video gaming industry M&A amounted to $9.8 billion, reflecting ongoing consolidation trends. Notably, Microsoft's proposed acquisition of Activision Blizzard received approval from the European Commission, further indicating consolidation in the industry.

China: Updation in Gaming Market Strategies

Chinese gaming companies are expanding their playbook to include mergers and acquisitions, aiming to develop games with a global audience in mind. This strategy reflects China's ambition to overtake the U.S. as the largest gaming market in the world.

Europe: Consolidation and Expansion in the Gaming Industry

European gaming companies have been active in mergers and acquisitions, driven by the industry's rapid growth during global lockdowns. However, the post-pandemic environment has brought new challenges, including declining valuations and widespread layoffs, influencing consolidation strategies.

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◆India Gaming Market Segment
by Type

Casual Games
Real Money Games
Online Fantasy Sports
E-Sports
Others

Casual Games dominated the game type segment in 2022 and are estimated to hold the largest revenue share of the market during the forecast period. Real Money Games are expected to grow at a significant CAGR of 5.6 % during the forecast period. The user base is expected to increase by more than 50% by 2030, from 433 million to 657 million

by Category
Action
Shooter
Role-Playing
Sports
Others

◆Key Recent Developments

Tencent's Investment in Ubisoft: Ubisoft shares surged over 10% after announcing the formation of a new subsidiary with a €1.16 billion investment from Tencent. This subsidiary will focus on developing major franchises like Assassin's Creed and Far Cry, strengthening Ubisoft's financial position.

China Ruyi's Fundraising Plans: China Ruyi Holdings, backed by Tencent, plans to raise between $300 million and $500 million through a convertible bond offering, primarily to support potential acquisitions. This move aligns with the trend of Chinese firms increasing offshore fundraising amid improved investor sentiment.

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