Blitz Bureau
NEW DELHI: India’s gaming market is expected to leap from $3.7 billion in FY24 to an estimated $ 9.8 billion by FY29, with a robust CAGR of approximately 20 per cent, according to a report on October 29.
The report, by 1Lattice, a tech-enabled market intelligence firm, highlights mid-core and hardcore gaming segments as key growth drivers. It is anticipated to grow at an impressive CAGR of 47 per cent over the next five years, capturing 42 per cent of the market share by FY29.
“As India establishes its presence in the global gaming landscape, there are significant opportunities for growth. The evolving dynamics of the sector present a promising outlook for continued development,” said Praneet Singhal, Director of Technology and Internet at 1Lattice.
“We believe there is potential for the industry to expand further and encourage stakeholders to consider how they can engage with and benefit from this growing market,” Singhal added.
The report also identified key growth drivers which include rising smartphone penetration, increased internet accessibility, and a predominantly young, tech-savvy population.
India currently boasts 950 million active internet users, over 820 million smartphone users, and around 560 million gamers, creating a vast consumer base. Government initiatives, like the National Centre of Excellence (NCoE) in Mumbai, aim to bolster this sector by fostering innovation and skill development in immersive technologies.