The Rise of the Indian Gaming Industry

Eric Wei, Senior Sales Director, ViewSonic Asia-PacificThe Global gaming industry has been witnessing rapid growth over the last decade. According to a report by the Confederation of Indian Industry and TechSci Research firm the Indian Gaming Industry is stated to reach $801 million by 2022, growing at a compounded annual growth rate of 6.61 percent. The gaming industry is growing exponentially around the globe; even in India it has crossed $506 million in 2016. This can be attributed to the advancement of technology and increase in internet penetration; combined with the trend of virtual reality (VR) and augmented reality (AR), the industry has now touched new heights. Products such as Head Up Displays (HUD) and Head Mounted Displays (HMD) supported by augmented and virtual reality games have accelerated the global growth rate.

The game designing and creating industry was a fairly small until very recently. India was an outsourcing hub for foreign gaming companies. This was simply because gaming was not considered a mainstream form of entertainment back in the day. In the past, due to a lack of access to internet and the latest technology the industry couldn’t establish a strong foothold in India. Other causes for lagging behind in this particular global scenario were the dearth of awareness and social acceptance. However, in the 21st century due to gradual advent of modernisation and globalisation along with growing internet penetration and digital India initiatives, consumers are increasingly intrigued by gaming industry. The gaming business has seen a significant boon in the past few years; this is majorly because of the improved internet connection, people having access to smart phones which in turn creates a higher demand for games.
By 2021 the gaming industry in India is expected to be valued at Rs.71 billion. The industry is on the way to becoming a major contributor to the country’s GDP. Gaming in India is on a steep rise due to increasing consumer income levels, adoption of advanced gaming technologies, changing lifestyle choices, and the trend of individual escapism. Moreover, India has a vast youth population of over 350 million which makes it a viable market for gaming corporations to invest towards. In the near future, the country has a huge potential of becoming a global centre of developing and manufacturing various gaming technologies. The industry has been advancing from casual to serious gamers that. People have started taking up gaming professionally which has given rise to various competitive gaming league both domestically and internationally. Gaming is actually becoming a career for a lot of people now. Professional courses such as game designing and developing are available to students. ESports is even expected to become an official Olympics sport and can be opted as a profession. This is expected to further propel the interest of consumers to become amateur or professional gamers.

Gaming in India is on a steep rise due to increasing consumer income levels, adoption of advanced gaming technologies, changing lifestyle choices, and the trend of individual escapism

Another emerging trend in the industry is the growth of gaming platforms. Erstwhile, consumers were restricted to play games on Nintendo like crafted devices whereas in today’s day and age, consumers have a plethora of options to choose from. Games are easily accessible and can be played on devices like mobile phones, monitors, consoles, laptops and desktops. These platforms are encouraging gamers to play different genre of games such as MOBAs, FPS, RPGs and many more. Moreover, because of the Free-to-Play games available on the Internet, the industry has benefited to a large extent. Consumption of video games has been on a rise for many years now, however, a lot has changed in terms of how people address and play these games.

Although the consumer market in India is steadily rising, however compared to other South Asian countries such as China, Korea, and Taiwan it is behind in terms of popularity. There are still some major challenges in store for the Indian gaming industry. Roadblocks like lack of funding, increasing piracy, low consumer awareness are some of the most common issues that need to be addressed on priority. Nonetheless, the Indian government has brought numerous beneficial initiatives to the forefront for the industry such as the Information Technology Act 2008, Intellectual Property law, Foreign Direct Investment, Promotion and Regulations of Online Games 2015. These initiatives will help the industry to reach its full potential. The industry by 2022 is expected to offer new opportunities for developers, technology partners and manufactures. To surmise, the Indian market is steadily on the brink of becoming a major player in the global gaming scenario.