OCT 16, 2023
India Retains Title as the Fastest Growing Video Games Market
SEP 26, 2023
India has been one of the fastest growing economies in the world. The Gaming industry in India has also been growing at a fast pace since the introduction of mobile esports events particularly in Battlegrounds Mobile India (BGMI) and hopefully soon with Free Fire India.
According to a recent report on India’s Video Game Market by Niko Partners, India has retained its position in Asia as the fastest growing video games market. Niko Partner is a company that analyzes the game-market in the Asian continent. The report has its data collected from the following Asian countries including China, Japan, South Korea, Chinese Taipei, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
According to the report, the total number of gamers in India is expected to grow by a remarkable 343% between the years 2017 and 2027. It is expected that the number of gamers in India will be 641.2 million in 2027. The revenue from gaming is also expected to grow by an astounding 21% in 2023 $868 Million.
Comparing the growth rate to China which is one of the biggest markets for video games, India will have an exponential growth by 2027, according to the report. India will see a growth of 343% in terms of number of gamers to that of China’s 21%.
India’s total gaming revenue has seen a growth of 21% in 2023 to $868 million from 2022 and it is expected to increase close to $1.6 Billion by 2027 at a 5 year Compound Annual Growth Rate (CAGR) of 17.2%.
The number of gamers in India has also seen significant growth. The report says that it is expected to grow by 12.1% YoY (year on year) in 2023 from 2022. The number of gamers is expected to reach 641.2 million in 2027 growing at a 5 year CAGR of 10.1%.
The report also says that 96.8% of gamers from India prefer to play on Smartphones and Tablets (mobile devices). 31% of the 444.4 million gamers are the ones which spend money on video games and 71.8% of the gamers are engaged in esports related activities.
The above report shows that mobile gaming and mobile esports have played a significant role in the growth of the video games market in India and will continue to do so in the future.