By 2028, the Indian gaming market is expected to witness a surge, with the emergence of as many as 10 unicorns and 5 decacorns. Already, the sector has seen the successful listing of Nazara Technologies, with five more companies ready for IPO.
India’s growing prominence as a gaming destination and its emergence as an export hub for games will significantly contribute to national economic growth. With a large player base, skilled talent pool, robust IP protection laws, and supportive government initiatives, India is becoming the preferred global gaming hub.
The Indian gaming industry boasts over 1400 companies, including 500 gaming studios, and is projected to generate annual revenue of $6 billion by 2028, according to the India Gaming Report 2024 by Interactive Entertainment and Innovation Council and Winzo.
Siddharth Patel, Managing Partner at CVC Capital Partners, sees India’s online gaming market ripe for innovation. Fueled by a growing youth population, increasing internet penetration, and a preference for mobile gaming, the market is primed for growth.
The rise of vernacular and culturally relevant content further enhances opportunities for deeper market penetration.
Several states in India have either implemented or are in the process of implementing their own state-level policies to promote the AVGC (Animation, Visual Effects, Gaming, and Comics) sector.
Some states have even established dedicated funds to foster the growth of this industry, introduced specialized courses for talent development, and announced the establishment of Centers of Excellence.
This state-level support for the AVGC sector builds upon the Government of India’s focus on this industry through various initiatives. The Central Government Task Force on AVGC has played a pivotal role in raising awareness and garnering support for the sector at the state level.
Additionally, the Ministry of Electronics and Information Technology (MeitY)’s release of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules for online gaming in 2023 has further bolstered the sector.
These rules acknowledge the importance of legitimate online gaming platforms in safeguarding user interests and provide a legal framework for the sector’s sustainable long-term growth.
