Level Up: India’s Rise in the Gaming Arena

In 2023, the gaming industry was valued at USD 227 billion and it is expected to reach USD 312 billion by 2027 with an impressive CAGR of 7.9%. Online gaming has overtaken filmed entertainment to become the 4^th largest segment in the country. India holds around 450 million gamers, with over 90 million paid to play. In India, where the government has always looked out for new avenues for taxation; decided to levy 28% GST on online gaming.

There are various factors on which the growth of online gaming culture depends:

ü  Advancements of broadband connectivity in Tier-2 and Tier-3 Cities

ü  Affordable smartphone and Cheaper data costs

ü  Rise in the accessibility of Gaming to diverse audiences

Traditionally, the art of storytelling was limited to mediums such as books, films, and paintings. But now, gaming has taken the concept of storytelling to the next level. Games allow players to participate in and shape the story.

The growth of the gaming industry is subjected to various facilities such as voice chats, proximity chats, solid-level designs, memorable characters, social features, and cross-platform. Moreover, the widespread adoption of the Unified Payments Interface (UPI) in the country acted as a cherry on the cake for gaming growth. UPI enables users to make small payments with efficiency and ease. It offers in-app purchases and payment of competition fees. Notably, around 120 million users utilized UPI in 2022 for payment purposes within the gaming industry.

What makes it relatable is that content creators such as Paramount and Netflix are making movies based on gaming IP because of its popularity. We will all soon consume gaming in some avatar. Gaming has become more than entertainment for many. Indian Companies operating in the gaming sector are well-equipped with advanced engineering abilities and product management talent. Yet, there is still room to focus on security, design, and art. The gaming industry presents promising signs for the future if there is no stone left unturned.