The Indian online gaming industry has seen outstanding development in the last five years. Presently valued at $930 million (up from $360 million in 2015), the Indian gaming industry is projected to be valued at $3.7 billion by 2024 because of the growth of digital infrastructure as well as the superior quality and engagement of gaming content, as indicated by a new report by Maple Capital Advisors.

The development of India’s gaming industry has been urged by the increased utilization of smartphones and other internet-empowered gadgets, rising disposable income, the change in society’s attitude towards gaming, and the always-growing young populace base in the country.

For most Indian consumers, electronic and mobile gaming culture was still a long way off. This was fundamentally a direct result of the high cost of console gadgets, the restricted accessibility of smartphones, and the absence of a micropayment system.

However, the advent of reasonable smartphones has reformed this sector enormously and opened new channels for a new generation of gaming startups. It has likewise radically further developed the payment ecosystem and the ongoing requirement for a new and engaging form of digital entertainment.

Today, the online gaming industry presents the next multi-billion dollar opportunity for both startups and big organizations, as an ever-increasing number of individuals go to online games for entertainment, catalyzed by the pandemic.

Worldwide, gaming has outperformed both the film and music industries, making it the leader in the entertainment industry. With the gaming industry in India reaching new levels, more opportunities have arisen than ever before. It’s nothing unexpected that because of this, the industry is arising as a lucrative space for individuals and an opportunity for gaming entrepreneurs to build huge organizations.

As the online gaming industry proceeds with its vertical development direction, marquee VCs and big corporations are investing in gaming startups to capitalize on new opportunities and boost their profits. Capital implantation empowers startups to attract talent to the ecosystem, which helps drive innovation and entrepreneurship.

Going by the insights, the stellar ascent of online gaming makes it an extremely worthwhile sector for investors. As per estimations, India’s gaming industry attracted about $350 million in investments from venture capital firms between 2014 and the initial months of 2020. Besides, gaming startups in India have drawn in $1.6 billion till September 30, 2021, surpassing the total value of investments in the sector in the last five years, as per a new report by investment banking platform Maple Capital Advisors.

With the online gaming industry’s market size, developing user base, and rising investor interest, which signals its strategic significance, it is imperative that India lays out a robust, well-structured, and uniform regulatory landscape to explore existing difficulties. A succinct legal and regulatory framework won’t just catalyze a revenue boost for the government, but will likewise attract a lift in foreign investment for Indian game-developing studios.

Joint efforts and partnerships by the government, academia, and industry can assume a significant role in local IP creation and talent support, thereby promoting stable development.

The AVGC Center for Excellence and Collaboration, announced earlier in 2022, is one such joint effort by the government that has the potential to work towards attracting foreign investments and boosting local strength through skilling initiatives and the creation of job opportunities.

Soon, increased investment in the gaming ecosystem, combined with the adoption of emerging new-age technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI), will almost certainly ensure that the Indian online gaming market does not simply stay on track, but instead transforms into one of the world’s fastest-growing markets.

Credit: Financial Express