Indian Economy News

Indian gaming worth US$ 2.6 billion in FY22, will grow four-fold by 2027: Report

  • IBEF
  • November 4, 2022

The gaming industry in India was valued at US$ 2.6 billion in FY 2022 and is expected to be worth US$ 8.6 billion by 2027, growing at a compound annual growth rate (CAGR) of 27%.

According to a research by Lumikai, a gaming-focused venture capital firm, there were 507 million gamers in the country in FY22, of which 120 million were paying customers. By FY 2025, the number of gamers are expected to touch 700 million representing a CAGR of 12%.

India became the world's top consumer of mobile games in FY22 with 15 billion downloads. It is home to more than 900 gaming companies.

The research concluded that Indians played mobile games for 8.5 hours a week on average. The amount of time spent playing top mid-core games (such as the now-banned BGMI) was roughly twice as much as that of top casual games.

For the calendar year 2022, Indian gaming companies are on target to raise US$ 513 million. The gaming sector funding is up 380% from 2019 and up 23% from 2020.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.