India’s gaming market to quadruple by 2027: report

Mid-core games like BGMI, and Free Fire were the fastest growing in the gaming category.

Updated - November 04, 2022 03:54 pm IST

Published - November 04, 2022 03:46 pm IST

The number of female gamers in India was found to be on the rise

The number of female gamers in India was found to be on the rise | Photo Credit: Reuters

India’s gaming market reached $2.6 billion and is set to almost quadruple to $8.6 billion by 2027, according to ‘State of India Gaming report FY22’ report by Lumikai, an Interactive Media Venture Capital Fund.

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“Industry growth is expected to be fueled by a rapidly increasing gamer base, higher conversion to paid users, and increasing sophistication of Indian gamers,” Justin Shriram Keeling, founding general partner, Lumikai, said in a release on Thursday.

Lumikai estimated that India crossed half a billion gamers in FY22, up from 450 million in the previous year. India was the world’s largest consumer of mobile games in FY22 with 15 billion downloads in the year.

Mid-core games like BGMI, and Free Fire were the fastest growing in the gaming category.

Web3 emerged as an increasingly popular technology in games. Web3 games in India have raised ~$400 Mn in funding between 2019 and 2022, according to the report.

The number of female gamers in India was found to be on the rise with a 60:40 Male: female ratio.

The report included inputs from 2,240 respondents, third-party data providers, interviews with industry leaders, and Lumikai’s proprietary insights.

Rise to 120 million paid users and $20 revenue per paying user, improved engagement metrics, and booming interest in investments and M&A, point to an exciting time for India’s gaming industry, the report said. 

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