Gaming industry to almost double to $6 billion by 2028: Report

The report highlights a rising demand for content that resonates with local tastes and narratives, driving the Indian language translation market to a substantial valuation of nearly $500 million.

By  Storyboard18Apr 11, 2024 10:57 AM
Gaming industry to almost double to $6 billion by 2028: Report
India's sizable youth population is identified as a driving force behind the gaming sector's growth, with India and China collectively contributing to 50% of the world's data traffic.(Representative Image: Onur Binay via Unsplash)

India's gaming content creation ecosystem is experiencing a lineup of 300,000 creators and streamers, as revealed in the recently released "The India Gaming Report 2024," compiled by WinZO in collaboration with the Interactive Entertainment and Innovation Council (IEIC). According to the report, these creators are not only reaching over 500 million viewers on platforms such as YouTube and Twitch but are also spearheading brand collaborations and marketing initiatives. Moreover, the report highlights a rising demand for content that resonates with local tastes and narratives, driving the Indian language translation market to a substantial valuation of nearly $500 million.

India's sizable youth population is identified as a driving force behind the gaming sector's growth, with India and China collectively contributing to 50% of the world's data traffic. Concurrently, the nation's extensive network of technical institutions, totalling approximately 45,473 institutions and 12,002 standalone institutions, is poised to nurture talent crucial for the gaming industry's expansion.

The gaming sector's expansion is further supported by a dedicated workforce of 30,000 localization experts, ensuring that games are not only accessible but also culturally relevant to an Indian audience that speaks over 1,600 languages and dialects. This expertise is crucial in catering to a diverse gaming population, including a significant number of female gamers and players from tier 2 to 5 cities, showcasing varied preferences in gaming genres.

The report projects that the global gaming industry will surpass the $300 billion mark by 2026, up from its current valuation of $200 billion. In particular, India's online gaming market is expected to experience substantial growth, reaching $6-7 billion by 2028, nearly doubling its current $3 billion valuation. India's content creation landscape is also characterized by the growth of live streaming and the burgeoning esports industry, with a current valuation of approximately $100 million.

These developments are reshaping the way games are consumed and distributed. As Indian content creators continue to redefine the digital entertainment space, their efforts signify a promising future for the gaming and entertainment industry. Their impact transcends boundaries, positioning India as a global leader in the digital content creation domain.


Tags
First Published on Apr 11, 2024 10:52 AM

More from Storyboard18

Brand Marketing

WinZo announces selection of 18 gaming startups to represent India at Gamescom, Latam

WinZo announces selection of 18 gaming startups to represent India at Gamescom, Latam

Gaming

Games24x7's five-year IPL deal is a long-term growth strategy for brand, says Saroj Panigrahi

Games24x7's five-year IPL deal is a long-term growth strategy for brand, says Saroj Panigrahi

Gaming

ONDC and WinZO collaborate to boost digital commerce in India

ONDC and WinZO collaborate to boost digital commerce in India

Interviews

Rooter introduces battle-royale format for Grand Theft Auto in India

Rooter introduces battle-royale format for Grand Theft Auto in India

Gaming

Sony restructures leadership of games business; PlayStation gets Hideaki Nishino and Hermen Hulst as new CEOs

Sony restructures leadership of games business; PlayStation gets Hideaki Nishino and Hermen Hulst as new CEOs

Interviews

Zupee’s Dilsher Malhi on responsible gaming, Ludo in the digital age and more

Zupee’s Dilsher Malhi on responsible gaming, Ludo in the digital age and more

Gaming

WinZO to export impact-driven and Indian culture-based gaming tech

WinZO to export impact-driven and Indian culture-based gaming tech

How it Works

Online gaming industry faces potential 50 percent revenue drop after 6 months of 28 percent GST implementation

Online gaming industry faces potential 50 percent revenue drop after 6 months of 28 percent GST implementation