India’s Gaming Market To Be Bigger Than Bollywood by 2029

November 11

It has been estimated that there is rampant growth for the Indian gaming sector on the horizon. Per a recent report published by Lumikai, it was predicted that the region would see a CAGR of 20% leading to 2029, causing the market’s valuation to grow from around $3.8 billion today to $9.2 billion by 2029.

It was noted that gaming is India’s ‘fastest-growing new media segment’ behind video and OTT media.

To The Future

India boasts an audience of 591 million gamers, with a split of around 44% – 66% in favour of male players. Mobile games are king in the country, and Lumikai estimated that India is the second-largest consumer of mobile games in the world. That’s why games like BGMI, Call of Duty Mobile, and Free Fire do so well in the country.

As a side note, if you’re a Free Fire fan and are looking to score some free Diamonds, check out our guide.

In recent years, the numbers have shown that Indian gamers (particularly those in the 18 to 30-year-old age group) have boosted their average weekly gaming time by around 30%. We’re also seeing a rapid expansion of the region’s esports industry, with more competitive gamers than ever appearing across the country.

Lumikai, a data aggregation firm, revealed that when it started collecting data in 2020, there were just 25 notable gaming companies in India. In the most recent pass, more than 2,300 companies (‘leads’) were recorded in the country. One senior associate at Lumikai, Aditya Deshpande, suggested that the growth of gaming will surpass the value of Bollywood in the coming years.

It’s worth stressing that Lumikai is an Indian venture capital firm focused on the Indian market, but external firms have predicted similar growth.

Are you excited to see what India can bring to the global gaming market? Let us know on the Insider Gaming forum.

For more Insider Gaming coverage, check out the news that the Grammy nominees for best video game soundtrack have been revealed

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