The Promising Future of Budding Gaming Start-ups
From Mario to Halo, the gaming industry has come a long way in just a few decades. Long gone are the days of 8-bit gaming, with modern consumers having a plethora of options to choose from when it comes to their on-screen interactive entertainment.
The rise of video gaming has been a direct result of the rise in development and production. Globally, EA Sports, Microsoft Corp. and Walt Disney, among others, have been at the forefront of development in the industry. In India, few firms such as Dhruva Interactive, Bash Gaming, 99 Games and India Games tried to become early movers in this sunrise industry, and indeed, have made remarkable contributions in technology and design used to develop games indigenously and even globally.
The Current Scenario
The tally of game development studios (or firms) has gone up at an unprecedented rate in the country. The number of firms operating in the gaming industry in India has grown from a mere 25 in 2010 to 275 today, almost 10 times in 10 years, according to a report by KPMG.
While this may seem like the space has reached saturation, that is certainly not true. The rapid growth in digital infrastructure has led to an exponential growth of online gaming in the country, with the revenue expected to touch INR 11,900 crore by FY23, according to the KPMG report.
As a business driven by creativity and novelty, there is still a great deal of market scope for developers with new and interesting ideas to capture consumer attention. Looking at India’s demographic profile, where more than 50 per cent of the population is under 25 years of age, the prospects for the gaming industry could not be more bullish.
Factors Contributing to the Growth
The gradual increase in per capita income of Indians and the penetration of affordable and powerful electronic gadgets has caused a boom in gaming that is unlikely to slow down. Mobile penetration has been the overwhelming force behind this, with more than 90 per cent of millennials preferring their smartphone to personal computer or console gaming.
This has gone hand-in-hand with the growth of Internet availability via 4G. Multi-player gaming has become more than just a trend, with games such as PUBG and Fortnite, among others, providing an impetus for the country’s growing e-sports industry. The Internet has also made the wide world of gaming readily available and accessible to players who have just begun exploring the space.
What the Future Holds
Due to the advantageous scenario and growth opportunities, there has been an upsurge in the number of gaming start-ups and the number is expected to grow further.
Besides, gaming companies across the world are investing in the latest technologies and outsourcing their coding to Indian companies, due to which India has a major opportunity to become a key game development centre in the world. It leads to a tremendous rise in the demand for more gaming companies in India. With a unique and creative start-ups ecosystem, the online gaming sector looks very promising in the coming years and could become a key market for investors in the country.